Virginia finished fiscal year 2021-2022 with a $1.94 billion general fund revenue surplus. On a fiscal year-to-date basis, total revenue collections rose 16.3% based on preliminary data.
Virginia’s labor market produced close to 80,000 jobs since January, driving growth in payroll withholding. Close to 125,000 more residents were employed in May 2022 than there were in May 2021, an increase of 3.5%year-over-year. Virginia is now ranked the 15th state for employment growth during the first four months of 2022.