6/8/2011
CHARLESTON, W. Va. — West Virginia’s growth in real gross domestic product (GDP) increased 4 percent in 2010, according to a report by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA).
West Virginia GDP was $55.992 billion in 2010, up from $53.842 billion in 2009. The state ranks fifth for most improved GDP in the nation, lead by North Dakota, New York, Indiana and Massachusetts.
The nation’s GDP grew 2.6 percent in 2010, following a downturn of 2.5 percent in 2009.
“It is exciting to see the state of West Virginia recognized for its hard work in this most recent BEA report,” said Gov. Earl Ray Tomblin. “While there is still work to be done, the state is making real progress and we will continue to build on that success. Our energy sector is strong, we have lowered business taxes, we pay our bills on time and we are making strides to revitalize our manufacturing sector. All of these efforts have created a confidence level that is helping to drive our gross domestic product and making West Virginia even more attractive to the local, national and international business community.”
“This GDP report is a reflection of the important strides West Virginia is making on so many economic fronts,” said state Commerce Secretary Keith Burdette. “It shows we're competing again for new investments and new jobs. It clearly shows our workers are productive and our products compete globally. West Virginia is poised to make even greater gains in the months and years ahead if we maintain our focus on creating a competitive business climate in our state.”
GDP increased in 48 states and the District of Columbia in 2010. BEA’s report credited the resurgence in the nation’s GDP to durable goods manufacturing, retail trade and finance and insurance.
The economic sectors powering West Virginia’s high growth rate include mining, real estate, retail trade and professional and technical services.
The next BEA release of GDP by state is scheduled for June 2012.
West Virginia Summary:
U.S. Bureau of Economic Analysis’ 2010 Gross Domestic Product by State
- West Virginia had the nation’s fifth highest growth rate in gross domestic product in 2010.
- West Virginia’s economy grew at a rate of 4 percent in 2010, more than 1.5 times the national growth rate of 2.6 percent.
- West Virginia’s economic growth was driven by increased output from sectors such as mining, real estate, retail trade, government, nondurable goods manufacturing, professional and technical services, health care and social assistance, information, and durable goods manufacturing.
- West Virginia GDP was $55,992 billion in 2010, up from $53,842 billion in 2009.
- West Virginia’s 2010 GDP growth rate of 4.0 percent was more than 1 percentage point higher than 2009 growth rate of 2.8 percent.
Contact Information
Catherine Zacchi
304-957-9340
catherine.m.zacchi@wv.gov