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Region's Economic Recovery Continues to Struggle

Region's Economic Recovery Continues to Struggle

According to the most recent jobs report, seasonally-adjusted civilian employment in Hampton Roads grew to 754,300 in June, an increase of 2,700 jobs from the May figures. The region has been struggling to recover from employment losses during the “Great Recession,” and remains 28,400 below the prerecession peak, having only recovered 21,100 jobs from the recession trough in February of 2010.

Seasonally Adjusted Employment in Hampton Roads

While the nation has experienced a sustained trend towards recovery since September of 2010, both Hampton Roads and the Commonwealth have seen their recoveries falter. Federal budget concerns have resulted in expenditure cuts that have hampered Virginia’s recovery. Over the past year the region has experienced growth in the Retail, Leisure, Healthcare, Education, and Finance industries which has been offset by large losses in Federal Government employment as well as in the Scientific & Technical Services, Information, and Construction industries.

Hampton Roads Employment Change: June 2013-June 2014

The seasonally-adjusted unemployment rate in Hampton Roads crept up slightly from May to June due to a small increase in unemployment and a reduction in the labor force. The region’s unemployment rate of 5.74% remains above that of the Commonwealth (5.26%) but below that of the nation (6.09%).

U.S., Virginia & Hampton Roads Unemployment Rate