2024 Economic Data Highlights Hanover County’s Stable and Diverse Economy

Data released by the U.S. Bureau of Economic Analysis (BEA) on February 5, 2026 provides insight into economic performance across the country, the Commonwealth of Virginia, and Hanover County. While economic conditions varied nationwide in 2024, Hanover County continues to demonstrate stability, strong income levels, and a diverse and growing economic base.

National Economic Trends

According to the BEA’s County GDP and Personal Income Release, real gross domestic product (GDP) increased in 2,273 counties, decreased in 809 counties, and remained unchanged in 24 counties in 2024.County economic growth varied significantly across the country, with real GDP ranging from a 76.6% increase in Carter County, Montana, to a 46.3% decline in Baca County, Colorado.

The overall size of county economies also varied considerably. In 2024, real GDP ranged from $813.7 billion in New York County, New York, to $15.7 million in Issaquena County, Mississippi.

Personal income trends followed a similar pattern nationwide, increasing in 2,768 counties, decreasing in 331 counties, and remaining unchanged in 7 counties.

To explore BEA county-level data, visit bea.gov.

Virginia Economic Performance

Virginia experienced steady economic growth in 2024.

• Real GDP: $613.4 billion, representing a 2.41% increase from 2023 View data here.
• Current-dollar GDP: $761.7 billion, representing a 5.39% increase from 2023 View data here.
• Total Personal Income: $681.5 billion, a 5.6% increase from 2023 View data here.
  Population: 8.8 million residents
  Per Capita Personal Income: $77,351

Hanover County Economic Performance

Hanover County remains a strong contributor to Virginia’s economy, with continued growth and above-average income levels.

Gross Domestic Product
GDP measures the total value of goods and services produced within a community and serves as a key indicator of economic health.

• Real GDP: $7.02 billion in 2024 View data here.
  • Growth: 0.82% increase from 2023
  • Hanover experienced strong growth between 2020 and 2023, averaging approximately 5.5% annually.
  • Hanover ranks 20th largest Real GDP in Virginia

• Current-Dollar GDP: $9.23 billion in 2024 View data here.
  • Growth: 3.08% increase from 2023
  • From 2020 through 2023, Hanover saw annual increases of approximately 10% or more, demonstrating exceptionally strong post-pandemic economic expansion
  • Hanover ranks 19th largest Current-dollar GDP in Virginia

Personal Income and Population

Hanover County residents continue to experience growth in earning power compared to state and national averages.

• Total Personal Income: $9.4 billion
• Growth: 5.6% increase from 2023
• Population: 115,309 residents
• Per Capita Personal Income: $81,533

Hanover County’s per capita income is:

• Higher than Virginia’s average of $77,351
• Approximately 11.3% higher than the national average of $73,204
• Hanover ranks 14th largest per capita income in Virginia

Hanover County personal income, population and per capita personal income data: View data here.

Hanover County Industry Composition

Hanover County’s economy is supported by a diverse mix of industries, helping provide long-term economic stability and resilience. The industry contributors to Hanover’s 2024 GDP include:

Understanding Economic Measures

Gross Domestic Product (GDP)
GDP represents the total market value of final goods and services produced in an area and reflects the economic output of local businesses and industries.

Real GDP
Real GDP adjusts for inflation, allowing comparisons of economic growth over time.

Current-Dollar GDP
This measure reflects economic output using current market prices during the reporting year.

Personal Income
Personal income measures earnings received by residents in return for their provision of labor, land, and capital used in current production as well as other income, such as personal current transfer receipts. 

Per Capita Personal Income
Per capita income divides total personal income by population and helps measure individual economic well-being.

Summary

The latest BEA data confirms Hanover County continues to maintain a strong and balanced economy while cementing its position as a top-20 economy in Virginia. While growth eased slightly following several years of rapid expansion, the County remains economically stable, with above-average income levels and a diverse industry base that supports long-term economic resilience and fiscal stability.