LotsCap

Economy Profile

Norfolk city

  • Virginia State
  • October, 2024
TSAC-CFD-51710

Table of Content

Snapshot

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GDP (2022, Thousands)
$ 24103230
AVG Real Growth (2017-2022)
-0.92 %
Unemployment Rate (May, 2024)
3.7 %
Labor Force Size
115461
Number of Businesses
6520
Average Annual Wage
$ 70057

Economy Structure

Population & Household section gives reader an outlook. of general population profile, structure, and outlook.

GDP

GDP (2022, Thousands)
$ 24103230
GDP Per Capita
$ 101713
GDP Growth Rate (2022)
2.1 %
Average Growth Rate (2017-2022)
-0.92 %
Goods Producing Contribution (%)
6.7%
Service Providing Contribution (%)
57.2%
Goverment Contribution
36.2%
GDP Historical Growth Rate
Source: Bureau of Economic Analysis | CAGDP2, CAGDP11
GDP by Sectors
Source: Bureau of Economic Analysis | CAGDP2, CAGDP11
GDP Growth by Sectors
Source: Bureau of Economic Analysis | CAGDP11

Monthly Employment

Total Labor Force
115461
Labor Force Growth
0.39%
Unemployment
4292
Unemployment Rate
3.7%
Unemployment Rate
Source: Census.gov | S2301

Employment Profile

Employment Rate (20-64 y.o.)
61.3%
Employment Rate (with Bachelor's Degree)
72.5%
Employment Rate (75+ y.o.)
10.5%
Employment Rate (Black)
54.9%
Employment Rate (Female)
65%
Employment Rate by Segment
Source: Census.gov | S2301
Employent Rate Comparison
Source: Census.gov | S2301

Employment by Sectors

Number of Companies
6520
Number of Employment
140889
Annual Average Wages
$ 70057
Wage CAGR (2010-2022)
Goods-producing (avg pay)
$ 70498
Service-providing (avg pay)
$ 65637
Historical Annual Average Wage
Source: BLS
Number of Establishments
Source: BLS
Company Indicators
Source: BLS

Income

Household Income (Mean)
$ 60998
Household Income (Median)
$ 84497
Per Capita Income
$ 35761
Per Capita Income Growth (2010-2022)
50.4 %
Gini Index
0.4783*
Poverty Rate
16.9 %
Per Capita Income
Source: Census.gov | B19301
Income Distribution by Household
Source: Census.gov