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The economic situation differs from country to country caused by difference in population geography monetary system political situation and a lot of other factors But even within one country there are always a number of regions that differ from one another by their economic performance This situation is especially true for big countries like US If the regions are too broadly defined the economic diversity would be lost If the regions are too narrowly defined they are not likely to have any viability as economic entities and this circumstance will increase the problem of developing good regional economic data pertinent to the individual regions Economic indicators like income employment and population may differ in the rural and urban areas of a single region but the growth of the region still depends on the economic performance of the region as a whole and especially the towns and cities An input-output model is very useful of measuring regional economic activity Such a model effectively determines the impact of one economic variable on another can be used to analyze expected growth The measure of regional economic indicators and comparing them to national could produce a good estimate of economic performance of a regionThe regional economic model in case of the region within US could be compared with the model of a small country And national model could be seen as an aggregation of many interrelated regional modelsThis paper includes an estimation of the regional economic model The model is an attempt to estimate possible relationship within economic indicators This paper also presents an analysis of regional economic indicators and national economic indicators in order to compare economic performance of the region and national economy as a whole This model use annual national and state level data to produce regional estimates of income employment wages population labor force and the unemployment rate as a economic indicators for Virginia state as a region Regional scientists have long attempted to develop
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