Economy of Virginia

By | March 4, 2023

Virginia is a state located in the southeastern region of the United States, bordered by Maryland and the District of Columbia to the north and east, West Virginia to the west, and North Carolina and Tennessee to the south. The economy of Virginia is characterized by its diversity and stability, with a strong emphasis on technology, services, and tourism.

Virginia has a strong service-based economy. The state’s largest employers are in healthcare, education, government services, retail trade, professional services, finance & insurance services. Retail trade accounts for nearly 10 percent of all jobs in the state. The largest employers are Walmart (7 percent), Kroger (5 percent), Amazon (4 percent), Home Depot (2 percent) and Target (2 percent). Professional services such as accounting firms, law firms and consulting companies also make up a significant portion of employment in the state.

The technology sector is another key driver of Virginia’s economy. Major tech companies such as Amazon Web Services and Microsoft have their headquarters in Northern Virginia while other tech giants such as Apple have major data centers within the state. Other tech-related businesses include software development companies like Gartner Inc., cybersecurity firms like FireEye Inc., analytics companies like Splunk Inc., cloud computing providers such as Salesforce Inc., telecommunications companies like Verizon Communications Inc., biotechnology firms such as Inova Health System Inc., defense contractors such as Lockheed Martin Corp., and IT consulting firms like Accenture PLC.

The manufacturing sector plays an important role in Virginia’s economy too. Major products include electronics equipment; apparel; food products; chemicals; printing & publishing; transportation equipment; fabricated metal products; furniture; paper products; machinery & equipment; textiles & apparel; wood products; plastics & rubber products; stone/glass/clay/concrete products; primary metals manufacturing & foundries; motor vehicles & parts manufacturing plants,. Major manufacturers include General Electric Co.; URS Corporation.; Newport News Shipbuilding Co.; Alcoa Inc.; Siemens AG.; Lockheed Martin Corp.; Northrop Grumman Corporation.; Rolls Royce plc.; Textron Inc.; Boeing Company Ltd.; Honeywell International Inc., among others.

Tourism is another major industry that contributes significantly to Virginia’s economy with over $22 billion in direct visitor spending annually according to 2017 figures from Visit Virginia Beach Economic Development Authority.. Tourists come from all over the world to visit attractions such as Colonial Williamsburg Historic Area or explore outdoor activities along its many trails or rivers including Shenandoah National Park or explore its many historical sites such as Arlington National Cemetery or Monticello Plantation Museum.

Overall, Virginia’s diverse economic base provides stability for its residents while also providing opportunities for growth across all sectors including technology, manufacturing, services and tourism. This contributes to a strong economic outlook for those looking for job opportunities or business investments within this beautiful state.

Top 3 Counties in Virginia

According to, main counties in Virginia include:

1. Fairfax County: Fairfax County is located in Northern Virginia and is the most populous county in the state, with a population of 1,148,750 people. It is home to many of the state’s most affluent communities, including Reston and Great Falls. Fairfax County offers a variety of attractions, such as Wolf Trap National Park for the Performing Arts, George Washington’s Mount Vernon Estate & Gardens and Sully Historic Site. The county also serves as an important business and technology hub with its own International Airport, Dulles Technology Corridor and major employers such as General Dynamics IT and Northrop Grumman.

2. Loudoun County: Located west of Fairfax County, Loudoun County is one of the fastest-growing counties in America with a population of 407,624 people. This county has become known for its booming wine industry and its many outdoor activities including hiking along the Appalachian Trail or biking along the W&OD Trail. With its close proximity to Washington D.C., it offers easy access to employment opportunities in government or technology fields as well as cultural attractions like The Smithsonian’s Air & Space Museum Udvar-Hazy Center or Oatlands Historic House & Gardens.

3. Prince William County: Prince William County is located south of Fairfax County on Virginia’s Potomac River border with Maryland and has a population of 468,945 people. This diverse county offers both urban amenities like shopping centers at Potomac Mills Mall or Manassas Mall or outdoor activities like kayaking on Occoquan Reservoir or camping at Prince William Forest Park. With its close proximity to Washington D.C., there are plenty of employment opportunities available here for government workers or those looking for jobs in technology fields at Science Applications International Corporation (SAIC) .

Economy of Virginia