FHA Loans in Virginia

About This State and its People, Places, and Industries

The Commonwealth of Virginia is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" because it is the birthplace of eight U.S. presidents. The geography and climate of the state are shaped by the Blue Ridge Mountains and the Chesapeake Bay, which are home to much of its flora and fauna. The capital of the Commonwealth is Richmond; Virginia Beach is the most populous city and Fairfax County the most populous political subdivision. The state population is nearly eight million.

The area's history begins with several indigenous groups, including the Powhatan. In 1607 the London Company established the Colony of Virginia as the first permanent New World English colony. Land from displaced Native American tribes and slave labor each played significant roles in the colony's early politics and plantation economy. Virginia was one of the Thirteen Colonies in the American Revolution and joined the Confederacy in the American Civil War, during which Richmond was the Confederate capital and the state of West Virginia separated. Although traditionally conservative and historically part of the South, both major national parties are competitive in modern Virginia.

The state government, home to the oldest legislature in the Americas, has been repeatedly ranked most effective by the Pew Center on the States. It is unique in how it treats cities and counties equally, manages local roads, and prohibits its Governors from serving consecutive terms. Virginia's economy has many sectors: agriculture in places like the Shenandoah Valley; federal agencies in Northern Virginia, including the Department of Defense and CIA; and military facilities in Hampton Roads, home to the region's main seaport. The growth of the media and technology sectors have made computer chips the state's leading export, with the industry based on the strength of Virginia's public schools and universities. Virginia does not have a major professional sports franchise, but is home to several prominent collegiate sports programs.

As of 2008, Virginia had an estimated population of 7,769,089 which is an increase of 56,998, or about 1%, from the prior year and an increase of 690,574, or 9.8%, since the year 2000. This includes an increase from net migration of 314,832 people into the Commonwealth. Immigration from outside the United States resulted in a net increase of 159,627 people, and migration within the country produced a net increase of 155,205 people. The center of population is located in Goochland County outside of Richmond.

English was passed as the Commonwealth's official language by statutes in 1981 and again in 1996, though the status is not mandated by the Constitution of Virginia. English is the only language spoken by 6,245,517 (86.7%) Virginians, though it is spoken "very well" by an additional 570,638 (7.9%) for a total of 94.6% of the Commonwealth. Among speakers of other languages Spanish is the most common with 424,381 (5.9%). 226,911 (3.2%) speak Asian and Pacific Islander languages, including Korean, Vietnamese, and Filipino.

Virginia's economy is balanced, with diverse sources of income, including government and military, farming, and business. Virginia has 4.1 million civilian workers, and one-third of the jobs are in the service sector. The unemployment rate is 7.2% as of February 2010. In 2009, Forbes Magazine named Virginia the best state in the nation for business for the fourth year in a row. The Gross Domestic Product of Virginia was $397 billion in 2008. As of 2000, Virginia had the highest number of counties in the top 100 wealthiest jurisdictions in the United States based upon median income. Virginia is home to 18 Fortune 500 companies, ranking the state tenth nationwide.
Virginia has the highest concentration of technology workers of any state. Computer chips became the state's highest-grossing export in 2006, surpassing its traditional top exports of coal and tobacco combined. Northern Virginia, once considered the state's dairy capital, now hosts software, communication technology, and consulting companies, particularly in the Dulles Technology Corridor. Northern Virginia's data centers currently carry more than 50% of the nation's internet traffic, and by 2012 Dominion Power expects that 10% of all its electricity in Northern Virginia will be used by data centers. Loudoun and Fairfax counties in Northern Virginia have the highest and second highest median household income, respectively, of all counties in the United States as of 2006.

Agriculture occupies 24% of the land in Virginia. As of 2007, about 357,000 Virginian jobs were in agriculture, with over 47,000 farms, averaging 171 acres (0.27 sq mi; 0.69 km2), in a total farmland area of 8.1 million acres (12,656 sq mi; 32,780 km2). Though agriculture has declined significantly since 1960 when there were twice as many farms, it remains the largest single industry in Virginia. Tomatoes surpassed soy as the most profitable crop in Virginia in 2006, with peanuts and hay as other agricultural products. Though it’s no longer the primary crop, Virginia is still the fifth-largest producer of tobacco nationwide. Eastern oyster harvests are an important part of the Chesapeake Bay economy, but declining oyster populations from disease, pollution, and overfishing have diminished catches. Wineries and vineyards in the Northern Neck and along the Blue Ridge Mountains also have begun to generate income and attract tourists.

10% of all U.S. federal procurement money is spent in Virginia. Virginia has the highest defense spending of any state per capita, providing the state with around 900,000 jobs. Virginia is home to 800,000 veterans, more than any other state, and is second to California in total Department of Defense employees. Many Virginians work for federal agencies in Northern Virginia, which include the Central Intelligence Agency and the Department of Defense, as well as the National Science Foundation, the United States Geological Survey and the United States Patent and Trademark Office. Many others work for government contractors, including defense and security firms, which hold more than 15,000 federal contracts. The Hampton Roads area has the largest concentration of military bases and facilities of any metropolitan area in the world. The largest of the bases is Naval Station Norfolk.

Virginia collects personal income tax in five income brackets, ranging from 3.0% to 5.75%. The state sales and use tax rate is 4%, while the tax rate on food is 1.5%. There is an additional 1% local tax, for a total of a 5% combined sales tax on most Virginia purchases and 2.5% on most food.[149] Virginia's property tax is set and collected at the local government level and varies throughout the Commonwealth. Real estate is also taxed at the local level based on 100% of fair market value. Tangible personal property also is taxed at the local level and is based on a percentage or percentages of original cost.

Virginia is the most populous U.S. state without a major professional sports league franchise. The reasons for this include the lack of any dominant city or market within the state and the proximity of teams in Washington, D.C. Virginia is home to many minor league clubs, especially in baseball and soccer. Additionally, the Washington Redskins have Redskins Park, their headquarters and training facility, in Ashburn and the Washington Capitals train at Kettler Capitals Iceplex in Ballston. Virginia has many professional caliber golf courses including the Greg Norman course at Lansdowne Resort and Kingsmill Resort, home of the Michelob ULTRA Open. NASCAR currently schedules Sprint Cup races on two tracks in Virginia: Martinsville Speedway and Richmond International Raceway. Current Virginia drivers in the series include Jeff Burton, Denny Hamlin, and Elliot Sadler.

The Washington Nationals and Baltimore Orioles also have followings due to their proximity, and both are broadcast in the state on MASN. When the New York Mets ended their long affiliation with the Norfolk Tides in 2007, the Orioles adopted the minor league club as their top level (AAA) minor league affiliate. The San Francisco Giants' AA team, the Richmond Flying Squirrels, began play at The Diamond in 2010, replacing the AAA Richmond Braves, who relocated after 2008. Additionally, the Nationals, Orioles, Pittsburgh Pirates, Boston Red Sox, Seattle Mariners, Chicago White Sox, and Atlanta Braves also have Single-A and Rookie-level farm teams in Virginia.

Virginia does not allow state appropriated funds to be used for either operational or capital expenses for intercollegiate athletics. Despite this, both the Virginia Cavaliers and Virginia Tech Hokies have been able to field competitive teams in the Atlantic Coast Conference and maintain modern facilities. Their rivalry is followed statewide. Several other universities compete in NCAA Division I, particularly in the Colonial Athletic Association. Three historically black schools compete in the Division II Central Intercollegiate Athletic Association, and two others compete in the Division I Mid-Eastern Athletic Conference. Several smaller schools compete in the Old Dominion Athletic Conference and the USA South Athletic Conference of NCAA Division III. The NCAA currently holds its Division III championships in football, men's basketball, volleyball and softball in Salem.

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