Robust Economy

Virginia’s Economy is Strong and Diversified

Virginians provide a vast array of services and manufactured goods to customers throughout the world. Our manufacturing base continues to be strong, producing everything from steel beams, wood flooring and trucks to semiconductors, robots and rocket engines. As the birthplace of the Internet and one of the leading centers of software development, Virginia's high-technology economy continues to expand. And as one of four U.S. states currently licensed and capable of launching communications satellites and other commercial payloads into space, Virginia has all the right assets to continue our economic leadership throughout the 21st century.

  • More than 19,500 high-tech establishments operate in Virginia
  • Home to 64 firms with annual revenue over $500 million are headquartered in Virginia
  • Virginia is headquarters to 37 Fortune 1000 firms
  • More than 550 internationally-owned businesses from over 40 countries are located in the Commonwealth
  • Virginia ranks third among the 50 states as a recipient of federal R&D funds
  • Virginia ranks among the top 10 states best prepared to navigate the changing economy, in terms of being knowledge-based, globalized, entrepreneurial, IT-driven and innovation-based, according to the "2014 State New Economy Index” published by the Information Technology and Innovation Foundation (ITIF)
  • Virginia exported $16.4 billion of merchandise in 2016



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