According to the 2004 U.S. Bureau of Economic Analysis report, Virginia’s gross state product was $326.6 billion. The per capita personal income was $35,477 in 2004.
In 2006 Forbes Magazine voted Virginia as having the best climate for business in the United States citing economic growth, business costs/incentives and quality of life.
Virginia's economy is well balanced with diverse sources of income. 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. Soy recently surpassed tobacco as the most profitable crop in Virginia. Wineries and vineyards in the Northern Neck and along the Blue Ridge Mountains also have become increasingly popular. Northern Virginia (once considered the state's dairy capital) hosts software, communications, consulting, defense contracting, diplomats, and considerable components of the professional government sector. 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.