Gilmer Free Press
G-Fin™: West Virginia Ranks Third Highest in Nation for GDP Growth
West Virginia’s growth in real gross domestic product (GDP) increased 4.5% in 2011, according to a report by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA).
West Virginia ranks third in the nation for most increased GDP, led by Oregon at 4.7% and North Dakota at 7.6%.
West Virginia’s GDP was $55.765 billion in 2011, up from $53.352 billion in 2010.
West Virginia had the highest percent change among all the states in the Southeast Division.
Real GDP increased in 43 states and the District of Columbia in 2011.
The nation’s GDP grew 1.5% in 2011.
The economic sectors powering West Virginia’s high growth rate include mining, non-durable-goods manufacturing, and accommodation and food services.
The next BEA release of GDP by state is scheduled for June 2013.
West Virginia Summary:
U.S. Bureau of Economic Analysis’ 2011 Gross Domestic Product by State
West Virginia had the nation’s third highest growth rate in gross domestic product in 2011.
West Virginia’s economy grew at a rate of 4.5% in 2011, more than three times the national growth rate of 1.5%.
West Virginia’s economic growth was driven by increased output from sectors such as mining, non-durable goods manufacturing and accommodation and food services.
West Virginia GDP was $55.765 billion in 2011, up from $53.352 billion in 2010.