Northern Virginia Faces Rising Unemployment Amid Federal Workforce Changes
Unemployment rates in Northern Virginia have increased, with Fairfax County experiencing the most significant rise. According to the Virginia Department of Workforce Development and Advancement, Fairfax County's unemployment rate rose from 2.7% to 3.8% over the past year, adding 6,005 unemployed residents. Loudoun and Prince William counties also saw increases, with their rates climbing to 3.7% and 3.8%, respectively. These changes are attributed to shifts in the federal workforce, particularly following a deferred retirement package offered to federal workers in October. Economist Keith Waters from George Mason University notes that the effects of these workforce changes are gradually becoming apparent, impacting federal contractors as well. Despite these challenges, there remains a high demand for housing in the region, although commercial real estate continues to struggle. 
