West Virginia economy

West Virginia economic growth

Economic growth of the state of West Virginia is tracked by the GDP growth indicator. However, GDP is a lagging indicator since it reports what economic growth was in the previous quarter. MacroVar aims to predict what economic growth will be in six to twelve months. Consequently, MacroVar tracks the following leading economic indicators: West Virginia Leading economic index, Initial jobless claims, Building permits and Real Estate prices. Current economic growth conditions of the state of West Virginia are monitored using West Virginia coincident economic activity index.

Indicator Actual Previous M/M% Y/Y% Trend ZS5Y Trend Update
Leading Index West Virginia 3.47 3.61 -0.0387812 1.32886 1.0 0.833333 2020-02-29
Coincident Economic Activity Index for West Virginia 102.67 100.33 0.023323 0.686155 1.0 1 2021-04-01
Initial Jobless Claims West Virginia 2594 3966 -0.345941 -0.656105 -1.0 0.116667 2021-05-29
Build Permits West Virginia 238.081 390.579 -0.390441 -0.15012 -1.0 0.183333 2021-04-01
Build Permits West 37630.4 37248 0.0102663 0.721034 1.0 1 2021-04-01
Total Gross Domestic Product West Virginia 75958.7 74510.9 0.0194307 0.0294613 -1.0 0 2020-10-01
Zillow West Virginia all Prices 116723 115954 0.00663194 0.0615042 1.0 1 2021-04-30
Unemployment Rate in West Virginia 5.8 5.9 -0.0169492 -0.628205 -1.0 0.0166667 2021-04-01

West Virginia Unemployment

West Virginia unemployment is a very important economic indicator affecting the state’s economic condition. MacroVar monitors initial jobless claims which is reported every week and is an important indicator of current economic conditions. West Virginia unemployment is reported later in the month.

Indicator Actual Previous M/M% Y/Y% Trend ZS5Y Trend Update

West Virginia Real Estate

Construction activity is a very important economic indicator for the economy of West Virginia. MacroVar monitors the following indicators: West Virginia building permits, real estate prices, real estate rent and the house price index. Building permits is a leading economic indicator measuring the number of permits required to start construction. Hence, it predicts the construction activity in the state for the following year. When economic growth is strong and financial conditions are normal, developers are optimistic about future economic growth and they apply for new building permits to begin new construction projects and vice-versa.

Indicator Actual Previous M/M% Y/Y% Trend ZS5Y Trend Update
Build Permits West Virginia 238.081 390.579 -0.390441 -0.15012 -1.0 0.183333 2021-04-01
Build Permits West 37630.4 37248 0.0102663 0.721034 1.0 1 2021-04-01
Leading Index West Virginia 3.47 3.61 -0.0387812 1.32886 1.0 0.833333 2020-02-29
All-Transactions House Price Index for West Virginia 247.04 242.55 1.85 10.96 UP 100 2021-01-13
Coincident Economic Activity Index for West Virginia 102.67 100.33 0.023323 0.686155 1.0 1 2021-04-01
Zillow West Virginia all Prices 116723 115954 0.00663194 0.0615042 1.0 1 2021-04-30

West Virginia Cost of living

West Virginia cost of living is monitored using the following indicators: Real per capita personal income, Real trade-weighted value of the dollar, West Virginia Zillow rent levels, Regional price parities all items

Indicator Actual Previous M/M% Y/Y% Trend ZS5Y Trend Update
Real Per Capita Personal Income for West Virginia 44437 43576 1.98 0 UP 0 2021-01-13
Real Trade-Weighted Value of the dollar for West Virginia 110.987 109.911 0.00978974 -0.0514661 -1.0 0.1 2021-03-01
Regional Price Parities: All Items for West Virginia 87.1 87.7 -0.68 0 Down 0 2021-01-13

West Virginia Economic news

MacroVar monitors news and economic developments related to the West Virginia economy.

Economic Indicators Overview

  • Leading Index: The leading index for West Virginia state predicts the six-month growth rate of the state’s coincident index. The indicator monitors the following variables leading the economy: state-level housing permits (1 to 4 units), state initial unemployment insurance claims, delivery times for Institute for Supply Management (ISM) manufacturing survey, and the interest rate spread between the 10-year Treasury bond and the 3-month Treasury bill.
  • Coincident Index: The coincident economic activity index includes the following indicators: nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing and wages and salaries. The trend for West Virginia state index is set to match the trend for GDP growth.
  • Initial Jobless claims: An initial claim is a claim filed by an unemployed individual after a separation from an employer. The claim requests a determination of basic eligibility for the Unemployment insurance program.
  • Building Permits: West Virginia building permits represents the total number of building permits for all structure types.
  • GDP: The total value of goods produced and services provided in West Virginia during one year.
  • Unemployment Rate: West Virginia unemployment rate is the proportion of the labor force that is not currently employed but could be.
  • Real Estate prices (Zillow): MacroVar monitors real estate prices across West Virginia using current prices determined by real estate activity tracked by Zillow.
  • House Price Index: West Virginia House price index summarizes real estate activity using estimated sales prices and appraisal data.
  • Real trade-weighted value of the dollar: This index calculates the inflation-adjusted value of the US dollar against the currencies of countries to which West Virginia exports. The real exchange rates are aggregated across countries for West Virginia using the annual average export share to the country.
  • Regional price parities: Regional price parities (RPPs) are regional price levels expressed as a percentage of the overall national price level for a given year. The price levels are determined by the average prices paid by consumers for the mix of goods and services consumed in the state of West Virginia. Taking the ratio of RPPs shows the difference in price levels across regions.

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