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Over 7.6 million people help to make Virginia the 12th most populous state in the U.S. Major cities
and towns in the Old Dominion include Virginia
Beach, Norfolk, Chesapeake, Richmond,
Newport News, Arlington, Hampton,
Alexandria, Portsmouth, and Roanoke.
Virginia was once highly dependent on agriculture for its economy. Today, agriculture remains an
important facet to the Old Dominion economy. Valuable crops include tobacco, hay, grains, corn,
soybeans, wheat, peanuts, sweet potatoes, barley, cotton, potatoes, snap beans, cucumbers, and apples.
Livestock comprises the most valuable of the agricultural commodities; some important examples include
poultry and eggs, beef cattle and calves, hogs, sheep and lambs, turkeys, dairy goods, and horses and
mules. Other important products grown in Virginia include greenhouse and nursery products, and wine
grapes. Virginia's seafood products include shellfish such as oysters and crabs, in addition to fish
such as Atlantic croaker, summer flounder, striped bass, menhaden, and spot.
The Old Dominion houses considerable mineral wealth. Coal is its chief ore. Other important
mineral products include stone, cement, sand, gravel, lime, kyanite, and clay.
Major manufactures originating in the Old Dominion include tobacco products, beverages, chemicals
and related products, transportation equipment, electrical equipment, textile and paper products.
Other important industries in Virginia include the rail transport equipment industry; shipyards,
particularly for the U.S. Navy; aeronautical research; and computer communications firms. The services
industry in the state is bolstered chiefly by the community, business, and personal services group,
including private health care, the hospitality industry, and engineering companies. Also of great
importance are the government, finance, insurance, and real estate services. The government and
military are represented by the Pentagon and numerous military bases located throughout Virginia.
Other vital services include wholesale and retail trade. Tourism also contributes greatly to the Old
Dominion economy.
In 2006 Virginia had a per capita personal income (PCPI) of $39,564. The 1996-2006 average annual
growth rate of PCPI was 4.7 percent. The average annual growth rate for the nation was 4.2 percent.
Virginia boasts a homeownership rate of 71.2 percent and an annual unemployment rate of 3.0 percent.
The median household income in 2006 was $56,277 and the cost of living index was slightly lower than
the national average. Virginia levies a sales tax of 5 percent, with prescription and non-prescription
drugs exempt, and a 2 percent food tax. Virginia's personal income tax is 5.75 percent in the highest
income bracket.
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