CHARLESTON, WV – Gov. Jim Justice announced today that West Virginia now ranks among the top 10 states in the entire nation for GDP growth for Q2.
“This is a giant announcement,” Gov. Justice said. “It just echoes what I’ve said over and over about West Virginia killing it economically and moving forward through this terrible pandemic.”
According to the latest report from the U.S. Bureau of Economic Analysis, West Virginia’s quarterly GDP growth of 7.3% ranked 10th in the nation – well above the national average of 6.7%. West Virginia’s GDP growth rate is even further ahead of its bordering states, with Kentucky’s 6.5% coming in as the next closest and only two states (Kentucky and Maryland) cracking 6% in GDP growth.
The report notes that increases nationwide have been driven, in part, by gains in the food service and hospitality sectors.
“We have pushed the right buttons. We asked people to get back to work and now businesses are scaling up operations,” Gov. Justice said. “We’ve also seen big gains in tourism, hospitality, mining, and the oil and gas sector. The world is starting to realize just how good we really are; that we’re the diamond in the rough that everybody missed.”
After finishing FY2021 with a $413 million surplus despite the effects of the pandemic, West Virginia has notched a $142.7 million surplus through the first three months of FY2022.
Additionally, the state’s unemployment rate has decreased for 16 consecutive months and is now at its best mark since before the pandemic started. It is also better than the national unemployment rate.
“We’re knocking it out of the park all across the board,” Gov. Justice said. “I thank the Legislature for all they’ve done to help eliminate red tape, reform the tax code, and make West Virginia a business-friendly state. I thank all the people that have pushed the right buttons within our Department of Revenue.
“We want to be #1 in GDP growth in the next quarter, so let’s keep pouring it on, West Virginia,” Gov. Justice continued. “Keep doing the great stuff you’re doing, and let’s keep moving forward.”