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REDP: Regional Economic Development Partnership





Regional Economic
Development Partnership
 
1100 Main Street, 3rd Floor
P.O. Box 1029
Wheeling, WV 26003
 
Phone: 304.232.7722
Fax: 304.232.7727
Email: info@redp.org

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RED is a division of Ohio Valley Industrial and Business Development Corporation (OVIBDC). Copyright © 2017 Regional Economic Development Partnership

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West Virginia ranks #3 among states with fastest-growing economies

West Virginia’s economy was the third fastest-growing in the nation in 2013, according to the latest report on real Gross Domestic Product (GDP) by the Bureau of Economic Analysis (BEA). 

Recovering from a 1.4 percent decline in 2012, West Virginia’s economy grew by 5.1 percent in 2013. U.S. real GDP growth slowed from 2.5 in 2012 to 1.8 percent in 2013. 

Leading contributors to U.S. economic growth were nondurable–goods manufacturing; real estate and rental and leasing; and agriculture, forestry, fishing and hunting. Although mining was not a significant contributor to real GDP growth for the nation, BEA reports it did play a primary role in five of the fastest growing states: North Dakota, Wyoming, West Virginia, Oklahoma and Colorado. 

Mining includes oil, natural gas and coal production. West Virginia’s positive performance can be attributed in part to the development of the Marcellus and Utica natural gas formations.