Skilled and Efficient Workforce
Central Virginia is located in the heart of the east coast’s northernmost right to work and is home to a labor force of over 175,000 workers, with an even larger labor pool willing to commute from outside of the region. The labor pool is projected to grow 8.8% by 2016, ensuring a growing workforce to support Central Virginia’s growing businesses.
Despite Central Virginia’s low unemployment rate, businesses have no trouble finding the workers they need. Central Virginia is home to a large hidden labor supply. This includes a substantial ‘underemployed’ population – talented individuals engaged in work that is below their skill level. These workers have demonstrated a willingness to work and are seeking opportunities for professional advancement. The ‘hidden labor supply’ is also comprised of out-commuting workers who would prefer a job within the region and part-time workers seeking full-time employment. This ‘hidden labor supply’ is a major asset to new and existing businesses seeking a talented labor pool.
Highly Efficient Workforce
Central Virginia businesses benefit from an efficient, skilled, and low-cost workforce. The average Central Virginia wage is 20% lower than Virginia’s average wage and 14% lower than the national average. For this low cost, employers can hire exceptionally skilled and hard working employees.
Well-Educated and Skilled Workforce
Central Virginia is home to an exceptionally skilled and educated workforce, due to the presence of two community colleges and the University of Virginia. Over 32% of the region has at least a Bachelor’s degree, with an even higher concentration within the Charlottesville MSA. These workers add depth of knowledge and expertise to a business’ workforce, an essential asset in today’s modern economy.
|Educational Institution||Number of Students|
|University of Virginia – Undergraduate||14,297|
|University of Virginia – Graduate||6,598|
|Germanna Community College||9,849|
|Piedmont Virginia Community College||5,684|