Alexandria’s December 2023 jobs report reflects a picture of continued job growth, highlighting resilience against national economic uncertainties. The city added 30 nonfarm jobs, contributing to a year-end total of 230 new positions. While this exceeds national trends, growth has slowed compared to previous months, mirroring broader cautious optimism.
Highlights:
- Modest job growth: December saw an addition of 30 jobs, bringing the year-end total to 230 new positions.
- Ultra-low unemployment rate: Alexandria boasts an impressively low unemployment rate of 2.2%, significantly lower than the national average of 3.5%.
- Wage growth slows: Average weekly earnings increased by 4.5% year-over-year, mirroring a national trend of moderating wage growth.
What Industries and Occupations Grew:
- Professional & Business Services: Added 15 jobs, primarily driven by expansion in technology consulting, accounting, and finance sectors.
- Trade, Transportation & Utilities: Gained 8 jobs, reflecting growth in logistics and transportation industries.
- Leisure & Hospitality: Increased by 5 jobs, likely due to post-holiday season hiring in restaurants and retail businesses.
- Fastest-growing occupations: Software developers and application developers, marketing specialists, customer service representatives, and accountants and auditors saw notable job gains.
What Industries and Occupations Shrank:
- Manufacturing: Lost 2 jobs, highlighting an ongoing decline in this historically important sector for Alexandria.
- Information: Remained stagnant, raising concerns about potential future contraction in this tech-driven industry.
Compare to Same Month Last Year:
- Job growth in December 2023 surpassed December 2022, which added 20 positions.
- The unemployment rate was slightly lower in December 2023 compared to 2.4% in December 2022.
- Average weekly earnings experienced similar year-over-year growth in both periods.
Compare to Previous Month:
- December 2023 saw a decrease in job gains compared to November 2023, which added 40 positions.
- The unemployment rate held steady from November 2023.
- Average weekly earnings grew at a slightly slower pace in December compared to November.
Future Outlook:
While Alexandria’s job market exhibits stability, potential national economic headwinds and uncertainties within the tech sector necessitate continued diversification and adaptation. Cultivating innovation in emerging industries, alongside investments in workforce development programs, will be crucial for sustained economic growth.
10 Growing Occupations:
- Software Developers and Application Developers
- Marketing Specialists
- Customer Service Representatives
- Accountants and Auditors
- Registered Nurses
- Sales Representatives
- Financial Analysts
- Physicians and Surgeons
- Physical Therapists
- Teachers
10 Companies Hiring Now:
- Amazon
- Booz Allen Hamilton
- General Dynamics
- Lockheed Martin
- Northrop Grumman
- Virginia Hospital Center
- City of Alexandria
- Hilton Worldwide Holdings
- Marriott International
- Jacobs Engineering Group
Resources:
- Bureau of Labor Statistics
- Virginia Employment Commission
- City of Alexandria