Biden policies aiding Virginia

President Biden’s Economic Plan

is Working for Virginia


Several economic indicators demonstrate robust economic progress in Virginia since President Biden took
office. Below are key metrics that help us interpret the current moment and highlight our
progress on economic recovery and enhanced support for workers and families.

Employment:
Since January 2021, the Virginia economy has added 138,100 jobs (3.5 percent of January 2021 employment in Virginia). The state economy has recovered 89 percent of the jobs lost between February 2020 and April 2020.

     o In the largest sector (professional and business services), the Virginia economy added 24,100 jobs between January 2021 and April 2022.

     o In the second largest sector (government), the state economy added 11,600 jobs.

     o In the third largest sector (trade, transportation, and utilities), the state economy added 11,000 jobs.

The state’s unemployment rate fell from 4.8 percent in January 2021 to 3.0 percent in April 2022.

Initial claims for Unemployment Insurance in Virginia fell 94 percent since President Biden took office, from around 24,000 at the start of the Administration to about 1,400 for the week ending May 28, 2022.

The quits rate, a measure of labor market strength (since people generally quit jobs to take better jobs), rose from 2.2 percent in January 2021 to 2.7 percent in March 2022.


GDP:

Virginia’s real GDP grew 6.0 percent at an annual rate in the 4th quarter of 2021.

     o This is a substantial acceleration compared with growth in 2020, when Virginia’s real GDP decreased by 1.4 percent Q4/Q4, and compared with 2019, when Virginia’s real GDP grew by 2.4 percent Q4/Q4.

     o In the largest sector (professional and business services), real GDP grew 8.3 percent at an annual r ate in the 4th quarter of 2021, after contracting by 0.5 percent in 2020 and growing by 4.3 percent in 2019.

     o In the second largest sector (financial services and real estate), real GDP grew 3.9 percent at an annual rate in the 4th quarter of 2021, after growing by 1.0 percent in 2020 and 0.8 percent in 2019.


Small Businesses:

Residents of Virginia
applied to start more new businesses during President Biden’s first year in
office than in any other year since the series started in 2005.

Congressional Republicans’ tax plan would raise taxes on 45.8 percent of small business owners
in Virginia, and 80.6 percent of small business owners earning less than $50,000 per year. The
typical affected small business owner would see their taxes increase by $1,700.


Poverty:

Virginia’s Supplemental Poverty Measure was
projected to be 7.8 percent in 2021, lower than
13.5 percent on a comparable measure in 2018.

The Supplemental Poverty Measure for children under 18 in Virginia was projected to be 5.4
percent in 2021, lower than 14.5 percent on a comparable measure in 2018.


Vaccinations:

The number of fully vaccinated people in Virginia has increased from approximately 0 in
January 2021 to 6,278,000 as of May 2022.