Economy of Virginia
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 mil-
itary installations, cattle, tobacco and peanut
farming in Southside Virginia. Tomatoes re-
cently surpassed soy as the most profitable
crop in Virginia. Tobacco, peanuts and hay
are also important agricultural products from
the commonwealth.[1] Wineries and vine-
yards in the Northern Neck and along the
Blue Ridge Mountains also have become in-
creasingly popular. Northern Virginia (once
considered the state’s dairy capital) hosts
software, communications, consulting, de-
fense contracting, diplomats, and consider-
able components of the professional govern-
ment sector. As of the 2000 census, Virginia
had the highest number of counties and inde-
pendent 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.
Background
Tourism is an important sector in Virginia
Beach’s economy
The state GDP of Virginia was $383 million in
2007, higher
than the
larger state of
Michigan[2] and comparable to the much
larger Republic of China.[3] 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 in-
come. In addition, Virginia tied with Colorado
as having the most counties, ten, in the top
one-hundred based on per capita income.[4]
In 2006 and 2007, Forbes Magazine voted
Virginia as having the [ best climate for busi-
ness] in the United States citing economic
growth, business costs/incentives and quality
of life.[5] CNBC ranked Virginia as the t