Economic and Fiscal Impact of DoD Spending
Commonwealth of Virginia FY 2008
In its newest research, “The Economic and Fiscal Impact of Department of Defense Spending on the Commonwealth of Virginia in Fiscal Year 2008”, IPI USA has established that DoD spending accounted for 15.6% of the State’s total economy (the value of goods and services produced within the State) in 2008, directly or indirectly supported 902,985 jobs or 18.9% of the State’s employment base and generated $44.4 billion in personal income to the benefit of residents of the State.
The earnings and spending of these DoD-supported activities including related military and civilian activities generated a surplus of state-level tax revenues over public expenditure demand for state furnished services totaling $1.1 billion in 2008.
This research established the importance of DoD spending in the State’s economy and identified the contribution of this spending to all other sectors in the State’s economy.
