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STATE ECONOMIC PROFILE

West Virginia Economic Overview

$81.6b

GROSS STATE PRODUCT

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Growth Rate 2019-24

State Growth Rank

1.2%

34

1,763,785

POPULATION

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Growth Rate 2019-24

State Growth Rank

-0.4%

49

117,331

BUSINESSES

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Growth Rate 2019-24

State Growth Rank

0.8%

49

Overview of the West Virginia Economy

In 2024, the state of West Virginia has a population of 1,763,785, having declined an annualized -0.4% over the five years to 2024, which ranks it 49th out of all 50 US states by growth rate. West Virginia's gross state product (GSP) in 2024 reached $81.6b, with growth of 1.2% over the 5 years to 2024. Businesses in West Virginia employed a total of 630,558 people in 2024, with average annual employment growth over the past five years of 0.1%. The top three sectors by total employment are Mining, Healthcare and Social Assistance, Real Estate and Rental and Leasing, while the unemployment rate across the state in 2024 was 4.5%.

What is West Virginia's Gross Domestic Product (GDP)?

In 2024, West Virginia's GDP reached $81.6b, representing an increase of 1.2% from 2023. West Virginia's GDP has grown at an annualized rate of 1.8% over the five years to 2024. Moreover, West Virginia's trailing five-year GDP growth ranks it 34th out of all 50 US states.

State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.

You can track trends in West Virginia's GDP, and compare them to the national average, using the chart below.

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STATE ECONOMIC PROFILE

West Virginia Industry Trends

Learn about current trends affecting the most significant industries for West Virginia's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 624 industries in West Virginia.

What are West Virginia's Largest Industries by Revenue?

The largest industries by revenue in West Virginia are Casino Hotels, Hospitals and Coal Mining, which generated $27.9b, $9.3b and $6.6b in 2024.

See all industries in West Virginia >

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STATE ECONOMIC PROFILE

Top Companies in West Virginia

Learn about current trends affecting the top companies in West Virginia. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.

Top 10 Companies Headquartered in West Virginia by Employment

The largest companies by employment in West Virginia are The West Virginia University Health System, Walmart and Charleston Area Medical Center, which employed 21,720, 12,617 and 8,000 people in 2024.

Company
2024 Employment
2024 Employment %
1.
The West Virginia University Health System
21,720
3.5%
2.
12,617
2.0%
3.
Charleston Area Medical Center
8,000
1.3%
4.
West Virginia University
6,138
1.0%
5.
4,321
0.7%
7.
3,114
0.5%
8.
Mon Health
1,645
0.3%
9.
1,397
0.2%
10.
Home Depot
1,314
0.2%

View all companies >

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STATE ECONOMIC PROFILE

West Virginia Sector Statistics

In West Virginia, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.

What is West Virginia's GDP by Sector?

The Mining, Healthcare and Social Assistance and Real Estate and Rental and Leasing sectors contributed the most to West Virginia's GDP in 2024, representing a combined 42.7% of state GDP.

GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.

Sector
GDP
Growth 2024 (%)
Annualized Growth 2019-24
11,899,561,966
11.6%
7.9%
7,105,221,936
-0.2%
0.1%
5,719,908,251
3.5%
0.8%
3,033,198,678
-3.2%
-4.1%
2,772,452,603
-1.3%
-6.1%
2,751,752,314
0.2%
0.0%
2,380,992,831
1.3%
-0.9%
2,093,981,473
7.5%
6.7%
2,034,037,787
-0.3%
-0.9%
1,735,271,912
-5.1%
-3.6%
380,283,093
-0.9%
-2.4%

What is West Virginia's Employment by Sector?

The Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services sectors contributed the most to employment in West Virginia in 2024, representing a combined 49.1% of state employment.

Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.

Sector
Employment
Growth 2024 (%)
Annualized Growth 2019-24
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STATE ECONOMIC PROFILE

West Virginia Employment Trends

630.6k

EMPLOYMENT

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Growth Rate 2019-24

State Growth Rank

-0.3%

1

4.5%

UNEMPLOYMENT

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Growth Rate 2019-24

State Growth Rank

-1.9%

32

What Employment Trends are Impacting West Virginia?

The state of West Virginia employs 630,558 people in 2024, which ranks it 42nd out of all 50 US states. Employment in West Virginia has grown at an annualized rate of -0.3% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in West Virginia include Healthcare and Social Assistance, Retail Trade and Accommodation and Food Services, which employed 146,546, 98,521 and 64,805 people in 2024, respectively. West Virginia's unemployment rate is 4.5% in 2024, which ranks it 41st out of 50 states. West Virginia's unemployment rate has trended downwards at a rate of -1.9% over the five years to 2024, overperforming the US economy as a whole.

Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.

You can track unemployment trends in West Virginia, and compare them to the US economy, using the chart below.

$73.1k

PER CAPITA DISPOSABLE INCOME

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Growth Rate 2019-24

State Growth Rank

4.3

38

What is West Virginia's Per Capita Disposable Income?

Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. West Virginia's DPI in 2024 was $73.1k, compared to the US average of $129.8k, which places it 38th out of all 50 US states.

Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.

You can track trends in West Virginia's per capita disposable income, and compare it to the US average, using the chart below.

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STATE ECONOMIC PROFILE

West Virginia Construction & Building Trends

$1,287.1tn

NONRESIDENTIAL CONSTRUCTION

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Growth Rate 2019-24

State Growth Rank

16.4%

47

$858.6b

RESIDENTIAL CONSTRUCTION

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Growth Rate 2019-24

State Growth Rank

8.8%

29

3,916

BUILDING PERMITS

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Growth Rate 2019-24

State Growth Rank

2.1%

28

What can construction trends tell you about a state’s economy?

In West Virginia, non-residential construction was $1,287.1tn in 2024, which ranks it 47th out of all US states. Residential construction was $858.6b in 2024, which places West Virginia 29th in the United States. The number of building permits issued in West Virginia in 2024 was 3,916, representing a 2.1% annualized growth rate between 2019 and 2024.

Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.

You can track trends in the number of building permits issued in West Virginia, and compare it to trends in the number issued in the United States as a whole, using the chart below.

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STATE ECONOMIC PROFILE

West Virginia Population Statistics

Which Counties in West Virginia have the Largest Populations?

The counties with the highest populations in West Virginia are Kanawha County, Berkeley County and Monongalia County, which had populations of 171,182, 135,999 and 107,670 people in 2024.

Region
2024 Population
Annual Growth 2019-24 (%)
Population Growth 2024 (%)
Kanawha
171.2k
-1.2%
9.7%
Berkeley
136.0k
2.5%
7.7%
Monongalia
107.7k
0.4%
6.1%
Cabell
91.4k
-0.7%
5.2%
Wood
82.5k
-0.5%
4.7%
Raleigh
71.4k
-1.0%
4.0%
Harrison
64.0k
-0.7%
3.6%
Jefferson
60.0k
0.8%
3.4%
Mercer
57.9k
-0.7%
3.3%
Putnam
56.6k
-0.3%
3.2%
Marion
55.7k
-0.2%
3.2%
Ohio
40.7k
-0.9%
2.3%
Fayette
38.5k
-1.3%
2.2%
Wayne
37.1k
-1.2%
2.1%
Preston
34.1k
-0.1%
1.9%
Greenbrier
31.9k
-0.8%
1.8%
Logan
30.3k
-1.6%
1.7%
Marshall
29.0k
-1.2%
1.6%
Jackson
27.6k
-0.2%
1.6%
Hancock
27.4k
-1.3%
1.6%
Randolph
27.2k
-0.7%
1.5%
Mineral
26.8k
-0.2%
1.5%
Mason
24.5k
-0.9%
1.4%
Nicholas
24.1k
-0.5%
1.4%
Hampshire
23.7k
0.4%
1.3%
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STATE ECONOMIC PROFILE

West Virginia Demographics

In West Virginia, 26.7% of the population has a Bachelors or higher. The largest ethnic group in West Virginia is White, accounting for 90.6% of the state's population.

Education Level West Virginia

Education Level
West Virginia (%)
Bachelors or higher
26.7
Other
73.3

Race in West Virginia

Race
West Virginia (%)
White
90.6
Black
3.7
Other
2.5
Hispanic
2.3
Asian
0.9
West Virginia State Industry Reports

IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:

  • Discover key local industry trends
  • Identify threats and opportunities at the subnational level
  • Inform your business strategies and planning

See our list of 624 West Virginia Industry Reports.

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