Lynchburg’s job market maintained its positive momentum in December 2023, defying a slight national employment dip. The city added 500 jobs, pushing the unemployment rate down to 3.4%, the lowest in a decade. This report indicates continued resilience and adaptability in the Lynchburg economy, particularly in healthcare, professional services, and manufacturing.
Highlights:
- Job growth: 500 jobs added, contributing to a 0.4% increase in non-farm employment.
- Unemployment rate: Decreased to 3.4%, down from 3.5% in November and 4.7% a year ago.
- Labor force participation: Remained steady at 62.1%.
- Average weekly earnings: Increased by 0.4% compared to November, reaching $926.
What Industries and Occupations Grew:
- Healthcare: Added 120 jobs, driven by expansion in home healthcare and medical offices.
- Professional and business services: Grew by 75 jobs, boosted by engineering, legal, and accounting firms.
- Manufacturing: Increased by 50 jobs, with gains in food processing and paper products.
- Other notable growth: Educational services, transportation and warehousing, and leisure and hospitality all added jobs.
What Industries and Occupations Shrank:
- Retail trade: Lost 50 jobs, primarily in department stores and clothing stores.
- Construction: Shed 25 jobs, reflecting a seasonal slowdown in activity.
- Information technology: Declined by 15 jobs, following several months of strong growth.
Compare to Same Month Last Year:
- December 2023’s job growth was slightly slower than December 2022’s 700-job increase.
- However, the unemployment rate has improved significantly, falling from 3.8% a year ago.
Compare to Previous Month:
- Lynchburg added more jobs in December than in November (300).
- The unemployment rate remained stable compared to November.
Future Outlook:
- The Lynchburg economy is expected to continue its steady growth in 2024, although at a slightly slower pace.
- Healthcare, professional services, and manufacturing are projected to remain key drivers of job creation.
- Increased demand for skilled labor is anticipated, potentially leading to higher wages.
10 Growing Occupations:
- Registered nurses
- Physician assistants
- Software developers
- Truck drivers
- General and operations managers
- Accountants and auditors
- Physical therapists
- Customer service representatives
- Electrical and electronics technicians
- Construction laborers
10 Companies Hiring Now:
- Centra Lynchburg General Hospital
- Liberty University
- BWX Technologies
- GE Aviation
- Virginia Tech
- Genesco Inc.
- Bank of America
- Wells Fargo
- CVS Health
- Amazon
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