COVID-19, Supply Chain Issues Slowing Virginia’s Economic Recovery

Virginia’s financial position continues to improve after COVID-19’s impacts in 2020, but the fast-paced recovery seen earlier in the year is slowing, Secretary of Finance Joe Flores told legislators in an update on Monday and Tuesday.

“The bottom line is that we’ve hit a few roadblocks in the past month or so with the resurgence of the virus, especially the Delta variant, and some supply chain issues. But you’re going to see from this report, as you mentioned Madam Chair, that the current revenue performance continues to just chug along. We’re doing actually very well, and it’s suggestive of a recovering economy,” Flores told the Senate Finance and Appropriations Committee on Tuesday.

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Report: Virginia Employment Growth Falls Below National Average

Walmart Hiring Sign

Over the past five months, Virginia’s year-over-year employment growth has ranked well below the national average, according to a report published by economist A. Fletcher Mangum.

Mangum, who is the CEO of Mangum Economics and serves on Virginia’s Joint Advisory Board of Economists, found Virginia’s employment growth fell outside of the top half in April through August of this year.

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