The thriving labor market of Virginia in 2024 – Virginia Realtors

The US Labor Market showed sustainability in 2024, despite the coming economic uncertainty among many Americans. According to the recent Labor Office StatisticsApproximately 2.2 million jobs were added in 2024 across the country, showing an average monthly profit of 251,000 jobs. As of December, the sectors that had noticeable growth in the United States in 2024 were healthcare (+46,000), retail trade (+43,000), government (+33,000), leisure and hospitality (+43,000) and social Aid (+23,000). Last year’s unemployment rate in the country amounts to 3.7% in January, but rose to 4.1% slightly to December. Recent data from the Census Bureau (2023) have revealed that the average household income is $ 77,719, which marks a 4% increase of $ 74,755 compared to the previous year. Housing and labor markets are closely related as employment trends influence real estate conditions.

Virginia

In December 2024 there was 4.3 million Jobs across the country, according to the Bureau of Labor Statistics. Throughout the year, 68,900 were added to the state, which reflected an increase of 1.8% compared to the previous year. The state of unemployment in the country was 3% in January, decreasing to 2.7% in the summer, and then rising to 3% again by the end of the year. According to CensusThe average income of households in Virginia was $ 89,931 in 2023, which is 4.7% higher than the year before.

All metro areas report a positive growth of net work at the end of December 2024. Inhabited markets such as Charlottsville (+3.4%), Richmond (+2.7%), North Virginia (+1.8%) and Virginia Beach (+1.5%) add more jobs than earlier that year in January.

Sectors

The health sector showed stable growth not only throughout the country but also in Virginia. This industry added 21,400 jobs throughout ther sOmmonwealth in 2024, according to the Labor and Statistics Bureau. Richmond’s subway area Added 8 600 healthcare jobs in 2024, marking significant growth for the region. North Virginia reported 4700 further Working in healthcare while Virginia Beach has increased an increase of 3200. Several industries in Virginia have suffered a significant growth in jobs in 2024. Moreover the transport and storage sector added 15,800 jobs, the leisure sector and the hospitality increased