Labor
Number of Workers in Family
The Richmond-Charlottesville, VA has an average of 1.5 workers per family. This market subsequently ranks 52nd in the number of workers per family across the 167 STI Markets. It has a location quotient of 1 time the national average of 1.5.
Figure 31: Workers In Family
Labor Force
The Richmond-Charlottesville, VA ranks 55th in labor force participation among the 167 STI Markets with 64.1% of those 16 plus in the labor force. Of those in the Labor force 1.25% are in the Armed Forces a value 1.62 times the national average resulting in an Armed Forces employment ranking of 32nd across STI Markets.
In terms of overall employment size, the market ranks 117th with employment of 973,288.
Unemployment Rate of 3.1%
With an Unemployment Rate of 3.1% the Richmond-Charlottesville, VA currently ranks 148th in Unemployment among the 167 STI Markets.
UER Inequality - High
The Richmond-Charlottesville, VA can current be classified as having High level of variation across its Census Tracts. This classification is based on the Gini Coefficient of the market which is currently 0.432. Low (0 to .3), Moderate (.3 to .4), High (.4 to .6), Extreme (.6 to 1). The Gini Coefficient is often used to classify inequality. Across all STI Markets the Richmond-Charlottesville, VA ranks 12th. The interquartile range of the markets Census Tracts, that is its 25th percentile and 75th percentile values, are 1.4% and 4.3%, respectively.
