Virginia Business & Employment Growth Since 2009

  • 48,976 more businesses
  • 346,752 more employees
  • 9.8% increase in total wages
  • $10,009 increase in annual wages per employee
  • 20.7% increase in wages per employee

Since 2009, the number of businesses in Virginia has grown by 21.3% (9.9% greater than the national average of 11.4%). Employment in Virginia has grown by 9.8% (3.8% less than the national average of 13.6%). Wages have grown by 20.7% since the end of the Great Recession. This wage growth is 5.0% less than the national average of 25.7%.
The average weekly wage in Virginia of $1,120 is 1.7% above the national average of $1,101. The gap between the national average has widened from 5.6% a widening of 3.9% since the end of the recession.

Sector Growth

Business Sector Growth

The Professional services sector has the most businesses in the state of Virginia. Since the end of the recession, the number of businesses has grown from 34,890 to 42,376, a gain of 21.5%. The table below illustrates the change in number of businesses in each sector.
Sector20182009Pct Chg
Professional services42,37634,89021.5%
Healthcare40,08724,38664.4%
Other services36,23323,83652.0%
Retail trade25,85826,403-2.1%
Construction21,52224,803-13.2%
Accommodation and food services17,38715,32413.5%
Waste services14,25312,06918.1%
Finance and insurance11,92111,8120.9%
Wholesale trade11,55712,695-9.0%
Real estate and rental10,0239,2408.5%
Manufacturing6,7526,2278.4%
Transport and warehousing5,4225,2533.2%
Information4,3844,1166.5%
Educational services3,4852,62033.0%
Arts and entertainment3,1072,68415.8%
Company management2,2591,92217.5%
Agriculture and forestry1,7921,62310.4%
Utilities36531017.7%
Mining and oil extraction313338-7.4%

The sector that has had the strongest growth [in number of businesses] is the Healthcare sector, which has increased by 64.4% since 2009. The sector that has has the largest decline is the Construction sector, which has declined by 13.2% since the recession.

Employment Sector Growth

The Healthcare sector has the most employees in the state of Virginia. Since the end of the recession, the number of employees has grown from 366,813 to 440,265, a gain of 20.0%. The table below illustrates the change in number of employees in each sector.
Sector20182009Pct Chg
Healthcare440,265366,81320.0%
Professional services427,724376,94313.5%
Retail trade411,591398,6813.2%
Accommodation and food services350,754295,15518.8%
Waste services242,789191,07527.1%
Manufacturing238,633238,849-0.1%
Construction197,225190,5173.5%
Other services145,546126,95414.6%
Finance and insurance139,757121,85014.7%
Transport and warehousing117,73695,59323.2%
Wholesale trade109,701113,289-3.2%
Company management75,77874,5291.7%
Information67,03181,144-17.4%
Educational services65,08157,57713.0%
Arts and entertainment55,36346,29719.6%
Real estate and rental54,96253,7742.2%
Agriculture and forestry13,37011,92412.1%
Utilities10,77111,438-5.8%
Mining and oil extraction5,8958,494-30.6%

The sector that has had the strongest employment growth [in number of employees] is the Healthcare sector, which has increased by 20.0% since 2009. The sector that has has the largest employment decline in number of employees is the Information sector, which has declined by 17.4% since the recession.

Weekly Wage Growth By Sector

The Company management sector has the highest average weekly wage in the state of Virginia. Since the end of the recession, the average wage has grown from $1,841 to $2,428, a gain of 31.9%. The table below illustrates the change in weekly wage in each sector.
Sector20182009Pct Chg
Company management$2,428$1,84131.9%
Utilities$2,209$1,74027.0%
Professional services$2,031$1,70419.2%
Information$1,936$1,47631.2%
Finance and insurance$1,868$1,35038.4%
Wholesale trade$1,580$1,26325.1%
Mining and oil extraction$1,413$1,15822.0%
Manufacturing$1,153$94821.6%
Construction$1,116$86928.4%
Real estate and rental$1,089$81933.0%
Transport and warehousing$991$81222.0%
Healthcare$970$82717.3%
Educational services$847$8104.6%
Waste services$837$65028.8%
Other services$823$70017.6%
Agriculture and forestry$681$50534.9%
Retail trade$570$48118.5%
Arts and entertainment$518$45015.1%
Accommodation and food services$379$30623.9%

The sector that has had the strongest wage growth is the Unclassified sector, which has increased by 0.0% since 2009. The sector that has has the smallest wage growth is the Educational services sector, which has declined by 4.6% since the recession.


Industry Growth

Business Industry Growth

The Services for the elderly and disabled industry has the greatest number of businesses in the state of Virginia. Since the end of the recession, the number of businesses has grown from 8,284 to 20,304, a gain of 145.1%. The table below illustrates the change in the number of businesses in the top industries.

Industry20182009Pct Chg
Services for the elderly and disabled20,3048,284145.1%
Private households19,1288,804117.3%
Computer systems design and related services14,83710,90736.0%
Unclassified11,6831,369753.4%
Management consulting services7,1095,52828.6%
Residential building construction5,2946,364-16.8%

The top industry that has had the largest increase in the number of businesses is the Services for the elderly and disabled industry, which has increased by 145.1% since 2009. The top industry that has has the largest decline in the number of businesses is the Residential building construction industry, which has declined by 16.8% since the recession.

Employment Industry Growth

The Restaurants and other eating places industry has the greatest number of employees in the state of Virginia. This industry currently has 283,541 employees in it. There is no direct comparison back to the total at the end of the recession and is not included in the table below.

Industry20182009Pct Chg
Computer systems design and related services166,313138,42420.1%
General medical and surgical hospitals97,99798,301-0.3%
Management of companies and enterprises75,77874,5291.7%
Offices of physicians72,29658,63823.3%
Supermarkets and other grocery stores67,95359,90313.4%
Management consulting services67,52155,22522.3%

The top industry that has had the largest increase in the number of employees is the Computer systems design and related services industry, which has increased by 20.1% since 2009. The top industry that has has the largest decline in the number of employees is the General medical and surgical hospitals industry, which has declined by 0.3% since the recession.

Weekly Wage Growth By Industry

The Other depository credit intermediation industry has the highest average weekly wage in the state of Virginia. Since the end of the recession, the average wage has grown from $2,990 to $10,059, a gain of 236.4%. The table below illustrates the change in weekly wage in each sector.
Industry20182009Pct Chg
Other depository credit intermediation$10,059$2,990236.4%
Other financial vehicles$5,259$5,627-6.5%
Investment banking and securities dealing$3,830$2,56949.1%
Portfolio management$3,809$2,54549.7%
Securities brokerage$3,601$2,41049.4%
Trusts estates and agency accounts$3,475$1,481134.6%

The top industry that has had the strongest wage growth is the Other depository credit intermediation industry, which has increased by 236.4% since 2009. The top industry that has has the largest wage decline is the Other financial vehicles industry, which has declined by 6.5% since the recession.


Company Size

Business Growth By Company Size

The biggest percentage change in the number of businesses has been in businesses with fewer than 5 employees. The number of businesses with this number of employees has grown from 132,851 to 173,204, which is an increase of 30.4%.

The smallest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 259 to 253, which is an increase of -2.3%.

Table: Change in the number of Businesses by Size of Business, since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees173,204132,85130.4%
5-9 Employees37,17635,6044.4%
10-19 Employees27,20024,9409.1%
20-49 Employees19,82817,45613.6%
50-99 Employees6,7165,73317.1%
100-249 Employees3,4393,00814.3%
250-499 Employees83273014.0%
500-999 Employees253259-2.3%
More Than 1,000 Employees14612120.7%


Employment Growth by Company Size

The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 236,660 to 280,659, which is an increase of 18.6%.

The smallest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees with this number of employees has grown from 172,925 to 169,865, which is an increase of -1.8%.

Table: Change in the number of Employees by Size of Business, since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees233,723202,30615.5%
5-9 Employees244,775232,5205.3%
10-19 Employees365,037334,0819.3%
20-49 Employees591,563522,05513.3%
50-99 Employees454,106386,77817.4%
100-249 Employees505,572438,22815.4%
250-499 Employees282,846248,51113.8%
500-999 Employees169,865172,925-1.8%
More Than 1,000 Employees280,659236,66018.6%


Weekly Wage Growth by Company Size

The biggest percentage change in the average weekly wage has been in businesses with 250 to 499 employees. The average weekly wage in companies this size has grown from $1,129 to $1,535, which is an increase of 36.0%.

The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $1,353 to $1,585, which is an increase of 17.1%.

Table: Change Average Weekly Wage by Size Since the Recession:

Company SizeQ1 2018Q1 2010% Change
Fewer than 5 Employees$1,041$80030.1%
5-9 Employees$913$72026.8%
10-19 Employees$899$72424.2%
20-49 Employees$945$78021.2%
50-99 Employees$1,071$85425.4%
100-249 Employees$1,215$97225.0%
250-499 Employees$1,535$1,12936.0%
500-999 Employees$1,585$1,35317.1%
More Than 1,000 Employees$1,773$1,34531.8%



Data Sources




About the Writer

This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.