Unemployment is down in Virginia, to its lowest level since 2007, and rates are also holding steady in Hampton Roads.
The seasonally adjusted rate for July was just 3.1 percent for the commonwealth and it was 3.5 percent for Hampton Roads in June – the most recent month available. So far this year in Hampton Roads, the unemployment rate has been as high as 3.7 percent in February and as low as 3.1 percent in April and May.
“When you look at the business prospects here in Hampton Roads things are trending in the right direction,” said Bryan Stephens, president and CEO of the Hampton Roads Chamber of Commerce. He said they tend to track data points to identify trends with employment and the economy, more so than simply relying on a monthly unemployment rate.
Stephens said many employment sectors in the region are doing well, and recalled unemployment sitting around 6.0 – 6.5 percent just a year or two ago.