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Va. saw nation’s second-highest jobless spike last week
Coming on the heels of reports that the U.S. domestic gross product in the second quarter dropped to its lowest point since 1947, the U.S. Department of Labor reported Thursday that Virginia saw the second-highest increase in initial jobless claims in the nation last week. The Department of Labor reported Thursday morning that 46,524 Virginians […]
Va. hotel revenues dropped by 50% last week
Hotel revenues last week continued to decrease by 50%, compared with the same week last year, according to new data from STR Inc., a division of CoStar Group providing market data on the U.S. hospitality industry. Last week, STR had reported that the U.S. hospitality industry had marked its worst quarter yet. Nationally, however, the […]
Va. sees 5K spike in initial jobless claims last week
Since January, more than 1 million Virginians have filed initial jobless claims, according to the Virginia Employment Commission. More than 37,000 Virginians filed initial jobless claims last week — an increase of more than 5,000 claims from the previous week, according to a VEC statement released Thursday. “The jump in initial unemployment claims in Virginia […]
Va. hotel revenues decline while U.S. has worst quarter on record
Hotel revenues remained low but steady in Virginia last week, compared with the same week last year, according to new data from STR Inc., a division of CoStar Group providing market data on the U.S. hospitality industry, which STR reported just marked its worst quarter yet. “Due to the COVID-19 pandemic, the U.S. hotel industry reported […]
Fairfax adds $20M to small business relief fund
The Fairfax County Board of Supervisors announced Wednesday it has directed an additional $20 million in funding to its Fairfax Relief Initiative to Support Employers (RISE) relief program — bringing its total funding to $46 million aimed at helping small businesses and nonprofits during the pandemic. The funding comes from the federal Coronavirus Aid, Relief […]
Va. hotel revenue declines worsen
Hotel revenue declines have worsened during the past week, despite the state operating under Phase Three of Gov. Ralph Northam’s “Forward Virginia” plan, which has loosened some gathering and hospitality restrictions. Hotel revenues and rooms sold declined in every major market in Virginia, compared with the same time frame last year, according to new data […]
Central Va. CEOs have improved outlook for next 6 months
While Virginia remains in Phase Three of Gov. Ralph Northam’s Forward Virginia plan, Central Virginia CEOs have an improved outlook for sales, capital spending and employment for the next six months, according to a follow-up 2020 CEO Economic Outlook Survey released Friday by the University of Richmond’s Robins School of Business and the Virginia Council […]
State deficit stands at $236.5M, down from $1B spring forecast
The state’s fiscal year 2020 deficit, predicted at one point to reach as much as $1 billion, stands at $236.5 million, Gov. Ralph Northam announced Thursday. Also, the state’s revenues increased by 2% compared to fiscal year 2019. The news comes as the General Assembly prepares to meet in August to make adjustments to the […]
Va. among highest in nation for jobless claims last week
Virginia had the fourth-highest increase in initial jobless claims in the nation last week, according to U.S. Department of Labor (DOL) statistics released Thursday. The DOL statistics released Thursday morning shows that 33,069 Virginians filed initial jobless claims last week, while the VEC report released Thursday afternoon shows 31,825 initial claims. The DOL count is […]
Community colleges, businesses partner to get Virginians back to work
The Virginia Ready Initiative (VA Ready) announced Monday a program that will provide stipends for unemployed Virginians to attend community college programs in an effort to find new industry jobs and overcome coronavirus-related economic hardships. “We have people who need work and companies who need employees, so Virginia’s community colleges and employers are coming together [&helli[...]
VCU-Ariz. State survey shows increased labor market activity
As states have begun to reopen for business, the national labor market has seen an increase in activity during the past two weeks, according to a biweekly survey conducted by Virginia Commonwealth University and Arizona State University economists. However, the 2.3% decrease in the national unemployment rate (which was estimated at 19.4% for the week […]
Survey: Economic, cultural impact of virus concern Va. execs
A newly released survey finds that Virginia business and nonprofit leaders are concerned not only about the financial but the cultural impact of the COVID-19 pandemic. The Culture Conundrum survey, which polled 365 leaders across Central Virginia, Hampton Roads and Northern Virginia, was conducted from May 19-31 by Williamsburg-based marketing research firm Brand Planning LLC […]
