66,000 new Virginia jobs attributed to federal stimulus funds
- April 16, 2010
Federal stimulus funds are responsible for 66,000 jobs in Virginia through the first quarter, according to an analysis from the nation’s Council of Economic Advisers. The information follows a report released earlier this week by the CEA that credited the federal Recovery Act with creating or saving 2.5 million jobs nationwide during that same period.
More than $5.8 billion in Recovery Act funds is earmarked for Virginia. The money is being used in a variety of ways, from filling state budget gaps, to funding improvements to highways and bridges and providing financial assistance to lower and middle-income families. The Recovery Act was signed into law by President Barack Obama in February 2009.
In other job-related news, the U.S. Bureau of Labor Statistics released figures today showing that Virginia added 24,500 jobs in March. The unemployment rate was 7.4 percent overall, up from 7.2 percent in February. In March 2009, the rate stood at 6.4 percent.
For the third consecutive month, the nation’s unemployment rate stayed at 9.7 percent.