Unemployment Rate in Hampton Roads has dropped to 3.2%
HAMPTON ROADS, VA (April 7, 2023) The Hampton Roads Alliance announced today that the February unemployment rate in Hampton Roads has dropped to 3.2%, below the first quarter national average of 3.8%.
“We’ve worked hard to create an environment that is conducive to economic growth and job creation, and this drop in the unemployment rate is a testament to the regions collective efforts.” said Doug Smith, President & CEO of the Hampton Roads Alliance.
Smith added that the Alliance’s collaboration with the Hampton Roads Workforce Council on workforce development will be a key driver of economic growth in the region. “We believe that regional workforce development is essential to economic development. By investing in our workforce, we are not only helping to create jobs but also building a strong, sustainable and resilient economy for the future.”
“In addition to having a low unemployment rate, the Hampton Roads Region has a competitive advantage over nearly every region in the United States when it comes to recruiting businesses, and that is our talent pipeline.” said Jared Chalk, Chief Business Development Officer at the Hampton Roads Alliance. “Each year, roughly 14,000 military personnel leave service and enter the private sector, roughly 7,000 of them stay here in Hampton Roads, which offers businesses in the region an abundance of skilled, experienced, and highly disciplined workers.”
“It is an exciting time for our regional workforce, and the Hampton Roads Workforce Council is poised and more equipped than ever to provide the support that our businesses and job seekers demand as our economy continues to recover and adapt to the changing work environment” said Shawn Avery, President and CEO of the Hampton Roads Workforce Council.
By collaborating and leveraging our collective resources, Hampton Roads leaders believe they can develop comprehensive workforce programs that address regional needs and fuel economic growth. A great example of the collaboration in action is this coming Friday, April 14th when the Hampton Roads Alliance and Hampton Roads Workforce Council will host an in-depth investor discussion about the skills young adults need to successfully enter the 21st century workplace. The panel will feature leaders from industry, higher education and military including Captain Janet Days, Commanding Officer of Norfolk Naval Station, Dr. Towuanna Porter Brannon, President of Virginia Peninsula Community College, Dr. Corey McCray, President of Paul D. Camp Community College, and Fred Pasquine, President of Fairlead Integrated.
The Hampton Roads Workforce Alliance and the Hampton Roads Workforce have been working closely with businesses and community leaders to identify workforce needs and develop programs to meet those needs. “We believe that a strong workforce is the foundation of a strong economy, and we are proud to be playing a key role in the economic success of Hampton Roads.” said Doug Smith.