Virginia Business & Employment Growth Since 2009
- 48,976 more businesses
- 346,752 more employees
- 9.8% increase in total wages
- $10,009 increase in annual wages per employee
- 20.7% increase in wages per employee
Since 2009, the number of businesses in Virginia has grown by 21.3% (9.9% greater than the national average of 11.4%). Employment in Virginia has grown by 9.8% (3.8% less than the national average of 13.6%). Wages have grown by 20.7% since the end of the Great Recession. This wage growth is 5.0% less than the national average of 25.7%. The average weekly wage in Virginia of $1,120 is 1.7% above the national average of $1,101. The gap between the national average has widened from 5.6% a widening of 3.9% since the end of the recession.
Sector Growth
Business Sector Growth
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Professional services | 42,376 | 34,890 | 21.5% |
| Healthcare | 40,087 | 24,386 | 64.4% |
| Other services | 36,233 | 23,836 | 52.0% |
| Retail trade | 25,858 | 26,403 | -2.1% |
| Construction | 21,522 | 24,803 | -13.2% |
| Accommodation and food services | 17,387 | 15,324 | 13.5% |
| Waste services | 14,253 | 12,069 | 18.1% |
| Finance and insurance | 11,921 | 11,812 | 0.9% |
| Wholesale trade | 11,557 | 12,695 | -9.0% |
| Real estate and rental | 10,023 | 9,240 | 8.5% |
| Manufacturing | 6,752 | 6,227 | 8.4% |
| Transport and warehousing | 5,422 | 5,253 | 3.2% |
| Information | 4,384 | 4,116 | 6.5% |
| Educational services | 3,485 | 2,620 | 33.0% |
| Arts and entertainment | 3,107 | 2,684 | 15.8% |
| Company management | 2,259 | 1,922 | 17.5% |
| Agriculture and forestry | 1,792 | 1,623 | 10.4% |
| Utilities | 365 | 310 | 17.7% |
| Mining and oil extraction | 313 | 338 | -7.4% |
The sector that has had the strongest growth [in number of businesses] is the Healthcare sector, which has increased by 64.4% since 2009. The sector that has has the largest decline is the Construction sector, which has declined by 13.2% since the recession.
Employment Sector Growth
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Healthcare | 440,265 | 366,813 | 20.0% |
| Professional services | 427,724 | 376,943 | 13.5% |
| Retail trade | 411,591 | 398,681 | 3.2% |
| Accommodation and food services | 350,754 | 295,155 | 18.8% |
| Waste services | 242,789 | 191,075 | 27.1% |
| Manufacturing | 238,633 | 238,849 | -0.1% |
| Construction | 197,225 | 190,517 | 3.5% |
| Other services | 145,546 | 126,954 | 14.6% |
| Finance and insurance | 139,757 | 121,850 | 14.7% |
| Transport and warehousing | 117,736 | 95,593 | 23.2% |
| Wholesale trade | 109,701 | 113,289 | -3.2% |
| Company management | 75,778 | 74,529 | 1.7% |
| Information | 67,031 | 81,144 | -17.4% |
| Educational services | 65,081 | 57,577 | 13.0% |
| Arts and entertainment | 55,363 | 46,297 | 19.6% |
| Real estate and rental | 54,962 | 53,774 | 2.2% |
| Agriculture and forestry | 13,370 | 11,924 | 12.1% |
| Utilities | 10,771 | 11,438 | -5.8% |
| Mining and oil extraction | 5,895 | 8,494 | -30.6% |
The sector that has had the strongest employment growth [in number of employees] is the Healthcare sector, which has increased by 20.0% since 2009. The sector that has has the largest employment decline in number of employees is the Information sector, which has declined by 17.4% since the recession.
Weekly Wage Growth By Sector
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Company management | $2,428 | $1,841 | 31.9% |
| Utilities | $2,209 | $1,740 | 27.0% |
| Professional services | $2,031 | $1,704 | 19.2% |
| Information | $1,936 | $1,476 | 31.2% |
| Finance and insurance | $1,868 | $1,350 | 38.4% |
| Wholesale trade | $1,580 | $1,263 | 25.1% |
| Mining and oil extraction | $1,413 | $1,158 | 22.0% |
| Manufacturing | $1,153 | $948 | 21.6% |
| Construction | $1,116 | $869 | 28.4% |
| Real estate and rental | $1,089 | $819 | 33.0% |
| Transport and warehousing | $991 | $812 | 22.0% |
| Healthcare | $970 | $827 | 17.3% |
| Educational services | $847 | $810 | 4.6% |
| Waste services | $837 | $650 | 28.8% |
| Other services | $823 | $700 | 17.6% |
| Agriculture and forestry | $681 | $505 | 34.9% |
| Retail trade | $570 | $481 | 18.5% |
| Arts and entertainment | $518 | $450 | 15.1% |
| Accommodation and food services | $379 | $306 | 23.9% |
The sector that has had the strongest wage growth is the Unclassified sector, which has increased by 0.0% since 2009. The sector that has has the smallest wage growth is the Educational services sector, which has declined by 4.6% since the recession.
Industry Growth
Business Industry Growth
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Services for the elderly and disabled | 20,304 | 8,284 | 145.1% |
| Private households | 19,128 | 8,804 | 117.3% |
| Computer systems design and related services | 14,837 | 10,907 | 36.0% |
| Unclassified | 11,683 | 1,369 | 753.4% |
| Management consulting services | 7,109 | 5,528 | 28.6% |
| Residential building construction | 5,294 | 6,364 | -16.8% |
The top industry that has had the largest increase in the number of businesses is the Services for the elderly and disabled industry, which has increased by 145.1% since 2009. The top industry that has has the largest decline in the number of businesses is the Residential building construction industry, which has declined by 16.8% since the recession.
Employment Industry Growth
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Computer systems design and related services | 166,313 | 138,424 | 20.1% |
| General medical and surgical hospitals | 97,997 | 98,301 | -0.3% |
| Management of companies and enterprises | 75,778 | 74,529 | 1.7% |
| Offices of physicians | 72,296 | 58,638 | 23.3% |
| Supermarkets and other grocery stores | 67,953 | 59,903 | 13.4% |
| Management consulting services | 67,521 | 55,225 | 22.3% |
The top industry that has had the largest increase in the number of employees is the Computer systems design and related services industry, which has increased by 20.1% since 2009. The top industry that has has the largest decline in the number of employees is the General medical and surgical hospitals industry, which has declined by 0.3% since the recession.
Weekly Wage Growth By Industry
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Other depository credit intermediation | $10,059 | $2,990 | 236.4% |
| Other financial vehicles | $5,259 | $5,627 | -6.5% |
| Investment banking and securities dealing | $3,830 | $2,569 | 49.1% |
| Portfolio management | $3,809 | $2,545 | 49.7% |
| Securities brokerage | $3,601 | $2,410 | 49.4% |
| Trusts estates and agency accounts | $3,475 | $1,481 | 134.6% |
The top industry that has had the strongest wage growth is the Other depository credit intermediation industry, which has increased by 236.4% since 2009. The top industry that has has the largest wage decline is the Other financial vehicles industry, which has declined by 6.5% since the recession.
Company Size
Business Growth By Company Size
The biggest percentage change in the number of businesses has been in businesses with fewer than 5 employees. The number of businesses with this number of employees has grown from 132,851 to 173,204, which is an increase of 30.4%.The smallest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 259 to 253, which is an increase of -2.3%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | 173,204 | 132,851 | 30.4% |
| 5-9 Employees | 37,176 | 35,604 | 4.4% |
| 10-19 Employees | 27,200 | 24,940 | 9.1% |
| 20-49 Employees | 19,828 | 17,456 | 13.6% |
| 50-99 Employees | 6,716 | 5,733 | 17.1% |
| 100-249 Employees | 3,439 | 3,008 | 14.3% |
| 250-499 Employees | 832 | 730 | 14.0% |
| 500-999 Employees | 253 | 259 | -2.3% |
| More Than 1,000 Employees | 146 | 121 | 20.7% |
Employment Growth by Company Size
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 236,660 to 280,659, which is an increase of 18.6%.The smallest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees with this number of employees has grown from 172,925 to 169,865, which is an increase of -1.8%.
Table: Change in the number of Employees by Size of Business, since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | 233,723 | 202,306 | 15.5% |
| 5-9 Employees | 244,775 | 232,520 | 5.3% |
| 10-19 Employees | 365,037 | 334,081 | 9.3% |
| 20-49 Employees | 591,563 | 522,055 | 13.3% |
| 50-99 Employees | 454,106 | 386,778 | 17.4% |
| 100-249 Employees | 505,572 | 438,228 | 15.4% |
| 250-499 Employees | 282,846 | 248,511 | 13.8% |
| 500-999 Employees | 169,865 | 172,925 | -1.8% |
| More Than 1,000 Employees | 280,659 | 236,660 | 18.6% |
Weekly Wage Growth by Company Size
The biggest percentage change in the average weekly wage has been in businesses with 250 to 499 employees. The average weekly wage in companies this size has grown from $1,129 to $1,535, which is an increase of 36.0%.The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $1,353 to $1,585, which is an increase of 17.1%.
Table: Change Average Weekly Wage by Size Since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | $1,041 | $800 | 30.1% |
| 5-9 Employees | $913 | $720 | 26.8% |
| 10-19 Employees | $899 | $724 | 24.2% |
| 20-49 Employees | $945 | $780 | 21.2% |
| 50-99 Employees | $1,071 | $854 | 25.4% |
| 100-249 Employees | $1,215 | $972 | 25.0% |
| 250-499 Employees | $1,535 | $1,129 | 36.0% |
| 500-999 Employees | $1,585 | $1,353 | 17.1% |
| More Than 1,000 Employees | $1,773 | $1,345 | 31.8% |
Data Sources
About the Writer
