Economy of Virginia
Seal of Virginia
|
|
| Statistics | |
|---|---|
| GDP | $423,860,000,000 |
|
GDP per capita
|
$44,762 |
|
Population below poverty line
|
10.2% |
| 0.456 | |
|
Labor force
|
4,259,500 |
| Unemployment | 6.1% |
| Public finances | |
| Revenues | $16,411,055,000 |
| Expenses | $40,024,000,000 |
The Economy of Virginia is well balanced with diverse sources of income. From the Hampton Roads area to Richmond and down to Lee County in the southwest includes military installations, cattle, tobacco and peanut farming in Southside Virginia. Tomatoes recently surpassed soy as the most profitable crop in Virginia. Tobacco, peanuts and hay are also important agricultural products from the commonwealth.Wineries and vineyards in the Northern Neck and along the Blue Ridge Mountains also have become increasingly popular. Northern Virginia (once considered the state's dairy capital) hosts software, communications, consulting, defense contracting, diplomats, and considerable components of the professional government sector. As of the 2000 census, Virginia had the highest number of counties and independent cities (15) in the top 100 wealthiest jurisdictions in the United States based upon median income, in addition, Virginia tied with Colorado as having the most counties (10) in the top 100 based on per capita income. Loudoun and Fairfax counties in Northern Virginia have the highest and second highest median household income, respectively, of all counties in the United States as of 2006.
The state GDP of Virginia was $383 billion in 2007, higher than the larger state of Michigan and comparable to Saudi Arabia. The per capita personal income was $35,477 in 2004. As of 2000, Virginia had the highest number of counties and independent cities, fifteen, in the top one-hundred wealthiest jurisdictions in the United States based upon median income. In addition, Virginia tied with Colorado as having the most counties, ten, in the top one-hundred based on per capita income.
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