Economics Assignment Northern Virginia, USA 2022

Running Head: Economics
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Northern Virginia, USA
Economics Assignment
Name of the author
E-mail Address of the author
Class Name
Professor’s Name
10/18/2019

Economics
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Contents
Introduction......................................................................................................................................2
Macroeconomic indicators...............................................................................................................2
Data collection and Analysis...........................................................................................................4
Analysis.........................................................................................................................................10
Solution..........................................................................................................................................11
Conclusion.....................................................................................................................................12
References......................................................................................................................................13

Economics
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Introduction
Northern Virginia is the state of the United States which is compromises of the several
countries in the USA. It is the most populated region of Virginia which has many residents and
the Washington metropolitan area. It is the highest-income region with a larger job base (Czech,
2013). This state is located on the Virginia side of the Washington- Baltimore-Arlington. The
population of the Northern Virginia is 31.5 lakhs in 2018 and GDP per capita of this region is
$54,244. The countries which are consisting of this region are the Fairfax, Arlington and Prince
William and some of the independent cities are the Manassas Park, Falls Church, Alexandria,
etc. The five indicators which will be analyzed in this report are GDP, Employment indicators,
interest rates, education indicators, manufacturing and agricultural indicators.
There are certain challenges which were faced by the country such as the rate of
unemployment in certain sectors of the region has caused the biggest challenge for Northern
Virginia. The actual and the potential output was declining due to the unemployment which
causes many problems in the societies so the study of the major macroeconomic indicators will
be done in this report so that the major industries of the region can be identified. The income
class of the region of Northern Virginia will increase which helps in increasing the prosperity of
the nation which is the strength of the nation (Sohrab, et al., 2019).
Macroeconomic indicators
The macroeconomic indicators of the state’s Northern Virginia, USA are stated below:
GDP: The GDP of the state has increased from 2.2%. The data of GDP per capita in the
years 2018 was $55258 and in the years 2019, it was forecasted that it will be around $55786.

Economics
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The GDP of this state will increase from the last years. The GDP of Virginia is the largest
economy in the nation and has ranked 12th as it represents 3% of US GDP (Wyner, 2019).
Northern Virginia is the richest state in the USA as it has the sixth-highest per capita income. In
the year 2003, the personal per capita income of this state is $33671. As per the financial news
Northern Virginia is the 10 richest states in USA. In the last five years many changes have been
seen in the state as the GDP of the state has been increased by 3.69% in the last five years. As
there is a diverse source of income in the state so the economy is well maintained. Northern
Virginia is the dairy capital of the state and there are many professional government sectors such
as defense, software, communication, etc. (Lingle, 2019).
Employment indicators: As per the latest economic indicator report it was found that
the unemployment rate in the Fairfax Country has been increased to 2.7%. Over the month the
number of unemployed residents has increased from 16438 to 17047. In northern Virginia, the
rate of the seasonally adjusted unemployment has decreased from 0.1% as in February of 2018 it
was 3.4%. The non-payroll employment has increased in the Northern Virginian in March by
103000 (Post, 2019). The bureau of labor statistics of the US has observed the growth in the job
rate with an annual rate of 1.8% in March. Prior to the recession, the rate of job growth was
2.9%. The major jobs in Northern Virginia have been seen in professional business services,
mining, logging and construction, education and health services. The financial activities have the
largest employment which has increased the number of employment by 5.8% in 2018.
Interest rates: The current interest rate in Northern Virginia is 3.72%. The mortgage rate
differs as per the long and short term years. The Mortgage rate has been increasing in the year