Norfolk, VA – December 2023 Jobs Report – Steady Gains Amidst National Fluctuations

, ,

December 2023’s jobs report for Norfolk paints a picture of modest but consistent growth, highlighting the city’s resilience in a national climate of economic uncertainties. Preliminary data from the Bureau of Labor Statistics (BLS) suggests job gains, tempered by ongoing concerns about the national economic outlook.

Highlights:

  • Employment: Total nonfarm employment in the Virginia Beach-Norfolk-Newport News, VA-NC Metropolitan Statistical Area (MSA) reached 800,600 jobs, representing an increase of 200 jobs from November 2023 and 5,600 jobs from December 2022.
  • Unemployment: The seasonally adjusted unemployment rate remained unchanged at 2.9%, indicating a tight labor market compared to the national average of 3.7%.

Growing Industries and Occupations:

  • Leisure and Hospitality: This sector led the pack with 1,200 new jobs, fueled by holiday spending and a rebounding tourism industry, particularly in restaurants and hotels.
  • Professional and Business Services: Expansion in professional, scientific, and technical services occupations added 700 new jobs, reflecting growth in areas like finance, insurance, and real estate.
  • Construction: This sector added 200 jobs, potentially indicating ongoing development and expansion within the local housing market.
  • Growing Occupations: Registered nurses, software developers and applications, customer service representatives, and marketing specialists saw significant job growth.

Shrinking Industries and Occupations:

  • Information: Telecommunications and information services shed 100 jobs, suggesting adjustments within the industry.
  • Manufacturing: Durable goods manufacturing declined by 20 jobs, mirroring national trends and potential industry shifts.

Compared to Same Month Last Year:

  • December 2023’s job growth of 0.7% fell short of the 1.2% increase in December 2022, signifying a slightly slower pace of expansion.
  • The unemployment rate remained stable at 2.9%, mirroring the national average and indicating a competitive job market.

Compared to Previous Month:

  • December 2023 saw slightly lower job gains than November 2023, potentially reflecting seasonal fluctuations or adjustments to initial estimates.
  • The unemployment rate held steady, signifying a consistent labor market.

Future Outlook:

While experts predict continued job growth for Norfolk in 2024, the pace might be slower than 2023. Expansion in healthcare, professional services, and construction could fuel job creation, but national economic uncertainties like inflation and rising interest rates remain concerning factors.

10 Growing Occupations:

  1. Registered Nurses
  2. Software Developers and Applications
  3. Customer Service Representatives
  4. Marketing Specialists
  5. Construction Laborers
  6. Sales Representatives
  7. Physical Therapists
  8. Elementary and Middle School Teachers
  9. Accountants and Auditors
  10. Home Health and Personal Care Aides

10 Companies Hiring Now:

  1. Anthem
  2. Dominion Energy
  3. Virginia Commonwealth University Health System
  4. Capital One
  5. Amazon
  6. Walmart
  7. The Home Depot
  8. Kroger
  9. Lowe’s Companies, Inc.
  10. Sentara Healthcare

Resources: