Hanover County, Virginia: commercial real estate data.
Hanover County, Virginia had an estimated 115,309 residents on July 1, 2024, up 4.8 percent since the 2020 census base of 109,976, across 469 square miles. County output reached $9.23 bn in 2024, 3,413 establishments operate here, and the SBA record carries 124 7(a) approvals worth $83.1 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Hanover County
How many people live in Hanover County
- Population, American Community Survey 2020-2024112,879
- Households42,688
- Average household size2.64
- Median household income$112,805
- Median age42.7
- Median gross rent$1,591 per month
- Median owner-occupied home value$400,400
- Home value to household income3.5 times
- Annual rent as a share of median income16.9 percent
- Adults 25 and over with a bachelor degree or higher42.7 percent
- Adults 25 and over with a graduate degree16.0 percent
- Adults 25 and over79,261
- Population under 1824,361
- Share under 1821.6 percent
- Population 65 and over21,672
- Share 65 and over19.2 percent
- Working age population, 18 to 6466,846
- Civilian labor force60,013
- Unemployment rate2.7 percent
- Labor force participation, adults 18 and over67.8 percent
- Rank by population among Virginia counties17th of 133
- Rank by population among US county-equivalents, Puerto Rico included558th of 3,222
Hanover County is the 17th largest of 133 Virginia counties by population. A median home costs 3.5 times median household income, which is moderately unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 21.6 percent against 19.2 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Hanover County
Is Hanover County's population growing?
- Population, July 1, 2024115,309
- Census 2020 base population109,976
- Population change since the 2020 census base4.85 percent
- Population change, 2023 to 20241,116
- Births, 20241,077
- Deaths, 20241,193
- Natural change, 2024-116
- Net domestic migration, 20241,099
- Net international migration, 2024135
- Total net migration, 20241,234
- Cumulative net domestic migration, 2021 to 20245,473
- Rank by growth among US county-equivalents555th of 3,144
The county has grown 4.85 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Hanover County
Where are people moving to Hanover County from?
- Tax returns filed by households arriving3,712
- People arriving, from those returns7,012
- Tax returns filed by households leaving3,181
- Net household movement531
- Adjusted gross income arriving$312.7 m
- Net adjusted gross income movement$78.2 m
- Average income of an arriving household$84,241
- Average income of a leaving household$73,711
- Largest single originHenrico County (1,264 households)
- Largest single destinationHenrico County (765 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Henrico County | 1,264 | 2,555 | $111.9 m |
| Richmond city | 329 | 538 | $25.0 m |
| Chesterfield County | 259 | 451 | $20.7 m |
| King William County | 103 | 194 | $5.7 m |
| Caroline County | 74 | 152 | $3.8 m |
| Spotsylvania County | 68 | 134 | $5.8 m |
| Louisa County | 62 | 120 | $4.0 m |
| Fairfax County | 60 | 112 | $6.9 m |
Households arriving report $10,530 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Henrico County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Hanover County
What is the Hanover County economy?
- County GDP, 2024$9.23 bn
- County GDP, 2023$8.95 bn
- GDP change, 2023 to 20243.1 percent
- GDP change over five years45.8 percent
- Rank by GDP among the Virginia areas BEA publishes19th of 105
- Rank by GDP among the US county areas BEA publishes471st of 3,127
- GDP per resident$81,729
Output grew 3.1 percent in the latest year and 45.8 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Hanover County
Employment by industry in Hanover County
- Covered employment, annual average59,513
- Establishments reporting4,310
- Average annual pay$55,746
- Average weekly wage$1,072
- Retail trade, employment7,659
- Retail trade, average annual pay$44,599
- Health care and social assistance, employment6,494
- Health care and social assistance, average annual pay$65,616
- Transportation and warehousing, employment6,346
- Transportation and warehousing, average annual pay$32,910
- Construction, employment6,229
- Construction, average annual pay$74,486
- Wholesale trade, employment4,889
- Accommodation and food services, employment3,984
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Retail trade | 7,659 | 352 | $44,599 |
| Health care and social assistance | 6,494 | 688 | $65,616 |
| Transportation and warehousing | 6,346 | 114 | $32,910 |
| Construction | 6,229 | 617 | $74,486 |
| Wholesale trade | 4,889 | 291 | $82,955 |
| Accommodation and food services | 3,984 | 243 | $24,088 |
| Administrative and support and waste management services | 3,872 | 261 | $42,082 |
| Manufacturing | 3,355 | 174 | $68,471 |
Retail trade is the largest private sector at 7,659 jobs, 12.9 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Hanover County
How many businesses are in Hanover County?
- Establishments, all industries3,413
- Employment at those establishments52,652
- Annual payroll$2.80 bn
- Establishments per 1,000 residents30.2
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Hanover County
Building permits in Hanover County
- Housing units authorized by permit, 2024447
- Declared construction value permitted$138.2 m
- Single family units authorized443
- Multifamily units authorized4
- Multifamily share of units0.9 percent
- Average declared value per unit$309,087
- Units authorized per 1,000 households10.5
Single-family homes are 99.1 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Hanover County
SBA loans in Hanover County (7(a) and 504)
- 7(a) approvals recorded124
- 7(a) gross approval dollars$83.1 m
- Average 7(a) approval$670,162
- Median 7(a) approval$200,000
- 10th percentile approval$25,000
- 90th percentile approval$2,182,240
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)1,613
- Jobs per approval13.0
- Distinct 7(a) lenders active42
- Distinct industries receiving approvals68
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer12.1 percent
- Loans on real estate terms15
- Loans on working capital terms, 120 months or shorter101
- Franchise loans36
- Franchise share of approvals29.0 percent
- Leading industry by approval countChild Day Care Services (8)
- Most active lenderManufacturers and Traders Trust Company (30)
- 504 approvals recorded46
- 504 gross approval dollars$29.9 m
- Average 504 approval$650,870
- Median 504 approval$458,000
- Distinct CDCs active3
- 504 jobs per approval12.5
- 504 jobs per million dollars approved19.2
- Most active CDCBusiness Finance Group, Inc. (35)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$113.0 m
The average approval of $670,162 sits well above the median of $200,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 12.1 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Hanover County
SBA loan default and charge-off rates in Hanover County
Do SBA loans in Hanover County get paid back?
- Loans with a final outcome recorded15
- Paid in full13
- Charged off2
- Status: Paid in full13
- Status: Cancelled19
- Status: Exempt from disclosure82
- Status: Committed, not yet disbursed8
- Status: Charged off2
Only 15 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Hanover County
SBA lending by place in Hanover County
- Borrower cities with recorded lending8
- Mechanicsville, approvals67
- Ashland, approvals47
- Glen Allen, approvals3
- Beaverdam, approvals3
- Hanover, approvals1
- Doswell, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Mechanicsville | 67 | $24,157,200 |
| Ashland | 47 | $51,577,900 |
| Glen Allen | 3 | $5,380,000 |
| Beaverdam | 3 | $670,000 |
| Hanover | 1 | $700,000 |
| Doswell | 1 | $500,000 |
| Bumpass | 1 | $100,000 |
| Montpelier | 1 | $15,000 |
Mechanicsville accounts for 67 approvals against 47 in Ashland. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Hanover County
How large is Hanover County?
- Land area469 sq mi
- Rank by land area among Virginia counties33rd of 133
- Width, east to west36.8 mi
- Height, north to south32.6 mi
- Geographies sharing a boundary7
- Residents per square mile of land241
- Establishments per square mile7.28
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Hanover County
Flood risk in Hanover County
- Participation of the county's own NFIP community Hanover County, unincorporated areasParticipating, community 510237
- Communities in the county in the NFIP Community Status Book2
- Of those, participating in the NFIP2
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 8
- Communities carrying a CRS class1
- Radon levels in Hanover County, EPA zone predicted average indoor radon screening level less than 2 pCi/LZone 3
The county's own community in the status book, unincorporated Hanover County (community 510237), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Hanover County in radon zone 3, a predicted average indoor radon screening level less than 2 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 8, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Hanover County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Hanover County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-2024112,879
- Households42,688
- Average household size2.64
- Median household income$112,805
- Median age42.7
Common questions
Hanover County questions, answered from the record.
How many people live in Hanover County, Virginia?
The Census Bureau estimates 115,309 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 112,879, in 42,688 households, ranking 17th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Hanover County's population growing?
The population has grown 4.85 percent since the 2020 census base of 109,976, to 115,309 on July 1, 2024. In 2024 there were 1,077 births against 1,193 deaths, with net migration of 1,234. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Hanover County?
$112,805. The median owner-occupied home is valued at $400,400, which is 3.5 times income, and median gross rent is $1,591 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Hanover County?
3,413 establishments, employing 52,652 people with an annual payroll of $2.80 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Hanover County?
Retail trade is the largest private sector at 7,659 jobs, 12.9 percent of covered employment. Covered employment averages 59,513 jobs at an average annual pay of $55,746, or $1,072 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Hanover County?
124 7(a) approvals totaling $83.1 m since FY2020, across 42 lenders, with a median approval of $200,000, plus 46 504 approvals worth $29.9 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Hanover County?
447 housing units were authorized by permit in 2024, with a declared construction value of $138.2 m. Multifamily was 0.9 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Hanover County?
Zone 3, a predicted average indoor radon screening level less than 2 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Hanover County come from?
The largest single origin is Henrico County, with 1,264 households. Arriving households report an average income of $84,241 against $73,711 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Hanover County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Hanover County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Hanover County
Cities and places in Hanover.
3 Census places lie wholly or partly in Hanover County. All 3 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Mechanicsville | CDP | 38,683 | 67 | Wholly in this county |
| Ashland | town | 7,772 | 47 | Wholly in this county |
| Hanover | CDP | 33 | 1 | Wholly in this county |
A further 9 of the county's 124 SBA 7(a) approvals are to borrowers in cities that match no Census place in Hanover County, the largest being Glen Allen (3), Beaverdam (3), Doswell (1). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.