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Economic Summary of Virginia

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The GDP for Virginia was $445 billion[1]. Virginia had an estimated population of 8.185 million as of 2012[2]. The GDP per capita was $47,127[3]

Counties

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There are 93 counties in Virginia[4]. Below are the top ten localities ranked by population 2010.

Rank Locality Population 2010
1 Fairfax 1,081,726
2 Prince William 402,002
3 Chesterfield 316,236
4 Loudoun 312,311
5 Henrico 306,935
6 Arlington 207,627
7 Stafford 128,961
8 Sportsylvania 122,397
9 Hanover 99,863
10 Albermarle 98,970

Cities

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Top 10 cities in Virginia by estimated city proper population in 2010[5]

Rank City Locality Population 2010
1 Virginia Beach 437,994
2 Norfolk 242,803
3 Chesapeake 222,209
4 Arlington 207,627
5 Richmond 204,214
6 Newport News 180,719
7 Alexandria 139.966
8 Hampton 137,436
9 Roanoke 97,032
10 Portsmouth 95,535

Industries

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Virginia industries by GDP 2012.

Industry GDP value added $ billions 2012 % of total GDP
Government 81.87 18.36%
Professional, scientific, and technical services 61.07 13.70%
Real estate and rental leasing 57.11 12.80%
Finance and insurance 29.08 6.52%
Health care and social assistance 26.85 6.02%
Non-durable manufacturing 25.43 5.70%
Retail trade 23.42 5.25%
Information 18.30 4.10%
Wholesale trade 16.96 3.80%
Construction 14.95 3.35%
Durable manufacturing 14.69 3.29%
Administrative and waste support services 12.60 2.83%
Other private services 12.03 2.70%
Management of companies and enterprises 11.49 2.58%
Accommodation and food services 11.31 2.54%
Transportation and warehousing 10.77 2.42%
Utilities 7.18 1.61%
Educational services 4.21 0.94%
Arts, entertainment, and recreation 2.59 0.58%
Mining 2.34 0.52%
Agriculture, forestry, fishing and hunting 1.62 0.36%
Total 445.88 100%

Employment

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Virginia employment by industry in June 2013.[6]

Industry Employment thousands June 2013 Percent of total employment
Government 715.0 18.98%
Professional & business services 684.2 18.16%
Trade, transportation and utilities 637.4 16.19%
Education & health services 486.4 12.91%
Leisure & hospitality 364.7 9.68%
Manufacturing 231.0 6.13%
Financial activities 196.1 5.21%
Other services 190.5 5.06%
Construction 180.3 4.79%
Information 70.9 1.88%
Mining and logging 10.7 0.28%
Total non-farm 3,767.2 100%

Corporations

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Top 10 Virginia based corporations by revenue in 2012[7]

Rank Corporation Revenue $ millions 2012 Profit $ millions 2012 Assets 2012 Debt Ratio 2012 Headquarters Employees 2012 Market cap 3/29/12 $ billions Industry
1 Freddie Mac 88,262 McLean
2 General Dynamics 32,677 Falls Church
3 Northrop Grumman 28,058 Falls Church
4 Capital One Financial 18,525 McLean
5 AES 17,759 Arlington
6 Altria Group 16,619 Richmond
7 Computer Sciences 16,144 Falls Church
8 Dominion Resources 14,379 Richmond
9 Smithfield Foods 12,203 Smithfield
10 Norfolk Southern 11,172 Norfolk Southern

Government Finances

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In 2011, the state government of Virginia had total revenue of $50.78 billion. Total expenditures were $45.55 billion.[8]

The total debt outstanding in 2011 was $26.48 billion[9] (5.95% of GDP[10]).

The total cash and security holdings in 2011 was $78.91 billion[11].

Revenue by Source $ millions Percent of revenue
Charges and miscellaneous general revenue 11,272 22.20%
Insurance trust revenue 11,011 21.68%
Intergovernmental revenue from Federal Government 9,997 19.68%
Individual income tax 9,530 18.77%
Sales and gross receipts 5,850 11.52%
Corporate income tax 798 1.57%
Other taxes 751 1.48%
Liquor store revenue 575 1.13%
Intergovernmental revenue from local governments 515 1.01%
Motor vehicle license 438 0.86%
Property taxes 39 0.08%
Utility revenue 0 0%
Total 50,781 100%
Expenditure $ millions Percent of expenditure
Intergovernmental expenditure 11,489 25.22%
Public welfare 8,629 18.94%
Education 7,836 17.20%
Insurance trust expenditure 4,732 10.39%
Hospitals 3,253 7.14%
Highways 2,792 6.13%
Natural resources 211 4.63%
Correction 1,193 2.62%
Interest on general debt 1,106 2.43%
Other and unallocable 678 1.49%
Health 672 1.48%
Financial administration 485 1.06%
Liquor store expenditure 467 1.03%
Judicial and legal 413 0.91%
Sea and inland port facilities 349 0.77%
Police protection 307 0.67%
Housing and community development 179 0.39%
Employment security administration 160 0.35%
General public buildings 156 0.34%
Parks and recreation 108 0.24%
Other governmental administration 60 0.13%
Sewerage 29 0.06%
Libraries 19 0.04%
Air transport 11 0.02%
Veterans' services 8 0.02%
Solid waste management 3 <0.01%
Miscellaneous commercial activities 0 0%
Utility expenditure 0 0%
Parking facilities 0 0%
Fire protection 0 0%
Total 45,549 100%

Financial Institutions

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Top ten banks by assets in Virginia[12]

Rank Bank Assets $ millions 3/31/13 Profit $ millions _____ Headquarters Employees
1 Capital One Financial Corporation 300,293 McLean
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References

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  1. ^ http://www.census.gov/popest/data/state/totals/2012/index.html
  2. ^ http://www.census.gov/popest/data/state/totals/2012/index.html
  3. ^ http://bber.unm.edu/econ/st-gdp5.htm
  4. ^ http://www.virginia-demographics.com/counties_by_population
  5. ^ http://www.virginia-demographics.com/cities_by_population
  6. ^ http://www.bls.gov/eag/home.htm
  7. ^ http://money.cnn.com/magazines/fortune/fortune500/2012/states/CA.html
  8. ^ http://www.census.gov/govs/local/
  9. ^ http://www.census.gov/govs/local/
  10. ^ http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm
  11. ^ http://www.census.gov/govs/local/
  12. ^ http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx
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