Northern Virginia Economy Grew by 9%
Region's GDP Now Exceeds $300 Billion and grows to 42% of State GDP
The Commission’s Senior Regional Demographer has updated our demographic and economic fact sheet as of December 5, 2024.
GDP data for 2023 was just released by the United States Bureau of Economic Analysis (BEA) on December 4. Northern Virginia’s GDP for 2023, in current dollars, was $302 billion, reaching the $300 billion mark for the first time.
The region’s GDP (current dollars) grew by 9.0% from 2022 to 2023. This growth rate exceeded the prior annual growth of 7.9%. Northern Virginia’s economy is now 42.0% of State GDP, up from 41.6% and is larger than 24 states, the District of Columbia and if a country the 47th largest economy in the world.
This and other data can be found on our Northern Virginia dashboard.
About the Northern Virginia Regional Commission
NVRC is a consortium of thirteen local governments representing more than 2.5 million residents. While only 3% of Virginia's land mass, Northern Virginia has a GDP of $302 Billion which is 42% of the GDP of the Commonwealth of Virginia. Northern Virginia’s GDP is larger than 24 states and the District of Columbia and if a country would be the 47th largest economy in the world.