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 17,300 high-tech establishments operate in Virginia.
- Over 70 firms with annual revenue over $1 billion are headquartered in Virginia.
- Virginia is headquarters to 32 Fortune 1000 firms.
- More than 700 internationally owned businesses from 45 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 "2012 State New Economy Index” published by the Information Technology and Innovation Foundation (ITIF).
- Virginia exported $18.2 billion of merchandise in 2012.