Key Facts
- Per Capita Real GDP
- $41,617 Rank: 9/50 (2007)
- Population
- 7,769,090 Rank: 12/50 (2008)
- Per Capita Personal Income
- $39,173 Rank: 9/50 (2006)
- Unemployment Rate
- 3.40% Rank: 10/50 (2008)
- Business Tax Climate Index
- Rank: 14/50 (2008)
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Virginia: Introduction
The Commonwealth of Virginia is located in the eastern United States. It is the home of the first English settlement in North America and was named after Queen Elizabeth I (the Virgin Queen) of England. The state produced many revolutionaries critical to the success of the American Revolution. Among them were George Washington, Thomas Jefferson, James Madison, and James Monroe, who all went on to become four of the first five presidents of the United States. Virginia entered the Union as the tenth of the original thirteen states in 1788. Virginia later hosted several decisive battles during the American Civil War and is home to Richmond, one of the formal capitals of the Confederacy.
Prior to the Civil War, Virginia’s economy relied heavily on tobacco. After the war, Virginia’s economy diversified with the introduction of livestock and grain. Later, manufacturing became increasingly important with chemicals, tobacco products, food products, and textiles among the top manufactures. World War II also increased federal government activity in the Washington, D.C. area.
Today, Virginia’s leading industries are in the service sector. Finance, insurance, and real estate have done especially well. Other growth has come from the expansion of federal offices in Washington’s surrounding suburbs. Virginia’s proximity to the nation’s capital makes the federal government an essential part of the Virginian economy. Hundreds of private and quasi-official organizations engaged in lobbying, communications, and other businesses help to support Virginia’s economy.
