The State of Virginia Income Charts

This section shows the Virginia economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Virginia depicts it has a Median earnings of $58,638 which is the third most of all other states in the greater region. The state with the highest median earnings per worker in the group is District of Columbia which depicts a median earnings of $86,225 (47.0% larger).

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $80,615 which is the third most of all other states in the local area. The state with the highest median household income in the group is District of Columbia which depicts a median income of $93,547 (16.0% larger).

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 39.1 which is less than most other states in the local area. The state with the highest average hours in the group is District of Columbia which depicts an average hours of 40.3 (only about 3.1% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $28.84 which is the third most average hourly earnings of all other states in the greater Virginia region. The state with the highest average hourly earnings in the group is District of Columbia which depicts an average hourly earnings of $41.15 (42.7% larger).

Figure 7 examines the number of self employed people in the Virginia metro area based on the number of people who reported any self employment income. Virginia shows it has a Self Employed of 10.3% which is less than most other states in the local area. The state with the highest percentage of people self employed in the group is Maryland which depicts a percentage self employed of 11.1% (7.8% larger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $86,973 of the total and is ranked #3. Only #2 Maryland ($94,783), and #1 District of Columbia ($109,135) are larger. Second, it has one of the largest proportions of median income-25 to 44 years at $99,057 of the total and is ranked #2. The only larger state being Maryland with $110,664.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 25.1% which is the third most of all other states in the surrounding region. The state with the highest households with retirement income in the group is Delaware which depicts a households with retirement income of 29.2% (16.0% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $106,756 of the total and is ranked #3. Only #2 Maryland ($124,977), and #1 District of Columbia ($232,014) are larger. Second, it has one of the largest proportions of white family income at $67,947 of the total and is ranked #2. The only larger state being Maryland with $89,752. Third, it has one of the largest proportions of black family income at $85,485 of the total and is ranked #2. The only larger state being Maryland with $91,862. Also, it has one of the largest proportions of american indian family income at $133,242 of the total and is ranked #2. The only larger state being District of Columbia with $162,899. In addition, it has one of the largest proportions of asian family income at $95,938 of the total and is ranked #3. Only #2 Maryland ($133,786), and #1 Delaware ($250,001) are larger. Furthermore, it has one of the largest proportions of hawaiian family income at $76,856 of the total and is ranked #3. Only #2 Maryland ($80,876), and #1 District of Columbia ($104,781) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Virginia shows it has the hightest cost of 118.4 for the cost of housing classification.

The State of Virginia Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It shows that from January 2010 to before the disasterous Coronavirus Pandemic the monthly unemployment rate went from 9.8% to 4.4% in March 2020. This represents a decrease in the monthly unemployment rate of 55.1%. Since that time, the monthly unemployment rate has gone to 3.5% This represents a decrease in the monthly unemployment rate of 20.5%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It shows that from February 2010 to before the disasterous Covid-19 virus Pandemic the monthly labor force participation went from 4,093,421 to 4,459,449 in January 2020. This represents an increase in the monthly labor force participation of 8.9%. Since that time, the monthly labor force participation has gone to 4,339,509 This represents a decrease in the monthly labor force participation of 2.7%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Virginia depicts it has a Unemployment Rate of 2.9% which is in the mid range of other states in the greater region. The state with the highest unemployment rate in the group is District of Columbia which shows a rate of 5.0% (70.6% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. the state of shows it has a Labor Force Participation of 65.9% which is the third most of all other states in the local area.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). Virginia has the smallest proportion of employed at 2.9% of the total.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Virginia shows full time employees approximately 3.9 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Virginia area. Virginia depicts it has a Single Earner Families of 27.4% which is the smallest when ranked by families with a single earner of all the other states in the local area. The state with the highest families with a single earner in the group is West Virginia which depicts a single earners rate of 30.7% (12.0% larger). The percentage of families with no one working is depicted in Figure 22. Virginia shows it has a Families with No One Working of 14.7% which is the smallest in terms of families with no one working of all the other states in the local area. The state with the highest families with no one working in the group is West Virginia which depicts a families with no worker of 25.5% (73.2% larger).

The State of Virginia Poverty Charts

The next section details economy analysis about poverty for residents of the Virginia community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Virginia shows it has a Total In Poverty of 828,664 which is in the mid point range of other states in the surrounding region. The state with the highest total people earning less than the poverty level in the group is Florida which shows a total people earning less than the poverty level of 2,744,612 (approximately 3.3 times bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Virginia shows it has a Percent of Population In Poverty of 9.9% which is in the mid range of other states in the area. The state with the highest percent of people earning less than the poverty level in the group is West Virginia which shows a percent of people in poverty of 16.9% (69.9% larger).

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Virginia has the smallest proportion of black poverty rate at 11% of the total. Second, it has the smallest proportion of american indian poverty rate at 7% of the total. Third, it has the smallest in order of white poverty rate of all the other states in the local area when ranked by asian poverty rate at 10% of the total.

Figure 27 shows key poverty statistics for groups based on marriage status. Virginia has the percentage of married with children and in poverty in the mid point range of other states in the local area at 31% of the total. Second, it has the smallest proportion of unmarried female with children and in poverty at 13% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Virginia has the smallest proportion of less than highschool in poverty at 12% of the total. Second, it has the smallest proportion of has some college and in poverty at 3% of the total. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) the state of shows it has a Public Assistance Percent of 8.8% which is in the center range of other states in the metropolitan area. The state with the highest households with public assistance in the group is West Virginia which indicates a households with public assistance of 17.1% (about twice as large).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). the state of shows it has a Gini Index of 47.0% which is the second smallest in terms of the gini index of all the other states in the metro area.

The State of Virginia Work Commute Charts

The average commute time is shown in Figure 37. the state of depicts it has a Avg Commute Time of 28 which is in the mid range of other states in the metropolitan area. Figure 38 shows the difference between male versus female commuting time. Virginia shows average commute time in minutes for men 30.7% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Virginia has the smallest proportion of no vehicle available at 19% of the total. Second, it has the largest proportion of 3 vehicles available at 10% of the total and is ranked #1. Third, it has the largest proportion of 4 vehicles available at 5% of the total and is ranked #1. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) the state of shows it has a Work in city or place where live of 38% which is in the middle range of other states in the metropolitan area. The state with the highest people who both work and live in the same city in the group is District of Columbia which shows a people who both work and live in the same city of 79% (about twice as large).

The State of Virginia Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. the state of shows it has the hightest median earnings of $105,710 for the earnings-computer, engineering, and science occupations group. Similarly, Figure 47 shows the median earnings of women for the job categories and the state of depicts it has the hightest median earnings of $91,655 for the earnings-computer, engineering, and science occupations aggregate. The table in Figure 48, shows Virginia employment data in terms of job categories and salary data.

The State of Virginia Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. the state of depicts it has the hightest entrepreneurs of 52% for the self employed management, business, science, and arts businesses classification.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. the state of shows it has the hightest entrepreneurs of 27% for the self employed in professional, scientific, management, administrative services aggregate.

In Figure 51 the average annual self employment/entrepreneur income is shown. the state of shows it has a Self Employment Income of $41,688 which is the third most average annual self employment income of all other states in the greater Virginia region. The state with the highest average annual self employment income in the group is District of Columbia which shows an average annual self employment income of $53,282 (27.8% larger).

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Virginia shows total number of self-employed men 46.9% larger as the total number of self-employed women.