NoVA Economic and Demographic Data Released

Regional GDP up to $251 Billion. Region, if a Country, would have the 46th largest GDP in World.

Two NVRC monthly demographic and economic monthly publications have been updated.  These two reports can be accessed on the NOVA Region Dashboard.  The region’s economy has been improving significantly since the pandemic began in March 2020 and over this past year, as highlighted in the most recent reports.  The region’s population and households continue to stand out among the top in the country for education, income, and diversity.

 The following data pieces have been updated in the latest version of the fact sheet as a result of the federal government releasing several annual and quarterly data products last week.

U.S. Census Bureau’s American Community 2021 five-year estimates

• Age

• Educational attainment

• Median Household Income

• Foreign Born

• Language Spoken

·         U.S. Bureau of Economic Analysis

• County level GDP, 2021

·         U.S. Bureau of Labor Statistics Quarterly Census of Employment and Wages

• Employment by industry, 2nd Quarter 2022

Key Highlights:

·         Northern Virginia’s GDP (current dollars) increased from 2020 to 2021.  In 2021 inflation adjusted dollars, it went $232 billion to $251 billion.

·         If Northern Virginia were a country, its GDP would be the 46th largest in the world.  Northern Virginia moved up three spots in the ranking from 2020, when the region was ranked 49th.

·         If Northern Virginia were a state, its GDP would be the 24th largest in the United States.  Northern Virginia moved up one spot in the ranking from 2020, when the region was ranked 25th.

The monthly release of the Local Area Unemployment Statistics (LAUS) occurred this past week.  October 2022 data on the labor force and unemployment was released last week and is available in the latest NVRC economic tracking report.  In addition the latest unemployment initial claims are also now available in the report.

·         The unemployment initial claims reached pre-pandemic levels in October 2022 for the first time since the pandemic began.

·         The region’s labor force in October had an annual increase of 26,300 people over last October, which is healthy and normal when considering the month-by-month average annual increase of 26,800 from 2016 to 2019 before the pandemic.