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Housing development in Virginia is substantially lagging job growth, and the state is about 550,000 housing units short of meeting current demand, according to the order.
Virginia, with a GDP of $712.9 billion, ranked as the 13th largest state in terms of GDP among the 50 states of the United States. Virginia's economy is larger than countries such as Belgium, Sweden, Ireland, and Norway. Virginia is also among the wealthiest states in the US, boasting a GDP per capita of $81,794, which ranks 19th as of 2023.
Many technology and finance companies are headquartered in Tysons, Virginia, a key commercial and shopping area in Fairfax County, Virginia. As the central business district of Fairfax and a growing mixed-used area, Tysons is an edge city of Washington, DC and the 12th-largest business district in the country.
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The United States has a highly developed mixed economy. [41] [42] [43] It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). [44]As of 2024, it has the world's sixth highest nominal GDP per capita and eighth highest GDP per capita by PPP). [10]
Here's a look at the 10 fastest-growing industries. See which ones make sense to include in your investing strategy, to get in on the high upsides. 10 Best Growing Industries To Invest in for 2024
After the military, the 2nd largest and most important industry for Hampton Roads and Norfolk based on economic impact are the region's cargo ports. Headquartered in Norfolk, the Virginia Port Authority (VPA) is a Commonwealth of Virginia owned-entity that, in turn, owns and operates three major port facilities in Hampton Roads for break-bulk ...