Economy of Virginia
Encyclopedia
The Economy of Virginia is well balanced with diverse sources of income. From the Hampton Roads
area to Richmond
and down to Lee County
in the southwest includes military installations, cattle
, tobacco
and peanut
farming in Southside Virginia. Tomato
es recently surpassed soy as the most profitable crop in Virginia
. Tobacco, peanuts and hay are also important agricultural products from the commonwealth. Wineries
and vineyards in the Northern Neck
and along the Blue Ridge Mountains
also have become increasingly popular. Northern Virginia
(once considered the state's dairy capital) hosts software, communications, consulting, defense contracting, diplomats, and considerable components of the professional government sector. As of the 2000 census, Virginia had the highest number of counties and independent cities (15) in the top 100 wealthiest jurisdictions in the United States based upon median income, in addition, Virginia tied with Colorado
as having the most counties (10) in the top 100 based on per capita income. Loudoun
and Fairfax
counties in Northern Virginia have the highest and second highest median household income, respectively, of all counties in the United States as of 2006.
The state GDP
of Virginia was $383 billion in 2007, higher than the larger state of Michigan
and comparable to Saudi Arabia
. The per capita personal income was $35,477 in 2004. As of 2000, Virginia had the highest number of counties and independent cities, fifteen, in the top one-hundred wealthiest jurisdictions in the United States
based upon median income. In addition, Virginia tied with Colorado as having the most counties, ten, in the top one-hundred based on per capita income.
In 2006 and 2007, Forbes Magazine voted Virginia as having the [ best climate for business] in the United States citing economic growth, business costs/incentives and quality of life. CNBC
ranked Virginia as the top state for business in 2007 as well.
Richmond is one of 12 cities in the country having a Federal Reserve
bank. It, along with the New York
and San Francisco
Federal Reserve banks are the only ones that cover a non-state
(Washington, D.C.).
There are seven Fortune 500
companies headquartered in Northern Virginia, and nine in the Richmond area
(most of which are within the city itself.) Only five metro areas in the country have more Fortune 500 companies than the Richmond area. Virginia has seventeen total Fortune 500 companies, ranking the state tenth nationwide. Additionally, ten Fortune 1000
companies are in Northern Virginia, with a total of twenty-nine in the state. With only 1% of the Hispanic American
population, the state claims 3.6% of Hispanic 500
companies.
Virginia, arguably the wealthiest southern state before the Civil War, recovered from the Civil War and the Great Depression much faster than the rest of the South. Today, Virginia is still one of the wealthiest states in the South. Virginia is also one of twenty-two right-to-work states
.
Virginia is also comparable to Alaska
and ahead of North Dakota
and New Mexico
in per capita
defense spending.
According to the American Electronics Association, Virginia has the highest concentration of technology workers of any state. Computer chips became the state's highest-grossing export in 2006, surpassing its traditional top exports of coal and tobacco, combined. The Dulles Technology Corridor
centered on the border of Fairfax County and Loudoun County near Dulles International Airport has a high concentration of Internet
, communication technology and software engineering firms.
The state's biotechnology
industry is not centralized, but growing, highlighted by the building of the Virginia BioTechnology Research Park biotech incubator
in Richmond and the opening of the Howard Hughes Medical Institute
's Janelia Farm
in Northern Virginia.
Virginia's nanotechnology
industry, centered in Hampton Roads and Northern Virginia, accounted for $1 billion in manufactured goods in 2006. Researchers in Hampton Roads, many of whom hold patents in the field, believe the region has an advantage in the commercialization of nanotechnology due to the amount of research, much of it spearheaded by NASA
's Langley Research Center
.http://content.hamptonroads.com/story.cfm?story=119982&ran=129934
in five income brackets, ranging from 3.0% to 5.75%. The sales
and use tax
rate is 4%. The tax rate on food is 1.5%. There is an additional 1% local tax, for a total of a 5% combined sales tax
on most Virginia purchases and a combined tax rate of 2.5% on food.
Virginia's property tax
is set and collected at the local government level and varies throughout the commonwealth. Real estate
is taxed at the local level based on 100% of fair market value. Effective true tax rates on real estate vary and are set by locality. Tangible personal property also is taxed at the local level and is based on a percentage or percentages of original cost. Tangible personal property includes, but is not limited to, machinery and equipment, furniture, fixtures, and trucks and automobiles. The Virginia General Assembly exempted intangible personal property from taxation in 1984 by making the tax rate zero. Virginia does not collect inheritance tax
es; however, its estate tax is decoupled from the federal estate tax laws, and therefore the Commonwealth imposes its own estate tax.
Hampton Roads
Hampton Roads is the name for both a body of water and the Norfolk–Virginia Beach metropolitan area which surrounds it in southeastern Virginia, United States...
area to Richmond
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
and down to Lee County
Lee County, Virginia
According to the census 2009 estimates, there were 25001 people, 11,587 households, and 6,852 families residing in the county. The population density was 54 people per square mile . There were 11,587 housing units at an average density of 25 per square mile...
in the southwest includes military installations, cattle
Cattle
Cattle are the most common type of large domesticated ungulates. They are a prominent modern member of the subfamily Bovinae, are the most widespread species of the genus Bos, and are most commonly classified collectively as Bos primigenius...
, tobacco
Tobacco
Tobacco is an agricultural product processed from the leaves of plants in the genus Nicotiana. It can be consumed, used as a pesticide and, in the form of nicotine tartrate, used in some medicines...
and peanut
Peanut
The peanut, or groundnut , is a species in the legume or "bean" family , so it is not a nut. The peanut was probably first cultivated in the valleys of Peru. It is an annual herbaceous plant growing tall...
farming in Southside Virginia. Tomato
Tomato
The word "tomato" may refer to the plant or the edible, typically red, fruit which it bears. Originating in South America, the tomato was spread around the world following the Spanish colonization of the Americas, and its many varieties are now widely grown, often in greenhouses in cooler...
es recently surpassed soy as the most profitable crop in Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
. Tobacco, peanuts and hay are also important agricultural products from the commonwealth. Wineries
Winery
A winery is a building or property that produces wine, or a business involved in the production of wine, such as a wine company. Some wine companies own many wineries. Besides wine making equipment, larger wineries may also feature warehouses, bottling lines, laboratories, and large expanses of...
and vineyards in the Northern Neck
Northern Neck
The Northern Neck is the northernmost of three peninsulas on the western shore of the Chesapeake Bay in the Commonwealth of Virginia. This peninsula is bounded by the Potomac River on the north and the Rappahannock River on the south. It encompasses the following Virginia counties: Lancaster,...
and along the Blue Ridge Mountains
Blue Ridge Mountains
The Blue Ridge Mountains are a physiographic province of the larger Appalachian Mountains range. This province consists of northern and southern physiographic regions, which divide near the Roanoke River gap. The mountain range is located in the eastern United States, starting at its southern-most...
also have become increasingly popular. Northern Virginia
Northern Virginia
Northern Virginia consists of several counties and independent cities in the Commonwealth of Virginia, in a widespread region generally radiating southerly and westward from Washington, D.C...
(once considered the state's dairy capital) hosts software, communications, consulting, defense contracting, diplomats, and considerable components of the professional government sector. As of the 2000 census, Virginia had the highest number of counties and independent cities (15) in the top 100 wealthiest jurisdictions in the United States based upon median income, in addition, Virginia tied with Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
as having the most counties (10) in the top 100 based on per capita income. Loudoun
Loudoun County, Virginia
Loudoun County is a county located in the Commonwealth of Virginia, and is part of the Washington Metropolitan Area. As of the 2010 U.S. Census, the county is estimated to be home to 312,311 people, an 84 percent increase over the 2000 figure of 169,599. That increase makes the county the fourth...
and Fairfax
Fairfax County, Virginia
Fairfax County is a county in Virginia, in the United States. Per the 2010 Census, the population of the county is 1,081,726, making it the most populous jurisdiction in the Commonwealth of Virginia, with 13.5% of Virginia's population...
counties in Northern Virginia have the highest and second highest median household income, respectively, of all counties in the United States as of 2006.
Background
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
of Virginia was $383 billion in 2007, higher than the larger state of Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
and comparable to Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
. The per capita personal income was $35,477 in 2004. As of 2000, Virginia had the highest number of counties and independent cities, fifteen, in the top one-hundred wealthiest jurisdictions in the United States
Highest-income counties in the United States
There are 3,141 counties in the United States. The source of the data is the U.S. Census Bureau and the data is current as of the indicated year. Independent cities are considered county-equivalent by the Census Bureau.-2011:...
based upon median income. In addition, Virginia tied with Colorado as having the most counties, ten, in the top one-hundred based on per capita income.
In 2006 and 2007, Forbes Magazine voted Virginia as having the [ best climate for business] in the United States citing economic growth, business costs/incentives and quality of life. CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
ranked Virginia as the top state for business in 2007 as well.
Richmond is one of 12 cities in the country having a Federal Reserve
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
bank. It, along with the New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
and San Francisco
Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states-—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington--plus the Northern Mariana Islands, American Samoa,...
Federal Reserve banks are the only ones that cover a non-state
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
(Washington, D.C.).
There are seven Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
companies headquartered in Northern Virginia, and nine in the Richmond area
Richmond-Petersburg
The Greater Richmond Region is a region located in a central part of the state of Virginia in the United States. As of 2010, it had a population of 1,258,251, making it the 43rd largest MSA in the country...
(most of which are within the city itself.) Only five metro areas in the country have more Fortune 500 companies than the Richmond area. Virginia has seventeen total Fortune 500 companies, ranking the state tenth nationwide. Additionally, ten Fortune 1000
Fortune 1000
Fortune 1000 is a reference to a list maintained by the American business magazine Fortune. The list is of the 1000 largest American companies, ranked on revenues alone...
companies are in Northern Virginia, with a total of twenty-nine in the state. With only 1% of the Hispanic American
Hispanic and Latino Americans
Hispanic or Latino Americans are Americans with origins in the Hispanic countries of Latin America or in Spain, and in general all persons in the United States who self-identify as Hispanic or Latino.1990 Census of Population and Housing: A self-designated classification for people whose origins...
population, the state claims 3.6% of Hispanic 500
Hispanic 500
The Hispanic 500 is a directory published by HispanTelligence of the 500 largest Hispanic-owned business in the United States. California, with the largest Hispanic population in the nation, has 101 companies on the list....
companies.
Virginia, arguably the wealthiest southern state before the Civil War, recovered from the Civil War and the Great Depression much faster than the rest of the South. Today, Virginia is still one of the wealthiest states in the South. Virginia is also one of twenty-two right-to-work states
Right-to-work law
Right-to-work laws are statutes enforced in twenty-two U.S. states, mostly in the southern or western U.S., allowed under provisions of the federal Taft–Hartley Act, which prohibit agreements between labor unions and employers that make membership, payment of union dues, or fees a condition of...
.
Virginia is also comparable to Alaska
Alaska
Alaska is the largest state in the United States by area. It is situated in the northwest extremity of the North American continent, with Canada to the east, the Arctic Ocean to the north, and the Pacific Ocean to the west and south, with Russia further west across the Bering Strait...
and ahead of North Dakota
North Dakota
North Dakota is a state located in the Midwestern region of the United States of America, along the Canadian border. The state is bordered by Canada to the north, Minnesota to the east, South Dakota to the south and Montana to the west. North Dakota is the 19th-largest state by area in the U.S....
and New Mexico
New Mexico
New Mexico is a state located in the southwest and western regions of the United States. New Mexico is also usually considered one of the Mountain States. With a population density of 16 per square mile, New Mexico is the sixth-most sparsely inhabited U.S...
in per capita
Per capita
Per capita is a Latin prepositional phrase: per and capita . The phrase thus means "by heads" or "for each head", i.e. per individual or per person...
defense spending.
Federal Agencies in Arlington |
|
|---|---|
| Agency | Location |
| Air Force Office of Scientific Research (AFOSR) | Ballston Ballston, Virginia Ballston is a neighborhood in Arlington County, Virginia and is home to the Ballston-MU station on the Orange Line of the Metrorail subway system.-History:... |
| Army National Guard Readiness Center | George Mason Drive |
| Bureau of Diplomatic Security Bureau of Diplomatic Security The Bureau of Diplomatic Security, more commonly known as Diplomatic Security, or DS, is the security and law enforcement arm of the United States Department of State. DS is a world leader in international investigations, threat analysis, cyber security, counterterrorism, security technology, and... |
Rosslyn Rosslyn, Virginia Rosslyn is an unincorporated area in Northern Virginia located in the northeastern corner of Arlington County, Virginia, north of Arlington National Cemetery and directly across the Potomac River from Georgetown in Washington, D.C. Rosslyn encompasses the Arlington neighborhoods of North Rosslyn... |
| Defense Advanced Research Projects Agency Defense Advanced Research Projects Agency The Defense Advanced Research Projects Agency is an agency of the United States Department of Defense responsible for the development of new technology for use by the military... (DARPA) |
Virginia Square Virginia Square, Virginia Virginia Square is a neighborhood in Arlington County, Virginia. It is centered at the Virginia Square station on the Orange Line of the Washington Metro subway system, between Clarendon and Ballston... |
| Defense Information Systems Agency Defense Information Systems Agency The Defense Information Systems Agency is a United States Department of Defense agency that provides information technology and communications support to the President, Vice President, Secretary of Defense, the military Services, and the Combatant Commands.As part of the Base Realignment and... (DISA) |
Columbia Pike Virginia State Route 244 State Route 244, also known as Columbia Pike, is a primary state highway in the U.S. state of Virginia. It is a four-lane road that runs from State Route 236 in Annandale, Fairfax County east to State Route 27 at the Pentagon in Arlington County.-History:Columbia Pike dates to 1810 when the U.S... |
| Defense Intelligence Agency Defense Intelligence Agency The Defense Intelligence Agency is a member of the Intelligence Community of the United States, and is the central producer and manager of military intelligence for the United States Department of Defense, employing over 16,500 U.S. military and civilian employees worldwide... (DIA) |
Clarendon Clarendon, Virginia Clarendon is a neighborhood in Arlington County, Virginia, USA, located between the Rosslyn area and the Ballston area. The main thoroughfares are Wilson Boulevard and Clarendon Boulevard .-Boundaries and geography:... |
| Department of Defense United States Department of Defense The United States Department of Defense is the U.S... (DOD) |
Pentagon The Pentagon The Pentagon is the headquarters of the United States Department of Defense, located in Arlington County, Virginia. As a symbol of the U.S. military, "the Pentagon" is often used metonymically to refer to the Department of Defense rather than the building itself.Designed by the American architect... |
| Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at... |
Virginia Square Virginia Square, Virginia Virginia Square is a neighborhood in Arlington County, Virginia. It is centered at the Virginia Square station on the Orange Line of the Washington Metro subway system, between Clarendon and Ballston... |
| Immigration & Naturalization Service (INS) | Ballston Ballston, Virginia Ballston is a neighborhood in Arlington County, Virginia and is home to the Ballston-MU station on the Orange Line of the Metrorail subway system.-History:... |
| Mine Safety and Health Administration Mine Safety and Health Administration The Mine Safety and Health Administration is an agency of the United States Department of Labor which administers the provisions of the Federal Mine Safety and Health Act of 1977 to enforce compliance with mandatory safety and health standards as a means to eliminate fatal accidents, to reduce... (MSHA) |
Rosslyn Rosslyn, Virginia Rosslyn is an unincorporated area in Northern Virginia located in the northeastern corner of Arlington County, Virginia, north of Arlington National Cemetery and directly across the Potomac River from Georgetown in Washington, D.C. Rosslyn encompasses the Arlington neighborhoods of North Rosslyn... |
| National Foreign Affairs Training Center National Foreign Affairs Training Center The George P. Shultz National Foreign Affairs Training Center is one of several locations that house the Foreign Service Institute , the United States government's training school for members of the U.S. foreign affairs community. It is located at Arlington Hall in Arlington, Virginia.-External... |
Route 50 U.S. Route 50 in Virginia U.S. Route 50 is a transcontinental highway which stretches from Ocean City, Maryland to Sacramento, California. In the U.S. state of Virginia, US 50 extends from the border with Washington DC at a Potomac River crossing at Rosslyn in Arlington County to the West Virginia state line near Gore in... |
| National Guard Bureau | Pentagon The Pentagon The Pentagon is the headquarters of the United States Department of Defense, located in Arlington County, Virginia. As a symbol of the U.S. military, "the Pentagon" is often used metonymically to refer to the Department of Defense rather than the building itself.Designed by the American architect... |
| National Science Foundation National Science Foundation The National Science Foundation is a United States government agency that supports fundamental research and education in all the non-medical fields of science and engineering. Its medical counterpart is the National Institutes of Health... (NSF) |
Ballston Ballston, Virginia Ballston is a neighborhood in Arlington County, Virginia and is home to the Ballston-MU station on the Orange Line of the Metrorail subway system.-History:... |
| Nuclear Waste Technical Review Board | Courthouse Courthouse, Virginia Courthouse is a transit-oriented neighborhood in Arlington County, Virginia. It is home to the Court House stop on the Orange Line of the Washington Metro.... |
| Office of the Inspector General Office of the Inspector General Office of the Inspector General is an office that is part of Cabinet departments and independent agencies of the United States federal government as well as some state and local governments. Each office includes an Inspector General and employees charged with identifying, auditing, and... |
Rosslyn Rosslyn, Virginia Rosslyn is an unincorporated area in Northern Virginia located in the northeastern corner of Arlington County, Virginia, north of Arlington National Cemetery and directly across the Potomac River from Georgetown in Washington, D.C. Rosslyn encompasses the Arlington neighborhoods of North Rosslyn... |
| Office of Naval Research Office of Naval Research The Office of Naval Research , headquartered in Arlington, Virginia , is the office within the United States Department of the Navy that coordinates, executes, and promotes the science and technology programs of the U.S... (ONR) |
Ballston Ballston, Virginia Ballston is a neighborhood in Arlington County, Virginia and is home to the Ballston-MU station on the Orange Line of the Metrorail subway system.-History:... |
| Transportation Security Administration Transportation Security Administration The Transportation Security Administration is an agency of the U.S. Department of Homeland Security that exercises authority over the safety and security of the traveling public in the United States.... (TSA) |
Pentagon City Pentagon City, Virginia Pentagon City is an unincorporated neighborhood located in the southeast portion of Arlington County, Virginia, near The Pentagon and Arlington National Cemetery... |
| US Drug Enforcement Administration (DEA) | Pentagon City Pentagon City, Virginia Pentagon City is an unincorporated neighborhood located in the southeast portion of Arlington County, Virginia, near The Pentagon and Arlington National Cemetery... |
| U.S. Fish & Wildlife Service | Ballston Ballston, Virginia Ballston is a neighborhood in Arlington County, Virginia and is home to the Ballston-MU station on the Orange Line of the Metrorail subway system.-History:... |
| US Marshals Service | Crystal City Crystal City, Virginia Crystal City is an urban neighborhood in the southeastern corner of Arlington County, Virginia, south of downtown Washington, D.C.. Its residents can live, shop, and work without going outside, due to its extensive integration of office buildings and residential high-rise buildings using... |
| US Trade & Development Agency | Rosslyn Rosslyn, Virginia Rosslyn is an unincorporated area in Northern Virginia located in the northeastern corner of Arlington County, Virginia, north of Arlington National Cemetery and directly across the Potomac River from Georgetown in Washington, D.C. Rosslyn encompasses the Arlington neighborhoods of North Rosslyn... |
Federal Agencies outside of Arlington |
|
|---|---|
| Agency | Location |
| Central Intelligence Agency Central Intelligence Agency The Central Intelligence Agency is a civilian intelligence agency of the United States government. It is an executive agency and reports directly to the Director of National Intelligence, responsible for providing national security intelligence assessment to senior United States policymakers... |
McLean McLean, Virginia McLean is an unincorporated community and census-designated place in Fairfax County in Northern Virginia. The community had a total population of 48,115 as of the 2010 census.... |
| Defense Contract Audit Agency Defense Contract Audit Agency The Defense Contract Audit Agency , under the authority, direction, and control of the United States Under Secretary of Defense , is responsible for performing all contract audits for the United States Department of Defense , and providing accounting and financial advisory services regarding... |
Fort Belvoir Fort Belvoir Fort Belvoir is a United States Army installation and a census-designated place in Fairfax County, Virginia, United States. Originally, it was the site of the Belvoir plantation. Today, Fort Belvoir is home to a number of important United States military organizations... |
| Defense Logistics Agency Defense Logistics Agency The Defense Logistics Agency is an agency in the United States Department of Defense, with more than 26,000 civilian and military personnel throughout the world... |
Fort Belvoir Fort Belvoir Fort Belvoir is a United States Army installation and a census-designated place in Fairfax County, Virginia, United States. Originally, it was the site of the Belvoir plantation. Today, Fort Belvoir is home to a number of important United States military organizations... |
| Defense Technical Information Center Defense Technical Information Center The Defense Technical Information Center is the premier repository for research and engineering information for the United States Department of Defense. DTIC's Suite of Services is available to DoD personnel, defense contractors, potential defense contractors, federal government personnel and... |
Fort Belvoir Fort Belvoir Fort Belvoir is a United States Army installation and a census-designated place in Fairfax County, Virginia, United States. Originally, it was the site of the Belvoir plantation. Today, Fort Belvoir is home to a number of important United States military organizations... |
| Mount Weather Emergency Operations Center | near Bluemont Bluemont, Virginia Bluemont is an unincorporated village in Loudoun County, Virginia located at the base of Snickers Gap in the Blue Ridge Mountain. At 680 feet , it is the highest community in Loudoun County... |
| National Reconnaissance Office National Reconnaissance Office The National Reconnaissance Office , located in Chantilly, Virginia, is one of the 16 U.S. intelligence agencies. It designs, builds, and operates the spy satellites of the United States government.-Mission:... |
Chantilly Chantilly, Virginia Chantilly is an unincorporated community located in western Fairfax County and southeastern Loudoun County of Northern Virginia. Recognized by the U.S. Census Bureau as a census designated place , the community population was 23,039 as of the 2010 census -- down from 41,041 in 2000, due to the... |
| United States Geological Survey United States Geological Survey The United States Geological Survey is a scientific agency of the United States government. The scientists of the USGS study the landscape of the United States, its natural resources, and the natural hazards that threaten it. The organization has four major science disciplines, concerning biology,... (USGS) |
Reston Reston, Virginia Reston is a census-designated place in Fairfax County, Virginia, United States, within the Washington, D.C. metropolitan area. The population was 58,404, at the 2010 Census and 56,407 at the 2000 census... |
| United States Patent and Trademark Office United States Patent and Trademark Office The United States Patent and Trademark Office is an agency in the United States Department of Commerce that issues patents to inventors and businesses for their inventions, and trademark registration for product and intellectual property identification.The USPTO is based in Alexandria, Virginia,... (PTO) |
Alexandria Alexandria, Virginia Alexandria is an independent city in the Commonwealth of Virginia. As of 2009, the city had a total population of 139,966. Located along the Western bank of the Potomac River, Alexandria is approximately six miles south of downtown Washington, D.C.Like the rest of northern Virginia, as well as... |
Technology
Dulles Technology Corridor
Located in Northern Virginia near Washington Dulles International Airport, the Dulles Technology Corridor, dubbed the "Netplex" in 1993 by Fortune magazine, contains the "vital electronic pathways that carry more than half of all traffic on the Internet...
centered on the border of Fairfax County and Loudoun County near Dulles International Airport has a high concentration of Internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
, communication technology and software engineering firms.
The state's biotechnology
Biotechnology
Biotechnology is a field of applied biology that involves the use of living organisms and bioprocesses in engineering, technology, medicine and other fields requiring bioproducts. Biotechnology also utilizes these products for manufacturing purpose...
industry is not centralized, but growing, highlighted by the building of the Virginia BioTechnology Research Park biotech incubator
Business incubator
Business incubators are programs designed to accelerate the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts...
in Richmond and the opening of the Howard Hughes Medical Institute
Howard Hughes Medical Institute
Howard Hughes Medical Institute is a United States non-profit medical research organization based in Chevy Chase, Maryland. It was founded by the American businessman Howard Hughes in 1953. It is one of the largest private funding organizations for biological and medical research in the United...
's Janelia Farm
Janelia Farm Research Campus
The Janelia Farm Research Campus is a research campus of the Howard Hughes Medical Institute that opened in October 2006. The campus is located in Loudoun County, Virginia, near the town of Ashburn...
in Northern Virginia.
Virginia's nanotechnology
Nanotechnology
Nanotechnology is the study of manipulating matter on an atomic and molecular scale. Generally, nanotechnology deals with developing materials, devices, or other structures possessing at least one dimension sized from 1 to 100 nanometres...
industry, centered in Hampton Roads and Northern Virginia, accounted for $1 billion in manufactured goods in 2006. Researchers in Hampton Roads, many of whom hold patents in the field, believe the region has an advantage in the commercialization of nanotechnology due to the amount of research, much of it spearheaded by NASA
NASA
The National Aeronautics and Space Administration is the agency of the United States government that is responsible for the nation's civilian space program and for aeronautics and aerospace research...
's Langley Research Center
Langley Research Center
Langley Research Center is the oldest of NASA's field centers, located in Hampton, Virginia, United States. It directly borders Poquoson, Virginia and Langley Air Force Base...
.http://content.hamptonroads.com/story.cfm?story=119982&ran=129934
Taxation
Virginia collects personal income taxIncome tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
in five income brackets, ranging from 3.0% to 5.75%. The sales
Sales tax
A sales tax is a tax, usually paid by the consumer at the point of purchase, itemized separately from the base price, for certain goods and services. The tax amount is usually calculated by applying a percentage rate to the taxable price of a sale....
and use tax
Use tax
A use tax is a type of excise tax levied in the United States. It is assessed upon otherwise "tax free" tangible personal property purchased by a resident of the assessing state for use, storage or consumption of goods in that state , regardless of where the purchase took place...
rate is 4%. The tax rate on food is 1.5%. There is an additional 1% local tax, for a total of a 5% combined sales tax
Sales tax
A sales tax is a tax, usually paid by the consumer at the point of purchase, itemized separately from the base price, for certain goods and services. The tax amount is usually calculated by applying a percentage rate to the taxable price of a sale....
on most Virginia purchases and a combined tax rate of 2.5% on food.
Virginia's property tax
Property tax
A property tax is an ad valorem levy on the value of property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state or a municipality...
is set and collected at the local government level and varies throughout the commonwealth. Real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
is taxed at the local level based on 100% of fair market value. Effective true tax rates on real estate vary and are set by locality. Tangible personal property also is taxed at the local level and is based on a percentage or percentages of original cost. Tangible personal property includes, but is not limited to, machinery and equipment, furniture, fixtures, and trucks and automobiles. The Virginia General Assembly exempted intangible personal property from taxation in 1984 by making the tax rate zero. Virginia does not collect inheritance tax
Inheritance tax
An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate of a person who has died...
es; however, its estate tax is decoupled from the federal estate tax laws, and therefore the Commonwealth imposes its own estate tax.