Virginia has a balanced economy with many sources of income. There are 4.1 million ordinary workers in the state, one-third of whom are engaged in the tertiary industry. In 2009, Forbes magazine ranked Virginia as the best state in the United States for four consecutive years. In 2008, the state's gross national product was $397 billion. Virginia ranks first among the 100 wealthiest counties in the United States, ranked by median income in 2000. Virginia is home to 18 Fortune 500 companies, ranking 10th in the United States. Virginia has the densest pool of skilled workers in the United States, and its industrial products have extremely high technological content. In 2006, computer chips were the product with the highest export value in the state, exceeding the combined value of coal and tobacco among traditional exports. The northern region of Virginia was once the state's cheese production and processing base, but it has developed into a high-tech industrial center dominated by information and communications technology and information consulting, especially in the Dulles Technology Corridor. Data centers in northern Virginia handle 50% of the U.S.'s international Internet traffic, and by 2012, 10% of the power from Dominion power plants will be used in data centers. As of 2006, the northern counties of Fairfax and Loudoun had the first and second highest median household incomes in the state and among all counties in the United States.
The economy of the southern Virginia region from Hampton Roads to Richmond relies mainly on local military bases and facilities; as well as cattle ranching, tobacco, and peanut cultivation. Virginia has 47,000 farms with a total area of ??8.5 million acres. The average area of ??each farm is 181 acres. Agricultural employees account for 20% of Virginia’s employed population. In 2006, Virginia’s tomato planting area and output exceeded soybeans, making it the largest in the state. The most important cash crop, other cash crops include peanuts and hay. Oysters are an important part of the Chesapeake Bay region's economy, but production has been significantly reduced due to disease, water pollution and overfishing. Wineries and vineyards throughout Northern Virginia's Gulf Coast and Blue Ridge Mountains regions are also beginning to generate revenue from tourism.
Many well-educated people in northern Virginia work directly for U.S. federal government offices in the region, while other ordinary people work for government security companies under employment contracts. Several U.S. government agencies, including the Central Intelligence Agency and the Department of Defense, as well as the National Science Foundation, Geological Survey, and the Patent and Trademark Office, all have offices in Northern Virginia. Hampton Anchorage is the area with the most concentrated and largest military facilities among the world's metropolises, and the U.S. Norfolk Naval Base is located in this area. Virginia has 800,000 veterans, more than any state in the United States. Virginia ranks second in the United States in per capita defense spending, behind Alaska.
Personal income tax in Virginia is levied according to 5 income brackets, with tax rates ranging from 3 to 5.75; the sales and use tax rate for goods is 5, and the food tax rate is 2.5; Virginia also has a local surcharge of 1, A sales mixed tax with a total tax rate of 5 is also payable on most commodity purchases; property tax is formulated and levied by local governments, and the collection scope is throughout the state and varies depending on the region where the property is located; real estate tax is based on local Full fair market value is taxed; tangible property belonging to an individual is taxed as a percentage of the asset's original cost based on local economic conditions.
In 2006, Forbes magazine ranked Virginia as the best business environment state in the United States.