The commonwealth of Virginia is known for it’s abundance of Civil War Battlefields, beautiful landscape, great wine and density of government and military employment. The state is home to some of the largest military installations in the nation….and as a recent study shows, some of the most significant growth rates in the U.S. Whether this is due to professional resume writers on the scene or other factors can be hard to tell exactly, but we’ve got some of the data to break down.
A recent study published by NerdWallet explored a few different factors to determine the fastest growing localities in Virginia, including: Working Age Population growth, Employment Growth and Median Income Growth between the years of 2010-2012. Virginia’s economy is experience great recovery and is evident by the findings in this recent study.
One of the key finding which directly impacts our area (Fredericksburg), is that we are toping the charts once again for growth. Fredericksburg ranks #2 in the State!
Here are some trends recognized when studying and analyzing the Virginia economy, (as found by economists from NerdWallet):
- Northern Virginia is growing. The fast-growing places were largely communities in northern counties – including Fairfax, Prince William, Loudoun, Stafford and Prince William.
- Employment is high. While employment didn’t dip in Virginia as much as in many other states during the Great Recession, the rate isn’t growing as quickly as other places in the U.S.
- Virginians are getting wealthier. All of the places in our top 20 boasted income gains from 2010 to 2012.
During the recession Virginia fared much better than other states in the U.S., as the state did not see large-scale job losses and unemployment hoovered fairly low, never climbing above 7.4%. Virginia’s unemployment rate continues to dip and is currently at a rate of 5.6%.
Two categories in which Fredericksburg ranked in the top 3 for the State were Job Growth and Income Growth:
“The top three areas that added jobs – Waynesboro, Fredericksburg and Kings Park West”
Some areas studied are showing that income is growing rather quickly. “With a 19.7% increase, Gainesville had the third-highest income growth rate on our list, followed by strong gains of 19.2% in Mount Vernon and 13.8% in Fredericksburg.”
ABOUT FREDERICKSBURG:
The Fredericksburg Region, which includes the City of Fredericksburg and the counties of Spotsylvania, Stafford, King George and Caroline, is strategically located 50 miles south of Washington D.C.( the 4th largest market in the U.S.), and 50 miles north of Richmond, VA. The Fredericksburg Region has been one of the fastest growing regions in the Commonwealth of Virginia and the United States for the past decade.
Fredericksburg, which has been the fastest-growing locality in the state from 2010-2013. Between April 1, 2010, and July 1, 2013, the city grew by 15.1 percent, or 3,659 people, according to the latest estimates from the University of Virginia’s Weldon Cooper Center for Public Service. More information about the Fredericksburg Region’s growth can be found here.
Below are the top 6 cities and place on the rise in Virginia. To view the entire list of all 20 cities click here.
| City | 2012 Working-age population | 2010-2012 Working-age population growth | 2012 Employment rate | 2010-2012 Employment growth | 2012 Median income | 2010-2012 Median income growth | Overall growth score | |
|---|---|---|---|---|---|---|---|---|
| 1 | Neabsco CDP | 9,069 | 32.70% | 70.10 | 1.89% | 62,575 | 3.34% | 75.94 |
| 2 | Fredericksburg | 20,226 | 5.01% | 57.30 | 4.18% | 42,732 | 13.75% | 68.24 |
| 3 | McNair CDP | 13,767 | 12.90% | 77.50 | 1.71% | 79,073 | 10.53% | 65.64 |
| 4 | South Riding CDP | 16,375 | 7.69% | 75.00 | 2.18% | 90,936 | 12.85% | 64.65 |
| 5 | Broadlands CDP | 7,639 | 12.42% | 78.80 | 1.81% | 106,688 | 8.26% | 63.24 |
| 6 | Linton Hall CDP | 25,065 | 13.93% | 76.30 | 0.66% | 72,839 | 9.02% | 62.40 |
