News Release Information

13-1080-PHI

Wednesday, May 29, 2013

Contacts

Technical information:
Media contact:

Occupational Employment and Wages in Richmond – May 2012

Workers in the Richmond Metropolitan Statistical Area had an average (mean) hourly wage of $21.98 in May 2012, similar to the nationwide average of $22.01, according to the U.S. Bureau of Labor Statistics. Sheila Watkins, the Bureau’s regional commissioner, noted that, after testing for statistical significance, wages in the local area were significantly lower than their respective national averages in 11 of the 22 major occupational groups, including legal; life, physical, and social science; and construction and extraction. Five other groups had average wages that were measurably higher than their respective national averages; included in this grouping were management and production. (See table A and box note at end of release.)

Table A. Occupational employment and wages by major occupational group, United States and the Richmond Metropolitan Statistical Area, and measures of statistical significance, May 2012
Major occupational group Percent of total employment Mean hourly wage
United States Richmond United States Richmond Percent difference(1)

Total, all occupations

100.0
100.0
$22.01
$21.98
-0

Management

4.9
4.5*
52.20
53.89*
3

Business and financial operations

4.9
6.8*
33.44
32.34*
-3

Computer and mathematical

2.7
3.3*
38.55
38.02
-1

Architecture and engineering

1.8
1.6*
37.98
35.83*
-6

Life, physical, and social science

0.8
0.7*
32.87
29.06*
-12

Community and social service

1.4
1.7*
21.27
20.44*
-4

Legal

0.8
1.0*
47.39
40.19*
-15

Education, training, and library

6.4
6.0*
24.62
24.39
-1

Arts, design, entertainment, sports, and media

1.3
1.2*
26.20
24.26*
-7

Healthcare practitioners and technical

5.9
6.1
35.35
33.99
-4

Healthcare support

3.0
2.7*
13.36
12.92*
-3

Protective service

2.5
3.0*
20.70
19.10*
-8

Food preparation and serving related

8.9
8.3*
10.28
10.24
-0

Building and grounds cleaning and maintenance

3.3
3.3
12.34
11.44*
-7

Personal care and service

2.9
3.1
11.80
11.49
-3

Sales and related

10.6
10.4
18.26
18.95*
4

Office and administrative support

16.4
17.2*
16.54
16.70
1

Farming, fishing, and forestry

0.3
0.1*
11.65
16.19*
39

Construction and extraction

3.8
4.1*
21.61
18.79*
-13

Installation, maintenance, and repair

3.9
4.0
21.09
21.55*
2

Production

6.6
4.5*
16.59
17.41*
5

Transportation and material moving

6.7
6.4
16.15
15.36*
-5

* The percent share of employment or mean hourly wage for this area is significantly different from the national average of all areas at the 90-percent confidence level.

Footnotes:
(1) A positive percent difference measures how much the mean wage in Richmond is above the national mean wage, while a negative percent difference reflects a lower wage.


When compared to the nationwide distribution, Richmond employment was more highly concentrated in 7 of the 22 occupational groups including business and financial operations, computer and mathematical, and community and social service. Conversely, nine groups had employment shares significantly below their national representation; these groups included production, food preparation and serving related, and management.

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 40,880 jobs in business and financial operations, accounting for 6.8 percent of local area employment, significantly above the national share of 4.9 percent. The average hourly wage for this occupational group was $32.34, about 3 percent below the national average of $33.44.

With employment of 7,250, accountants and auditors was the largest occupation within the business and financial operations group in the Richmond area, followed by management analysts (4,730). Among the higher paying jobs were management analysts and logisticians, with mean hourly wages of $41.50 and $38.71, respectively. At the lower end of the wage scale were meeting, convention, and event planners and tax examiners and collectors and revenue agents ($20.90) and ($23.74). (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, logisticians were employed at over twice the national rate in Richmond, and financial examiners, at almost six times the U.S. average. On the other hand, loan officers 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 2012 estimates, OES data are based on the 2010 Standard Occupational Classification (SOC) system for the first time. The OES survey provides estimates of employment and hourly and annual wages for wage and salary workers in 22 major occupational groups and more than 800 detailed occupations for the nation, states, metropolitan statistical areas, metropolitan divisions, and nonmetropolitan areas. In addition, employment and wage estimates for 94 minor groups and 458 broad occupations are available in the national data for the first time. Information about the 2010 SOC is available on the BLS website at www.bls.gov/soc/.

The May 2012 OES estimates are the first to be produced using the 2012 North American Industry Classification System (NAICS). Information about the 2012 NAICS is available on the BLS website at www.bls.gov/bls/naics.htm.


OES wage and employment data for the 22 major occupational groups in the Richmond Metropolitan Statistical Area were compared to their respective national averages based on statistical significance testing. Only those occupations with wages or employment shares above or below the national wage or share after testing for significance at the 90-percent confidence level meet the criteria.

NOTE: 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.

Technical Note

The Occupational Employment Statistics (OES) survey is a semiannual mail survey measuring occupational employment and wage rates for wage and salary workers in nonfarm establishments in the United States. Guam, Puerto Rico, and the Virgin Islands are also surveyed, but their data are not included in the national estimates. OES estimates are constructed from a sample of about 1.2 million establishments. Forms are mailed to approximately 200,000 sampled establishments in May and November each year for a 3-year period. May 2012 estimates are based on responses from six semiannual panels collected in May 2012, November 2011, May 2011, November 2010, May 2010, and November 2009. The overall national response rate for the six panels is 76.6 percent based on establishments and 72.9 percent based on employment. The sample in the Richmond Metropolitan Statistical Area included 4,098 establishments with a response rate of 75 percent. For more information about OES concepts and methodology, go to www.bls.gov/news.release/ocwage.tn.htm.

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 (MSA) includes Amelia, Caroline, Charles City, Chesterfield, Cumberland, Dinwiddie, Goochland, Hanover, Henrico, King William, King and Queen, Louisa, New Kent, Powhatan, Prince George, and Sussex Counties and Colonial Heights, Hopewell, Petersburg, and Richmond cities.

Additional information

OES data are available on our regional web page at www.bls.gov/ro3. 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/2012/may/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: 1-800-877-8339.

Table 1. Employment and wage data from the Occupational Employment Statistics survey, by occupation, Richmond Metropolitan Statistical Area, May 2012
Occupation(1) Employment(2) Mean wage
Level Location quotient(3) Hourly Annual(4)

Business and financial operations occupations

40,880 1.4 $32.34 $67,260

Wholesale and retail buyers, except farm products

490 1.0 32.94 68,510

Purchasing agents, except wholesale, retail, and farm products

2,310 1.8 31.10 64,690

Claims adjusters, examiners, and investigators

1,550 1.3 28.05 58,340

Insurance appraisers, auto damage

(5) (5) 26.91 55,980

Compliance officers

1,190 1.1 29.58 61,520

Cost estimators

1,280 1.4 29.06 60,440

Human resources specialists

2,860 1.6 29.91 62,210

Labor relations specialists

260 0.8 36.91 76,760

Logisticians

1,160 2.1 38.71 80,510

Management analysts

4,730 1.9 41.50 86,330

Meeting, convention, and event planners

420 1.3 20.90 43,470

Fundraisers

310 1.4 28.48 59,240

Compensation, benefits, and job analysis specialists

440 1.1 28.06 58,360

Training and development specialists

1,580 1.6 28.06 58,360

Market research analysts and marketing specialists

2,350 1.3 30.63 63,710

Business operations specialists, all other

4,460 1.0 31.74 66,020

Accountants and auditors

7,250 1.4 32.95 68,540

Appraisers and assessors of real estate

220 0.8 30.72 63,890

Budget analysts

350 1.3 32.69 67,990

Credit analysts

310 1.1 32.62 67,860

Financial analysts

1,620 1.5 37.78 78,590

Personal financial advisors

800 1.0 37.01 76,980

Insurance underwriters

850 2.0 29.19 60,710

Financial examiners

750 5.8 27.69 57,590

Credit counselors

170 1.3 20.33 42,290

Loan officers

1,310 1.0 28.99 60,310

Tax examiners and collectors, and revenue agents

670 2.2 23.74 49,380

Tax preparers

250 0.9 21.88 45,510

Financial specialists, all other

830 1.2 29.22 60,770

Footnotes:
(1) For a complete listing of all detailed occupations in the Richmond MSA, see www.bls.gov/oes/current/oes_40060.htm.
(2) Estimates for detailed occupations do not sum to the totals because the totals include occupations not shown separately. Estimates do not include self-employed workers.
(3) The location quotient is the ratio of the area concentration of occupational employment to the national average concentration. A location quotient greater than one indicates the occupation has a higher share of employment than average, and a location quotient less than one indicates the occupation is less prevalent in the area than average.
(4) Annual wages have been calculated by multiplying the hourly mean wage by a 'year-round, full-time' hours figure of 2,080 hours; for those occupations where there is not an hourly mean wage published, the annual wage has been directly calculated from the reported survey data.
(5) Estimates not available.

Last Modified Date: May 29, 2013