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Report Number LED/OW-VA
Nick Carroll and Cynthia Taeuber
Component ID: #ti149539413

Executive Summary

A new information source, the Local Employment Dynamics (LED) program for Virginia, shows:

  • The workforce is aging. From 1998 through 2002, an increasing percentage of the workforce was 45 years and older. The proportion of people 65 years and older who continue working has also increased, but slightly.
  • Industries in which more than 1-in-5 workers were 55 years and older in 2002 include: museums, galleries, and gardens; apparel from fabrics; and local/suburban transit. These three industries had many older workers, employing more than 1,200 older workers.
  • An example of an industry with a high turnover rate for workers 55 years and older is the agricultural services industry.
  • An example of an industry with a low turnover rate for older workers is the legal services industry.
  • Industries where workers 65 years and over are most likely to be employed include the industries of business services, health services, and eating and drinking places. Construction—special trade is also an important source of work for the oldest workers.
  • On average, in 2002, for workers 65 years and over, 6,104 jobs were gained and 9,544 jobs were lost.
  • Of the industries that employed more than 500 workers 65 years and older, the highest paying was engineering, accounting, and research ($4,820 a month). The industry with the highest average monthly earnings in 2002 for workers 65 years and older was security/commodity brokers ($8,666), but the number of such workers was only 282.

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