For the past three decades, Northern Virginia has experienced a remarkable economic transformation, transforming it from a residential area to a job hub. According to QuickFacts, statistics are available for all states, counties, and cities with a population of 5,000 or more. Potomac Yard is set to receive a third subway station and Virginia Tech's innovation campus, while Inova Alexandria Hospital is planned to move to the former Landmark Mall site, forming the foundation for a mixed-use development. The economy of Alexandria has seen an incredible growth in the last decade. The city's unemployment rate has dropped from 4.7% in 2010 to 2.9% in 2019. This is lower than the national average of 3.7%.
The median household income has also increased from $77,822 in 2010 to $93,844 in 2019. This is higher than the national median household income of $68,703. The city's real estate market has also seen an increase in value over the past decade. The median home value in Alexandria was $521,400 in 2019, up from $420,000 in 2010. This is higher than the national median home value of $231,200. The city's rental market has also seen an increase in prices over the past decade. The median rent price was $2,100 in 2019, up from $1,500 in 2010. The city's economy has also seen an increase in jobs over the past decade.
The number of jobs increased from 131,000 in 2010 to 145,000 in 2019. This is higher than the national average of 132 million jobs. The city's largest employers include Inova Health System, US Department of Defense, and Amazon Web Services. The city's economy has also seen an increase in businesses over the past decade. The number of businesses increased from 8,000 in 2010 to 10,000 in 2019. This is higher than the national average of 7 million businesses. The city's largest industries include government services, professional services, and technology. Overall, Alexandria has experienced an astonishing economic transformation over the past decade.
The city's unemployment rate has dropped significantly and its median household income has increased significantly. The real estate market and rental market have also seen an increase in prices over the past decade. Additionally, the number of jobs and businesses have increased significantly.
