51 Virginia Business Stats & Facts For 2025

Here are 51 business stats about Virginia for 2025.

Basics:

Population: 8,715,698 (US Census 2020)
Population desnity per square mile: 218.60
GDP: $707,085 (millions USD)
GDP Per Capita: $81,794
Median household income (in 2022 dollars): $87,249
Real GDP Growth Rate: 2.40%
Total Employment: 4.3m
Unemployment Rate: 2.9%

Rankings

% Share of National Economy: 2.59%
State Economic Growth Rank (out of 50): 24
Population Growth Rank (out of 50): 28
Business Growth Rank (out of 50): 20
State Growth Rank in Employment (out of 50): 21

Biggest Industries In Virginia By Revenue

1. IT Consulting: $58.2b
2. New Car Dealers: $31.3b
3. Hospitals: $27.4b
4. Management Consulting: $26.6b
5. Health & Medical Insurance: $24.1b
6. Supermarkets & Grocery Stores: $23.6b
7. Real Estate Loans & Collateralized Debt: $23.4b
8. Engineering Services: $20.4b
9. Credit Card Issuing: $18.7b
10. Commercial Banking: $18.2b

Biggest Employers In Virginia

1. Walmart Inc.: 46,173 (1.1%)
2. Amazon.Com, Inc.: 30,000 (0.7%)
3. United States Postal Service: 15,712 (0.4%)
4. Target Corp: 14,344 (0.3%)
5. Virginia Commonwealth University: 13,500 (0.3%)
6. Capital one financial corp: 13,000 (0.3%)
7. Lowes Companies Inc.: 11,938 (0.3%)
8. Hca Healthcare, Inc.: 11,000 (0.3%)
9. The Home Depot, Inc.: 10,963 (0.3%)
10. The Kroger Co.: 10,672 (0.2%)

Small Businesses In Virginia

Number of Small Businesses 818,450
Percent of bossiness that are small businesses: 99.50%
Number of employees: 1,600,000
Share of Employment: 45.40%
Number of New Businesses In The Past Year: 34,432
Number of Businesses That Closed In The Past Year: 27,119
Net Change In New Businesses: 7,313

Number of Businesses With No Employees: 666,288
Number of Businesses with 1-19 Employees: 133,075
Number of Businesses with 20-499 Employees: 19,087
Share of Businesses Owned By Women: 44.30%
Share of Businesses Owned By Veterans: 9.10%
Share of Hispanic Owned Businesses: 9.20%
Share of Businesses Owned By Racial Minorities: 27.00%

Fortune 500 Companies In Virginia

Number of Fortune 500 Headquaters: 24
Biggest Company: Freddie Mac
Biggest Company Type: Diversified Financials
Number of Employees: 7,819
Revenue (in millions): $86,717

Taxes In Virginia

State Corporate Tax Rate: 6.00%
State Corporate Tax Rate Brackets: $0

State Sales Tax Rate: 5.30%
State Sales Tax Rank (out of 50): 31
Average Local Sales Tax Rate: 0.47%
Max Local Sales Tax Rate: 2.70%
Average Combined Sales Tax Rate: 5.77%
Combined Sales Tax Rank (out of 50): 41

Minimum State Income Tax Rate If You’re Single: 2.00%
Minimum State Income Tax Rate If You’re Married: 2.00%

General Virginia Population Facts

In civilian labor force, total, percent of population age 16 years+: 63.80%
In civilian labor force, female, percent of population age 16 years+: 60.10%
Share of population which is foreign born: 12.60%
Mean travel time to work (minutes), workers age 16 years+: 27.9

Housing

Number of Housing Units: 3,717,677
Owner-occupied housing unit rate: 66.90%
Median value of owner-occupied housing units: $339,800
Median gross rent per month: $1,440
Households with a computer: 94.00%
Households with a broadband Internet subscription: 88.70%

Education

High school graduate or higher, percent of persons age 25 years+: 91.10%
Bachelor’s degree or higher, percent of persons age 25 years+: 41.00%

Also See

• Virginia Registered Agent Services
• Virginia Secretary of State Business Search
• How To Form an LLC In Virginia
• Virginia Bookkeepers & Bookkeeping Services

Sources

• https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP
• https://en.wikipedia.org/wiki/Economy_of_Virginia
• https://www.ibisworld.com/united-states/economic-profiles/virginia/
• https://taxfoundation.org/data/all/state/2024-sales-taxes/
• https://taxfoundation.org/data/all/state/state-corporate-income-tax-rates-brackets-2024/
• https://taxfoundation.org/data/all/state/state-income-tax-rates-2024/
• https://advocacy.sba.gov/2023/11/14/2023-small-business-profiles-for-the-states-territories-and-nation/
• https://advocacy.sba.gov/wp-content/uploads/2023/11/2023-Small-Business-Economic-Profile-VA.pdf
• https://www.bls.gov/eag/
• https://www.bls.gov/regions/mid-atlantic/virginia.htm#eag
• https://www.census.gov/quickfacts/fact/table/VA,US/PST045223
• https://www.50pros.com/fortune500