Economic Data for Virginia

Gross Domestic Product

Real GDP (a measure of economic growth) increased from 2009-2017, going from $407 billion to $440 billion.

 

 

Jobs                                      

Private-sector employers have added 380,000 jobs since 2010, the national low point for private-sector employment. From 2017 to 2018 the private sector has added approximately 40,000 net new jobs for a total of 3,275,000 putting it above the 2008 pre-recession high of 3,100,000 total jobs. Average hourly wages in the private sector have grown since 2009, going from $22/hr to $28/hr in 2018.

 

 

Manufacturing employment has decreased since 2000, especially during the recession. There were 240,000 jobs in this sector in 2018, down from 370,000 in 2000 and below pre-recession levels. Average hourly wages of manufacturing employees have been increasing since 2012, going from $18/hr in 2012 to $20/hr in 2018.

 

 

There were 128,000 jobs in the Transportation and Warehousing sector in 2018, above pre-recession levels by 20,000 jobs, showing growth in this sector. The average wage in this sector was $21.75/hr in 2018, up from $18.75/hr in 2009.

 

 

Unemployment

The unemployment rate in 2018 is 3.5%, down from the prior year’s 4% rate. This is below the national average of 3.9% unemployment.

 

 

Housing

The House Price Index, a measure of the cost of housing, declined from 2008 to 2012, when it began to grow again from 400 to 455 by 2018, showing increased housing costs above average national levels.

 

 

Washington-Arlington-Alexandria

Gross Domestic Product

Real GDP (a measure of economic growth) increased from 2009-2017, going from $410 billion to $449 billion.

 

 

Jobs                                      

Private-sector employers have added 400,000 jobs since 2010, the national low point for private-sector employment. From 2017 to 2018 the private sector has added approximately 50,000 net new jobs for a total of 2,600,000 putting it above the 2008 pre-recession high of 2,300,000 total jobs. Average hourly wages in the private sector have grown since 2008, going from $28/hr to $36.5/hr in 2018.

 

 

Manufacturing employment decreased significantly during the recession, going from 408,000 jobs in 2008 to 375,000 in 2010. The sector has recovered since then and is back at pre-recession levels in 2008. Average hourly wages of manufacturing employees was $20.10/hr in 2018.

 

 

There were 128,000 jobs in the Transportation and Warehousing sector in 2018, above pre-recession levels by 20,000 jobs, showing growth in this sector. The average wage in this Transportation and Material Moving occupations was $20.47/hr in 2018.

 

 

Unemployment

The unemployment rate in 2018 is 3.6%, down from the prior year’s 3.8% rate. This is below the national average of 3.9% unemployment.