Industries Economic Development

Virginia GDP rose 2.6 percent last year

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Virginia’s economy rose 2.6 percent in 2010, equal to the average for the entire United States for the year.

The federal Bureau of Economic Analysis today reported that real gross domestic product in the U.S. was positive last year after dropping 2.5 percent in 2009.

The Southeast region, which includes Virginia, had an average real GDP of 2.3 percent. Neighboring states and the District of Columbia, however, recorded greater growth last year than Virginia. They include West Virginia, 4 percent; Tennessee and District of Columbia, 3.5 percent; North Carolina, 3.4 percent; and Maryland, 2.9 percent.

Mideastern states — including Maryland, Pennsylvania, Delaware, New Jersey and New York — had an average GDP of 3.8 percent, the highest in the country. The second-fastest growing region was New England, at 3.4 percent.

Overall, the economies of 48 states and D.C. expanded during 2010. Only Wyoming and Nevada saw their real GDP decline, each at less than a half percentage point.

Gross domestic product is the total value of goods and services produced in specific area. 


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