State Minimum Wage Rate for Virginia
STTMINWGVA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12.41
Year-over-Year Change
71.17%
Date Range
1/1/1976 - 1/1/2025
Summary
The State Minimum Wage Rate for Virginia tracks the minimum hourly wage that employers in Virginia must pay their workers. This metric is closely watched by policymakers, employers, and workers to understand labor market dynamics.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The State Minimum Wage Rate for Virginia represents the legally mandated minimum hourly compensation that must be provided to employees in the state. It is an important benchmark for assessing labor costs, worker income, and the competitiveness of Virginia's job market.
Methodology
The data is collected by the U.S. Department of Labor through surveys of employers.
Historical Context
The Virginia minimum wage informs policy decisions and business strategy within the state.
Key Facts
- Virginia's current minimum wage is $12.00 per hour.
- The minimum wage in Virginia has increased by $2.00 since 2020.
- About 280,000 Virginia workers are paid at or below the minimum wage.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for Virginia measures the legally mandated minimum hourly wage that employers in the state must pay their workers.
Q: Why is this trend relevant for users or analysts?
A: The Virginia minimum wage is a key indicator of labor market dynamics and worker income that informs policy decisions and business strategy within the state.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Department of Labor through surveys of employers in Virginia.
Q: How is this trend used in economic policy?
A: The Virginia minimum wage rate is used by policymakers, economists, and businesses to assess labor costs, worker income, and the competitiveness of the state's job market.
Q: Are there update delays or limitations?
A: The minimum wage data is published regularly by the Department of Labor with minimal delay, providing timely insights into Virginia's labor market.
Related Trends
Citation
U.S. Federal Reserve, State Minimum Wage Rate for Virginia (STTMINWGVA), retrieved from FRED.