May 1, 2024 - Business

Richmond's job market is one of the hottest in the nation

Illustration of a crowd of workers marching towards a glowing briefcase.

Illustration: Aïda Amer/Axios

Richmond has one of the hottest job markets in the country, according to a ranking released by the Wall Street Journal.

Why it matters: The cities that made the list are markets that are what WSJ dubbed "affordable alternatives" to traditional job hubs.

By the numbers: Richmond ranked No. 11, and notably had the second-highest growth in labor force size of any metro area (hey there, NoVa transplants).

  • Richmond even beat out D.C. and Raleigh, which were No. 12 and No. 13, respectively.
  • The top three job markets, according to WSJ, were Salt Lake City, Jacksonville and Orlando.

Fun fact: Richmond is the highest ranked East Coast city outside Florida.

How it worked: The Journal worked with Moody's Analytics to study roughly 380 metro areas in the U.S.

  • It then ranked them based on five factors: unemployment rate, the labor force participation rate, employment level changes, labor force size and wages.
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