Virginia’s economy continues to improve steadily this fall. Despite some positive signs, there are signs that economic and political uncertainties, along with the rise in COVID-19 cases, are renewing anxiety among some households. Here are some key numbers to watch as we monitor the economic recovery in the Commonwealth.
34,000 is the number of jobs added to the Virginia economy between September and October. While job growth has slowed nationally, the pace of new jobs in Virginia has been fairly steady this fall. About 54% of the jobs lost this spring have been gained back in Virginia.
72,300 is the number of Virginians who were receiving unemployment benefits during the last week of November. There have been declines in the number of unemployed individuals across the state, but the biggest increases over the past month have been in the Northern Virginia and Charlottesville regions.
5.3% is the October 2020 unemployment rate in Virginia. The Harrisonburg metropolitan area had the lowest unemployment rate (3.6%).
95.8 is the measure of consumer’s confidence in future economic conditions in November, as reported by the Conference Board. A level below 100 indicates that consumers are feeling pessimistic about future economic conditions.
2.71% is the average 30-year fixed rate mortgage (FRM) rate last week, according to Freddie Mac. The rate has been below 3% for a remarkable 19 consecutive weeks.
For more information on the economic recovery in Virginia, check out Virginia REALTORS® Monthly Economic Snapshot. If you missed our November 19th By the Numbers webinar, you can still check out a replay. In addition, don’t miss our economic and housing market outlook for a peek on expectations for 2021.