Thursday, May 24, 2018
Workers in the Richmond Metropolitan Statistical Area had an average (mean) hourly wage of $23.96 in May 2017, close to the nationwide average of $24.34, according to the U.S. Bureau of Labor Statistics. Sheila Watkins, the Bureau’s regional commissioner, noted that after testing for statistical significance, 10 of the 22 major occupational groups had average wages in the local area that were significantly lower than their respective national averages, including construction and extraction; arts, design, entertainment, sports, and media; and life, physical, and social science. One occupational group had average wages that were measurably higher than its respective national average: management.
When compared to the nationwide distribution, local employment shares were significantly higher in 10 of the 22 occupational groups, including business and financial operations and office and administrative support. Conversely, eight groups had employment shares significantly below their national representation; these groups included production, food preparation and serving related, and management. (See table A and box note at end of release.)
|Major occupational group||Percent of total employment||Mean hourly wage|
|United States||Richmond||United States||Richmond||Percent difference (1)|
Total, all occupations
Business and financial operations
Computer and mathematical
Architecture and engineering
Life, physical, and social science
Community and social service
Education, training, and library
Arts, design, entertainment, sports, and media
Healthcare practitioners and technical
Food preparation and serving related
Building and grounds cleaning and maintenance
Personal care and service
Sales and related
Office and administrative support
Farming, fishing, and forestry
Construction and extraction
Installation, maintenance, and repair
Transportation and material moving
One occupational group—business and financial operations—was chosen to illustrate the diversity of data available for any of the 22 major occupational categories. Richmond had 45,900 jobs in business and financial operations occupations, accounting for 7.1 percent of local area employment, significantly higher than the national share of 5.2 percent. The average hourly wage for this occupational group was $35.96, lower than the national average of $36.70.
Some of the larger detailed occupations within the business and financial group include accountants and auditors (7,260), management analysts (5,890), and human resources specialists (3,470). Among the higher paying jobs in this group were personal financial advisors and financial analysts, with mean hourly wages of $56.40 and $45.40, respectively. At the lower end of the wage scale were tax preparers ($14.89) and tax examiners and collectors, and revenue agents ($24.63). (Detailed occupational data for the business and financial operations group are presented in table 1; for a complete listing of detailed occupations go to www.bls.gov/oes/current/oes_40060.htm.)
Location quotients allow us to explore the occupational make-up of a metropolitan area by comparing the composition of jobs in an area relative to the national average. (See table 1.) For example, a location quotient of 2.0 indicates that an occupation accounts for twice the share of employment in the area than it does nationally. In the Richmond metropolitan area, above-average concentrations of employment were found in several of the detailed occupations within the business and financial operations group. For instance, management analysts were employed at 2.0 the national rate in Richmond, and financial examiners, at 2.2 times the U.S. average. On the other hand, financial analysts had a location quotient of 1.0 in Richmond, meaning the local employment share in this particular occupation was comparable to the national average.
These statistics are from the Occupational Employment Statistics (OES) survey, a federal-state cooperative program between BLS and State Workforce Agencies, in this case, the Virginia Employment Commission.
With the release of the May 2017 estimates, the OES program has replaced 21 detailed occupations found in the 2010 Standard Occupational Classification (SOC) with 10 new aggregations of those occupations. In addition, selected 4- and 5-digit North American Industry Classification System (NAICS) industries previously published by OES will no longer be published separately. Some of the 4-digit NAICS industries that are no longer being published separately will instead be published as OES-specific industry aggregations. More information about the new occupational and industry aggregations is available at www.bls.gov/oes/changes_2017.htm.
A value that is statistically different from another does not necessarily mean that the difference has economic or practical significance. Statistical significance is concerned with the ability to make confident statements about a universe based on a sample. It is entirely possible that a large difference between two values is not significantly different statistically, while a small difference is, since both the size and heterogeneity of the sample affect the relative error of the data being tested.
The Occupational Employment Statistics (OES) survey is a semiannual survey measuring occupational employment and wage rates for wage and salary workers in nonfarm establishments in the United States. The OES data available from BLS include cross-industry occupational employment and wage estimates for the nation; over 650 areas, including states and the District of Columbia, metropolitan statistical areas (MSAs), metropolitan divisions, nonmetropolitan areas, and territories; national industry-specific estimates at the NAICS sector, 3-, 4-, and selected 5- and 6-digit industry levels; and national estimates by ownership across all industries and for schools and hospitals. OES data are available at www.bls.gov/oes/tables.htm.
OES estimates are constructed from a sample of about 1.2 million establishments. Each year, two semiannual panels of approximately 200,000 sampled establishments are contacted, one panel in May and the other in November. Responses are obtained by mail, Internet or other electronic means, email, telephone, or personal visit. The May 2017 estimates are based on responses from six semiannual panels collected over a 3-year period: May 2017, November 2016, May 2016, November 2015, May 2015, and November 2014. The overall national response rate for the six panels, based on the 50 states and the District of Columbia, is 72 percent based on establishments and 68 percent based on weighted sampled employment. The unweighted sample employment of 82 million across all six semiannual panels represents approximately 58 percent of total national employment. The sample in the Richmond Metropolitan Statistical Area included 4,003 establishments with a response rate of 67 percent. For more information about OES concepts and methodology, go to www.bls.gov/oes/current/oes_tec.htm.
The May 2017 OES estimates are based on the 2010 Standard Occupational Classification (SOC) system and the 2017 North American Industry Classification System (NAICS). Information about the 2010 SOC is available on the BLS website at www.bls.gov/soc/ and information about the 2017 NAICS is available at www.bls.gov/bls/naics.htm.
Metropolitan area definitions
The substate area data published in this release reflect the standards and definitions established by the U.S. Office of Management and Budget.
The Richmond, Va. Metropolitan Statistical Area includes Amelia, Caroline, Charles City, Chesterfield, Dinwiddie, Goochland, Hanover, Henrico, King William, New Kent, Powhatan, Prince George, and Sussex Counties and Colonial Heights, Hopewell, Petersburg, and Richmond cities.
OES data are available on our regional web page at www.bls.gov/regions/mid-atlantic. Answers to frequently asked questions about the OES data are available at www.bls.gov/oes/oes_ques.htm. Detailed technical information about the OES survey is available in our Survey Methods and Reliability Statement on the BLS website at www.bls.gov/oes/current/methods_statement.pdf.
Information in this release will be made available to sensory impaired individuals upon request – Voice phone: (202) 691-5200; Federal Relay Service: (800) 877-8339.
Business and financial operations occupations
Buyers and purchasing agents
Claims adjusters, examiners, and investigators
Insurance appraisers, auto damage
Human resources specialists
Labor relations specialists
Meeting, convention, and event planners
Compensation, benefits, and job analysis specialists
Training and development specialists
Market research analysts and marketing specialists
Business operations specialists, all other
Accountants and auditors
Appraisers and assessors of real estate
Personal financial advisors
Tax examiners and collectors, and revenue agents
Financial specialists, all other
Last Modified Date: Thursday, May 24, 2018