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Richmond Economy Still Creating Jobs

Unemployment may be up but the Richmond regional economy is still creating jobs. You can thank state and local government for that.

Richmond Economy Still Creating Jobs



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James A. Bacon
Richmond.com
Wednesday, August 06, 2008

Here's a ray of light in the gloomy economic statistics: While unemployment in the Richmond region is higher than last year, so is total employment. In other words, the region is still creating jobs while the rest of the country is treading water.

Total nonfarm employment for the Richmond Metropolitan Statistical Area stood at 644,900 in June 2008, up 3,900 over the year, the Bureau of Labor Statistics reported yesterday. That's well below the region's peak job growth rate of 3.1 percent back in March and October 2004, but it compares to a 0.1 percent decline in employment for the nation as a whole.

Dig a little deeper, though, and you find that the silver lining gets a little tarnished. It turns out that most of the employment growth -- 3,200 jobs -- came from the government sector, not the private sector that pays the bills. State government alone grew by 2,400 jobs, growing at a 5.6 percent rate. Local government increased at a 2.8 percent pace.

For the latest BLS data on Richmond, click here.


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Tags: Economy  unemployment 

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