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Richmond, VA : Office Snapshot - Q1 2014

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The Bureau of Labor Statistics reports that the U.S. economy added roughly 192,000 nonfarm jobs in March, an approximate 10% increase over February. However, although overall employment increased, the jobless rate remained flat at 6.7% indicating that more people have joined the labor force. The industries that had the largest gains include: Professional and Business Services (57,000 jobs), Healthcare (19,000), and Mining & Logging (7,000). Federal government jobs declined by 9,000 in March for a total 85,000 federal government jobs lost over the past 12 months.

Compared to the national economy, Richmond seems to be following positive trends as the jobless rate sat at 5.5% in February (most recent statistic available), a decline of 60 basis points from 12 months prior. Additionally, the labor force increased 3.3% over the same time period, indicating that not only are more people joining the labor force but employers are also responding by providing more jobs.

Source : Cushman & Wakefield