Virginia’s economy grew 1.9% in the second quarter
Virginia’s economy grew 1.9% during the second quarter of this year, a pace that placed it 21st among the 50 states and the District of Columbia.
The growth rate of Virginia’s gross domestic product was slightly below the 2% GDP figure for the entire U.S. during April-July period, according to figures released Thursday by the federal Bureau of Economic Analysis.
The commonwealth’s first quarter GDP growth rate was 2%.
GDP is the market value of goods and services produced by the labor and property located in a state. It is the federal government’s most comprehensive measure of economic activity.
Virginia’s second-quarter GDP totaled $551.8 billion, up from $546 billion the previous quarter. The commonwealth’s GDP represents 2.6% of the value of the total U.S. economy.
Virginia’s second-quarter GDP growth this year represents a drop from 2.5% during the same period last year.
The overall 2018 growth rate in the commonwealth was 2.6%, ranging from a high of 3.5% in the third quarter to a low of 0.5% in the fourth quarter.
While Virginia ranked 21st in the nation in GDP growth during the second quarter, its economy still grew faster than most surrounding states.
Maryland’s GDP rose 1.5%; Delaware, 1.8%; Kentucky, 1%; North Carolina, 1.6%; Tennessee, 1.3%; and West Virginia, 1.7%.
The growth rate for the District of Columbia was 2.1%.
The average rate for the 12 Southeastern states was 1.7%, while the average in the Mideast region (which includes D.C., Maryland, Delaware, New Jersey, New York and Pennsylvania) was 1.8%.
Nationally, Texas ranked first with a growth rate of 4.7%, followed by Wyoming, 4.2%; Alaska, 4.1%; New Mexico, 4.1%; and Washington state, 3.2%.