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State Resources


Virginia Business Resources

Virginias is rich in history. It is the home of the first English settlement in North America as well as four of the first five presidents, was the tenth state admitted to the Union, and the location of several decisive battles in the American Civil War.

Prior to the Civil War, Virginia’s economy relied heavily on tobacco. After the war, the economy diversified with the introduction of livestock and grain. Later, manufacturing became increasing important with chemicals, tobacco and food products, and textiles as the top manufactures. The second World War also increased federal government activity in the Washing, DC area.

Today, Virginia’s leading industries are in the service sector, including the successful finance, insurance, and real estate markets. Other growth has come from the expansion of federal offices into Virginian suburbs of Washington, making the state’s proximity to the capital an essential part of the economy.

Business Data

Per Capita Real GDP$41,702 Rank: 8/50 (2006)
Population7,078,520 Rank: 12/50 (2000)
Per Capita Personal Income$39,173 Rank: 9/50 (2006)
Unemployment Rate3.40% Rank: 10/50 (2008)
Business Tax Climate IndexRank: 14/50 (2008)
Corporate Tax Rate6%
Individual Tax Rate 2% - 5.75%
Sales Tax Rate 5%

Business Tax Climate Index

Individual Income Tax Index Rank21
Sales Tax Index Rank6
Unemployment Insurance Tax Index Rank29
Property Tax Index Rank23
Business Tax Climate Index14
Corporate Tax Index Rank4

State Information

AbbreviationVA
CapitalRichmond
Nick NameOld Dominion
State Web Sitehttp://www.virginia.gov
MottoThus always to tyrants

Top 5 Export Partner Countries

Canada, Germany, China, Japan, United Kingdom

Top 5 Export Merchandise

Chemicals Sales Transportation Equipment Sales Electrical Equipment Manufacturing Computers and Electronic Products Manufacturing Chemicals Manufacturing

Major Cities

Chesapeake, Norfolk, Virginia Beach

GDP

Total Gross Domestic Product (USD Millions) $382,964.00 (2007)
Per Capita Real GDP (USD)$41,617.00 Rank: 9 (2007)

Population Stats

Population 7,769,089 Rank: 12 (2008)

Age Distribution

Under 18 Population1,738,260
Under 18 Percent of Total Population25%
65 and older Population792,333
65 and older Percent of Total Population11%

Gender Distribution

Male Population49%
Female Population51%
Non-English Speaker (at home)600,885
Net International Immigration139,977
Birth Rate13.9%
Percent of People Under Poverty Level10%
Rank43

Expenditure

Per Capita State Spending$35,313
Rank27
Energy Expenditures per Person$3,740
Expenditures of State and Local Government Employee-Retirement Systems$2,779,040

Revenue

Personal Income$46,664
Rank9
State Internal Revenue Collection$61,989,886
Rank14
Cash and Deposits by State Government$1,940,800
Per Capita State Tax Collection$2,262
Rank2

Education

High School Graduation Rate68.3%
Rank33
Percent of Population with a Bachelor's Degree19.6%
Rank7
Percent of Population with an Advanced Degree13.3%
Rank4

Largest Universities

George Mason University Virginia Commonwealth University Virginia Polytechnic Institute
High School Graduation Rate68.3%

Logistics

Public Road Length (Mile)72,331
Gas Tax Rate (%)17.5%
Highway Planning and Construction (USD Thousands)867,826
Number of Public Airports66

Main Airports

ORF: Norfolk RIC: Richmond ROA: Roanoke

Ports

Hampton Roads Hopewell Richmond

Weather


Map


State Business Links

Times Dispatch
http://www.timesdispatch.com/

Secretary of State

Virginia Secretary of State
http://www.commonwealth.virginia.gov/
One of the functions of our office is to assist the Governor in his appointments of over 4,000 individuals to serve on Virginia's boards and commissions. All Virginians are encouraged to participate in the government of our Commonwealth by offering to serve on a board or commission, or by recommending qualified candidates.

Small Business Administration

Virginia Small Business Administration
www.sba.gov/localresources/district/va/index.html
Created in 1953, the U.S. Small Business Administration (SBA) is the only independent agency of the federal government with the sole purpose of assisting small businesses to start, grow, and prosper. Through our extensive network of SBA resources and partnerships with other public and private organizations, SBA is here to help you - the small business owner.

Top 10 Business Links

Center for Global Electronic Commerce
http://www.cgec.pamplin.vt.edu/
The center is part of the Pamplin College of Business at Virginia Tech. It primarily focuses on research involving business and the internet, and using their expertise to advise businesses in the area of E-commerce.
Global Virginia
http://www.globalvirginia.com/ourservices.html
Global Virginia is an international business and education program of the Southwest Virginia Higher Education Center. Its primary goal is to equip students with the adequate skills to thrive in a global economy. However, the center also provides other services catered to state business needs. These include import/export assistance, video-conferencing capabilities, and access to trade leads.
Pensoft E-Business Resource Center at VECTEC
http://www.vectec.org/old_web/researchcenter/
This branch of VECTEC provides extensive research resources into the various aspects of E-business. While geared mainly towards community colleges and high schools, a fair amount of the center’s content is also applicable to the needs of businesses.
The Virginia Electronic Technology Center (VECTEC)
http://www.vectec.org/
VECTEC is an arm of Christopher Newport University, dedicated to promoting economic development through the use of E-commerce. The center mainly focuses on SMBs, helping them gain access to such technology. A few of the services that VECTEC offers include technology education programs, web design, as well as E-commerce systems implementation.
US Export Assistance Center of Virginia
http://www.buyusa.gov/virginia/
This branch of the Department of Commerce specializes in helping small, to medium sized companies, in Virginia, develop and execute exporting strategies. Aside from this, the center in Virginia also hosts meetings and webinars, highlighting opportunities in different global regions.
Virginia Business
http://www.virginiabusiness.com/
Virginia Business is an online source of state business news and opinions. The website also features various multimedia links, as well as a business blog.
Virginia Department of Business Assistance (VDBA)
http://www.dba.state.va.us/
The VDBA is a state agency dedicated to the fostering economic growth in the state. It places heavy emphasis on small and minority businesses, and provides a variety of information resources and counseling services for their needs. Their website also offers an online chat service for users who require quick business advice.
Virginia Economic Bridge
http://www.virginiaeconomicbridge.org/
The Virginia Economic Bridge is an organization dedicated to promoting competitiveness within the state business community. It has several service-based programs, as well as other services such as database development and management.
Virginia Economic Development Partnership (VEDP)
http://www.yesvirginia.org/
The VEDP is a state body aiming to facilitate both in, and out-of-state trade. It specializes in providing assistance for state businesses who wish to expand globally, as well as foreign companies who are looking to establish themselves within the state. Its website offers information including statistical data, and county information.

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