County Executive  |  Economic Indicators -- Total Employment Falls
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   Albemarle County, Virginia

October 31, 2010     

Quarterly Economic Indicators

TOTAL EMPLOYMENT FALLS

The Virginia Employment Commission produces data showing the total number of full- and part-time jobs in Albemarle County, by place of employment, but this data, unfortunately, is usually several quarters behind the most recent quarter and, consequently, does not provide as much timely information as does the VEC unemployment rate data, which is fairly current.  According to the most recently available total employment numbers, between FY 09 Q3 and FY 10 Q3, the total number of jobs in Albemarle fell from 48,446 to 47,033 for a net loss 1,413 jobs, or about 3% of the employment base.  An examination of the various employment sectors reveals that the retail trade and manufacturing categories experienced  the  largest  drops  in the  absolute  number of  jobs.   The  net  loss  in  the retail trade sector came to 440 jobs (8%), while the net loss in the manufacturing sector equaled 399 jobs (14.3%).  The drop in retail trade employment is not surprising given that, during the time period in question, sales tax revenue in the  County declined.  (Note:  Sales tax revenue has grown in subsequent quarters.  Please see Tax Revenue story). 

Other sizable employment categories that had large percentage losses included administrative & waste services (296 jobs, or 16.4%), agriculture (a loss of 46 positions, or 11.2%), and the construction sector (289 jobs, or 10.7%).  Interestingly, two sectors that were at the root of the cause of the recession that began in FY 08 Q2 actually managed to grow between FY 09 Q3 and FY 10 Q3; the finance & insurance sector experienced a net gain of 55 positions (6.2%) while the real estate category had a net addition of 38 jobs (5.7%).  These modest net gains between FY 09 Q3 and FY 10 Q3 suggests that the worst of the recession in the two sectors has passed, although real estate generally is not out of the woods yet (see New Construction story, and Housing Price story). 

Click here to review Underlying Data >> Adobe
 

 
 

 
 
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