Virginia general revenues have grown substantially in December even as employment growth has slowed both nationally and within the state. Data presented at a Virginia State Senate meeting showed total General Fund revenues increasing notably during the month. Year-to-date collections reached approximately 1.2 billion dollars above the prior year level. This represents an 8.6 percent increase relative to the previous year.
National Employment Trends
The national employment trend continues to slow. December added 50,000 jobs for a year-over-year growth rate of 0.4 percent compared to 1.3 percent one year ago. Virginia job growth has also slowed. November added 8,600 jobs with year-over-year growth at 0.2 percent versus 1.7 percent one year ago.
The Virginia growth rate was heavily impacted by October jobs data. Total federal job losses in that month were 11,400. These losses were largely attributable to federal resignations initiated in early 2025. The Consumer Price Index was up 2.7 percent year-over-year in December.
Virginia Revenue Details
Total General Fund revenues grew substantially in December. Fiscal year-to-date collections are up approximately 1.2 billion dollars or 8.6 percent relative to last year. Collections stand 595 million dollars or 2.6 percent ahead of forecast. December positive variance was dominated by nonwithholding.
The Consumer Price Index reading of 2.7 percent sits below the September peak of 3.0 percent. Inflation has been climbing steadily since May. The last two readings have come in below that peak. These revenue figures occur alongside the noted slowdown in job growth.
Employment Chart Analysis
Each blue bar on the presented chart represents monthly U.S. job gains in thousands. The green line shows the year-over-year percent change. This change has dived to 0.4 percent. The chart illustrates positive year-over-year employment growth that is nevertheless slowing.
Virginia revenues have exceeded forecasts through the period. The data covers employment and revenue metrics up to December. Nonwithholding sources drove the positive December variance. These elements together form the core of the economic summary shared at the meeting.
