Hampton’s December 2023 jobs report paints a picture of modest progress with underlying concerns. While the region added jobs and maintained low unemployment, growth lagged behind national and regional peers, hinting at potential challenges ahead.
Highlights:
- Job gains: Hampton Roads, which includes Hampton, added 8,100 jobs in 2023, exceeding pre-pandemic levels.
- Low unemployment: The December unemployment rate remained low at 3.3%, unchanged from 2022.
- Lagging growth: Job growth in Hampton Roads (0.7%) fell short of nearby metros like Raleigh (3.7%) and Jacksonville (4%).
- Outward migration: Young workers leaving the region raise concerns about future talent availability.
Industries and Occupations on the Rise:
- Leisure and hospitality: This sector added the most jobs in 2023, reflecting increased tourism and travel spending.
- Professional and business services: Growth in areas like healthcare administration and management consulting.
- Trade, transportation, and utilities: This sector added jobs in warehousing and transportation, likely fueled by e-commerce.
- Registered nurses: Demand for nurses remains high across various healthcare settings.
- Software developers and computer systems analysts: Growing tech sector creates opportunities in these roles.
Industries and Occupations Facing Downturns:
- Government: Job losses in federal and state government sectors.
- Manufacturing: Declining employment in shipbuilding and other manufacturing industries.
- Retail: Continued challenges for brick-and-mortar stores amidst online competition.
- Retail salespersons: Automation and online shopping impacting this occupation.
- Production occupations: Job losses in manufacturing-related production roles.
Comparisons:
- Year-over-year: Hampton Roads added more jobs in 2023 than 2022, but growth lagged behind neighboring regions.
- Month-over-month: Job gains remained steady compared to November 2023.
Future Outlook:
- The Hampton Roads Planning District Commission predicts 2% real GDP growth for Virginia in 2024, assuming inflation moderates.
- However, concerns exist about talent availability and sustaining economic momentum if growth continues to lag behind competitors.
10 Growing Occupations:
- Registered Nurses
- Software Developers and Computer Systems Analysts
- Physician Assistants
- Home Health and Personal Care Aides
- Wind Turbine Service Technicians
- Solar Photovoltaic Installers
- Medical and Health Services Managers
- Marketing Specialists
- Financial Analysts
- Sales Representatives, Wholesale and Manufacturing
10 Companies Hiring Now in Hampton:
- Huntington Ingalls Industries
- Sentara Healthcare
- Newport News Shipbuilding
- Ferguson
- Dollar Tree
- City of Hampton
- Langley Research Center
- Riverside Health System
- Hampton City Schools
- Canon Virginia
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