Virginia State Profile

Virginia borrows federal funds to cover unemployment benefits; tax amnesty program waives penalty fees and half of owed interest for delinquent taxpayers; transportation programs may face cuts due to continued revenue shortfall.

• State job growth fell 3.0% in August 2009 from a year ago; national job growth fell 4.4%.
• State unemployment averaged 6.5% in August 2009; the national average was 9.7%
• Personal income fell 1.0% to $341 billion in Q2 2009 from a year ago.
• Tax revenue fell 14.6% in Q2 2009 from the previous year.
• Exports fell 21.3% to $7.9 billion in the first seven months of 2009 from a year ago.
• Venture capital investment in VA fell 58.5% to $44.5 million in Q2 2009 from a year ago.