The economy is improving though the pace of economic growth has slowed. Some sectors, including the Construction and Transportation & Warehousing sectors, have recovered all of the jobs lost during the recession. Other parts of the economy continue to lag far behind pre-COVID-19 job totals. The distribution of the COVID-19 vaccine and the reach of the latest federal stimulus will be critical for the strength of the ongoing recovery.
Here are some key numbers to watch:
3.9 million is the total number of nonfarm jobs in Virginia at the end of 2020. The state has added back jobs steadily for seven consecutive months.
57% is the share of total jobs that were lost in March and April 2020 but have been regained as of the end of the year. The economic sectors with the largest continued employment losses include the Leisure & Hospitality, Health Care & Social Assistance, and Local Government sectors.
5.6% is the statewide unemployment rate at the end of 2020. The state’s unemployment rate is lower than the U.S. rate (6.7% in December 2020).
3.02% is the average 30-year fixed-rate mortgage (FRM) rate for the week ending March 4th, according to Freddie Mac. This is the first time the average 30-year FRM has been above 3% since the end of July.
4.1% is the fourth quarter 2020 growth in Gross Domestic Product (GDP). Overall, the U.S. economy shrank 3.5% in 2020, which is the worst economic contraction since World War II.
For more information on the economic recovery in Virginia, check out the Virginia REALTORS® Monthly Economic Snapshot. Take a look at our economic and housing market forecast for 2021. And be sure to visit our Research & Statistics pages for more data.
*Data as of 03/09/21