STATE ECONOMIC PROFILE
Virginia Economic Overview
$601.2b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
2.1%
16
8,749,324
POPULATION
Growth Rate 2019-24
State Growth Rank
0.4%
27
946,174
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.4%
21
Overview of the Virginia Economy
In 2024, the state of Virginia has a population of 8,749,324, having grown an annualized 0.4% over the five years to 2024, which ranks it 27th out of all 50 US states by growth rate. Virginia's gross state product (GSP) in 2024 reached $601.2b, with growth of 2.1% over the 5 years to 2024. Businesses in Virginia employed a total of 4,472,684 people in 2024, with average annual employment growth over the past five years of 0.8%. The top three sectors by total employment are Professional, Scientific and Technical Services, Real Estate and Rental and Leasing, Manufacturing, while the unemployment rate across the state in 2024 was 2.8%.
What is Virginia's Gross Domestic Product (GDP)?
In 2024, Virginia's GDP reached $601.2b, representing an increase of 2.1% from 2023. Virginia's GDP has grown at an annualized rate of 1.8% over the five years to 2024. Moreover, Virginia's trailing five-year GDP growth ranks it 16th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Virginia's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Virginia Industry Trends
What are Virginia's Largest Industries by Revenue?
The largest industries by revenue in Virginia are IT Consulting, New Car Dealers and Management Consulting, which generated $73.7b, $30.9b and $30.5b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Virginia
Top 10 Companies Headquartered in Virginia by Employment
The largest companies by employment in Virginia are Walmart, Amazon.Com and Target, which employed 46,165, 39,000 and 14,344 people in 2024.
STATE ECONOMIC PROFILE
Virginia Sector Statistics
In Virginia, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Virginia's GDP by Sector?
The Professional, Scientific and Technical Services, Real Estate and Rental and Leasing and Manufacturing sectors contributed the most to Virginia's GDP in 2024, representing a combined 43.0% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Virginia's Employment by Sector?
The Professional, Scientific and Technical Services, Healthcare and Social Assistance and Retail Trade sectors contributed the most to employment in Virginia in 2024, representing a combined 42.3% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Virginia Employment Trends
4.5m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.2%
34
2.8%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-0.1%
3
What Employment Trends are Impacting Virginia?
The state of Virginia employs 4,472,684 people in 2024, which ranks it 13rd out of all 50 US states. Employment in Virginia has grown at an annualized rate of 1.2% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in Virginia include Professional, Scientific and Technical Services, Healthcare and Social Assistance and Retail Trade, which employed 803,750, 549,781 and 536,909 people in 2024, respectively. Virginia's unemployment rate is 2.8% in 2024, which ranks it 6th out of 50 states. Virginia's unemployment rate has trended downwards at a rate of -0.1% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Virginia, and compare them to the US economy, using the chart below.
$129.6k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
5.2
27
What is Virginia's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Virginia's DPI in 2024 was $129.6k, compared to the US average of $129.8k, which places it 27th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Virginia's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Virginia Construction & Building Trends
$15,394.6tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
13.3%
41
$7.6tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
6.2%
20
33,664
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
0.5%
17
What can construction trends tell you about a state’s economy?
In Virginia, non-residential construction was $15,394.6tn in 2024, which ranks it 41st out of all US states. Residential construction was $7.6tn in 2024, which places Virginia 20th in the United States. The number of building permits issued in Virginia in 2024 was 33,664, representing a 0.5% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Virginia, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Virginia Population Statistics
Which Counties in Virginia have the Largest Populations?
The counties with the highest populations in Virginia are Virginia Beach City, Loudoun County and Chesterfield County, which had populations of 452,623, 442,888 and 391,420 people in 2024.
STATE ECONOMIC PROFILE
Virginia Demographics
Education Level Virginia
Race in Virginia
Virginia State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 650 Virginia Industry Reports.
