- 40,530 more businesses
- 278,139 more employees
- 28.9% increase in total wages
- $8,322 in additional annual wages per employee
- 17.5% increase in wages per employee
Since 2009, the number of businesses in Virginia has grown by 18.3% (8.8% greater than the national average of 9.5%). Employment in Virginia has grown by 9.7% (4.7% less than the national average of 14.4%). Wages have grown by 17.5% since the end of the Great Recession. This wage growth is 5.1% less than the national average of 22.5%.
The average weekly wage in Virginia of $1,077 is 1.2% above the national average of $1,064. The gap between the national average has narrowed from 5.6% a narrowing of 4.4% since the end of the recession.
The Professional services sector has the most businesses in the state of Virginia . Since the end of the recession, the number of businesses has grown from 34,890 to 40,963, a gain of 17.4%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||17,277||15,324||12.7%|
|Finance and insurance||11,861||11,812||0.4%|
|Real estate and rental||9,748||9,240||5.5%|
|Transport and warehousing||5,331||5,253||1.5%|
|Arts and entertainment||2,992||2,684||11.5%|
|Agriculture and forestry||1,758||1,623||8.3%|
|Mining and oil extraction||303||338||-10.4%|
Since 2009, there has been significant expansion in the Healthcare sector with the number of businesses growing by 62.0% giving Healthcare the second most businesses. Educational services also has significant increases, growing 30% during this period. Retail trade, Wholesale trade and Construction all declined since 2009 declining 1.9%, 10.0% and 14.3% respectively.
The Healthcare sector employs the most workers in the state of Virginia . The number of jobs has increased 18.0% since the end of the recession from 366,813 to 432,664. The table below illustrates the change in employment in each sector:
|Accommodation and food services||347,939||295,155||17.9%|
|Finance and insurance||138,176||121,850||13.4%|
|Transport and warehousing||115,310||95,593||20.6%|
|Arts and entertainment||54,536||46,297||17.8%|
|Real estate and rental||53,903||53,774||0.2%|
|Agriculture and forestry||13,647||11,924||14.4%|
|Mining and oil extraction||5,910||8,494||-30.4%|
The sector that added the highest percentage of employees is the Waste services sector at 23.4%, followed by Transport and warehousing at 20.6%. Several sectors had losses in their number of employees with the Information sector contracting by 16.7%, losing over 13,500 employees. The Manufacturing sector lost 2.5% of their workers, amounting to nearly 6,000 jobs and the Utilities sector lost 6.4% of their workers.
The sector with the highest wages is the Company management sector at $2,350. Prior to the recession, the sector’s average weekly wage was $1,841. This is an increase of $509 per week or 27.6%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$1,785||$1,350||32.2%|
|Mining and oil extraction||$1,325||$1,158||14.4%|
|Real estate and rental||$1,058||$819||29.2%|
|Transport and warehousing||$956||$812||17.7%|
|Agriculture and forestry||$649||$505||28.5%|
|Arts and entertainment||$510||$450||13.3%|
|Accommodation and food services||$367||$306||19.9%|
Workers in all industries experienced pay increases but the Educational services sector had an increase of only 2.0% since 2009. Finance and insurance workers experienced the largest increase in weekly wages at 32.2% followed by Real estate and rental at 29.2%.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Services for the elderly and disabled which has grown 146.8%. The top industry that has contracted the most is Wholesale trade agents and brokers which has contracted by 27.9% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Services for the elderly and disabled||20,445||8,284||146.8%|
|Computer systems design and related services||14,314||10,907||31.2%|
|Management consulting services||6,767||5,528||22.4%|
|Residential building construction||5,264||6,364||-17.3%|
|Offices of physicians||4,821||4,641||3.9%|
|Wholesale trade agents and brokers||3,804||5,275||-27.9%|
|Offices of lawyers||3,766||3,656||3.0%|
|Accounting and bookkeeping services||3,409||3,162||7.8%|
|Offices of dentists||3,222||2,880||11.9%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Temporary help services which has grown 41.5%. The industry that has lost the most employees is Engineering services which has contracted by 11.3% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|Computer systems design and related services||161,766||138,424||16.9%|
|General medical and surgical hospitals||98,844||98,301||0.6%|
|Management of companies and enterprises||73,531||74,529||-1.3%|
|Offices of physicians||69,380||58,638||18.3%|
|Supermarkets and other grocery stores||68,682||59,903||14.7%|
|Management consulting services||64,822||55,225||17.4%|
|Temporary help services||60,581||42,808||41.5%|
|Hotels and motels, except casino hotels||44,893||44,001||2.0%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Other depository credit intermediation which has grown 159.1%. The average weekly wage in the Other financial vehicles industry has grown by 4.6% since the recession. This is the industry with the lowest change in wages of the top industries in Virginia . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Other depository credit intermediation||$7,747||$2,990||159.1%|
|Other financial vehicles||$5,369||$5,627||-4.6%|
|Securities and commodity exchanges||$4,385||$1,950||124.9%|
|Investment banking and securities dealing||$3,992||$2,569||55.4%|
|Trusts, estates, and agency accounts||$3,490||$1,481||135.7%|
|Computer and software merchant wholesalers||$3,257||$2,683||21.4%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
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 a decrease 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%|
|More Than 1,000 Employees||146||121||20.7%|
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 a decrease 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%|
|More Than 1,000 Employees||280,659||236,660||18.6%|
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%|
|More Than 1,000 Employees||$1,773||$1,345||31.8%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.