STATE ECONOMIC PROFILE
West Virginia Economic Overview
$81.6b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.2%
34
1,763,785
POPULATION
Growth Rate 2019-24
State Growth Rank
-0.4%
49
117,331
BUSINESSES
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.
STATE ECONOMIC PROFILE
West Virginia Industry Trends
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.
STATE ECONOMIC PROFILE
Top Companies in West Virginia
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.
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.
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.
STATE ECONOMIC PROFILE
West Virginia Employment Trends
630.6k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-0.3%
1
4.5%
UNEMPLOYMENT
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
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.
STATE ECONOMIC PROFILE
West Virginia Construction & Building Trends
$1,287.1tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
16.4%
47
$858.6b
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
8.8%
29
3,916
BUILDING PERMITS
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.
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.
STATE ECONOMIC PROFILE
West Virginia Demographics
Education Level West Virginia
Race in West Virginia
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.