From the Hampton Roads area to Richmond and down to Lee County in the southwest includes military installations, cattle, tobacco and peanut farming in Southside Virginia.

Northern Virginia (once considered the state's dairy capital) hosts software, communications, consulting, defense contracting, diplomats, and considerable components of the professional government sector.

As of 2000[update], Virginia had the highest number of counties and independent cities, fifteen, in the top one-hundred wealthiest jurisdictions in the United States based upon median income.

In addition, Virginia tied with Colorado as having the most counties, ten, in the top one-hundred based on per capita income.

Many defense contractors have established their headquarters or major operations in Northern Virginia to be near key decision-makers and the Pentagon.

Some of the top defense contractors with a significant presence in Virginia include Boeing, Northrop Grumman, General Dynamics, and RTX Corporation.

Virginia's arms and defense manufacturing industry contributes significantly to the state's economy, providing thousands of high-paying jobs and generating billions of dollars in economic activity.

[30] Overall, Virginia's strong ties to the military, its skilled workforce, and its supportive business environment have made it a leading destination for arms and defense manufacturing companies.

As the world's geopolitical landscape continues to evolve, Virginia's position as a hub for military innovation and production is likely to remain secure for many years to come.

[33] In September 2017, Amazon announced that it would be building a second headquarters in North America, and immediately, several cities in the United States and Canada began submitting their proposals.

After much anticipation, Amazon announced in November 2018 that it had chosen two locations for its second headquarters, with one in New York City and the other in Arlington, Virginia.

Additionally, Virginia's business-friendly environment and highly educated workforce attract many financial companies to the state.

[38] Capital One is a Fortune 500 company that provides a wide range of financial products and services, including credit cards, loans, and banking.

With companies like Freddie Mac and Capital One located there, as well as a host of other financial institutions, Virginia is well-positioned to continue to be a leader in this important industry.

Tangible personal property includes, but is not limited to, machinery and equipment, furniture, fixtures, and trucks and automobiles.

The Virginia General Assembly exempted intangible personal property from taxation in 1984 by making the tax rate zero.