Marshall County vs. West Virginia
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2018
Introduction
Marshall County:
2018 GDP = $2,775,547K
2018 Percent of State = 3.6%
West Virginia:
2018 GDP = $77,437,570K
2018 Percent of State = 0.4%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of Marshall County is the most comprehensive measure of output of all goods and services produced by labor and property located within Marshall County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

Marshall County Gross Domestic Product, 2001-2018
Current vs. Chained 2012 Dollars (Millions)
Marshall County Gross Domestic Product, 2001-2018
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Marshall County's annual gross domestic product over 2001-2018 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of Marshall County over time.
When measured in current dollars, Marshall County's GDP increased 161.5%, from $1,061M in 2001 to $2,776M in 2018. When measured in constant 2012 dollars to adjust for inflation, it advanced 60.6%, from $1,760M in 2001 to $2,826M in 2018.
Real Gross Domestic Product, 2001-2018 (Millions)
Real Gross Domestic Product, 2001-2018 (Millions)
Figure 2.
Figure 2 tracks Marshall County's and West Virginia's annual real gross domestic product for the period 2001-2018 to illustrate real gross domestic product patterns over time. During this 18-year period, Marshall County's real gross domestic product rose from $1,760M in 2001 to $2,826M in 2018, for a net gain of $1,066M, or 60.6%. In comparison, West Virginia's real GDP advanced from $62,017M in 2001 to $71,481M in 2018, for a net gain of $9,465M, or 15.3%.
Real Gross Domestic Product Indices (2001=100): 2001-2018
Real Gross Domestic Product Indices (2001=100): 2001-2018
Figure 3.
Figure 3 shows Marshall County's real gross domestic product growth in a broader context by offering direct comparisons across time with West Virginia, the United States. The growth indices shown here express each region's real gross domestic product in 2001 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 2001 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
Marshall County's overall real GDP growth was 60.6% over 2001-2018 outpaced West Virginia's increase of 15.3%, and topped the United States' increase of 40.5%.
Gross Domestic Product as a Percent of the West Virginia Total: 2001-2018
Gross Domestic Product as a Percent of the West Virginia Total: 2001-2018
Figure 4.
Another interesting and insightful way of contrasting the gross domestic product growth of Marshall County is to compare its individual percentage contributions to West Virginia's statewide gross domestic product over time, as shown in Figure 4. A rising share means a region's gross domestic product grew faster, or declined less, than West Virginia's gross domestic product, while a declining share shows it grew more slowly.
In 2001, Marshall County's GDP comprised 2.4% of West Virginia's GDP, while in 2018 it totaled 3.6% thereby yielding a +1.2% share-shift.
   
 
Gross Domestic Product Share-Shift
2018 vs. 2001
 
Share-
Shift*
 
2018
vs.
2001
+1.17%
=
3.58%
-
2.41%
 
   
Marshall County Real Gross Domestic Product:
Annual Percent Change, 2002-2018
Marshall County Real Gross Domestic Product:
Annual Percent Change, 2002-2018
Figure 5.
Figure 5 shows the short-run pattern of Marshall County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2018. The average annual percent change for the entire 17-year period is also illustrated on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.
On average, Marshall County's real GDP grew at an annual rate of 3.02% over 2002-2018. The county recorded its highest growth in 2013 (16.81%) and recorded its lowest growth in 2002 (-8.71%). In 2018, Marshall County's real GDP grew by 9.10%
Marshall County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2018
Marshall County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2018
Figure 6.
Figure 6 again illustrates the annual percent change in Marshall County's real gross domestic product since 2002, but this time they are overlayed with the average growth rate for 2010-2018.
During the 2010s, Marshall County's annual real GDP growth rate averaged 5.66%.
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for Marshall County noted in the previous graph with the corresponding decade averages for West Virginia and the nation. As the chart reveals, Marshall County's average annual real gross domestic product growth and registered above West Virginia's average over the 9 year period of the last decade, 2010-2018 (5.66% vs. 0.63%).
Finally, relative to nationwide real gross domestic product growth trends, Marshall County and recorded above the nation over 2010-2018 (5.66% vs. 2.29%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
3.02
5.66
9.10
 
0.85
0.63
2.26
 
2.03
2.29
2.93
 
   

Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
Marshall County:
Gross Domestic Product, 2001-2018
 
2001
 
1,061,314
0.959
1,760,260
100.0
N
2.41
2002
 
975,863
0.876
1,606,940
91.3
-8.71
2.15
2003
 
1,032,046
0.896
1,644,357
93.4
2.33
2.21
2004
 
1,089,152
0.900
1,651,320
93.8
0.42
2.21
2005
 
1,157,108
0.875
1,606,455
91.3
-2.72
2.17
2006
 
1,248,203
0.876
1,608,037
91.4
0.10
2.21
2007
 
1,273,900
0.859
1,575,677
89.5
-2.01
2.17
2008
 
1,412,795
0.895
1,643,374
93.4
4.30
2.28
2009
 
1,608,197
0.955
1,752,643
99.6
6.65
2.55
2010
 
1,797,886
1.035
1,899,783
107.9
8.40
2.75
2011
 
1,941,940
1.056
1,938,567
110.1
2.04
2.83
2012
 
1,835,358
1.000
1,835,358
104.3
-5.32
2.64
2013
 
2,114,660
1.168
2,143,900
121.8
16.81
2.98
2014
 
2,413,799
1.330
2,440,636
138.7
13.84
3.36
2015
 
2,173,001
1.366
2,506,774
142.4
2.71
3.09
2016
 
2,101,326
1.353
2,482,473
141.0
-0.97
3.01
2017
 
2,394,589
1.411
2,590,606
147.2
4.36
3.27
2018
 
2,775,547
1.540
2,826,306
160.6
9.10
3.58
Source: Calculations by the West Virginia Regional Economic Analysis Project (WV-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2019
REAP_PI_CA1400_2000_PSN
 
   

Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
West Virginia:
Gross Domestic Product, 2001-2018
 
2001
 
43,977,598
0.894
62,016,766
100.0
N
0.42
2002
 
45,433,676
0.905
62,805,288
101.3
1.27
0.42
2003
 
46,667,903
0.905
62,839,054
101.3
0.05
0.41
2004
 
49,271,733
0.918
63,721,395
102.7
1.40
0.40
2005
 
53,259,026
0.945
65,548,853
105.7
2.87
0.41
2006
 
56,529,981
0.957
66,435,394
107.1
1.35
0.41
2007
 
58,635,806
0.959
66,522,099
107.3
0.13
0.41
2008
 
62,066,661
0.978
67,888,347
109.5
2.05
0.42
2009
 
62,957,797
0.974
67,564,930
108.9
-0.48
0.44
2010
 
65,274,093
0.986
68,443,646
110.4
1.30
0.44
2011
 
68,524,877
1.004
69,658,020
112.3
1.77
0.44
2012
 
69,398,998
1.000
69,398,998
111.9
-0.37
0.43
2013
 
71,037,627
1.011
70,158,690
113.1
1.09
0.42
2014
 
71,919,171
1.007
69,874,103
112.7
-0.41
0.41
2015
 
70,280,985
1.005
69,761,073
112.5
-0.16
0.39
2016
 
69,721,356
0.993
68,901,200
111.1
-1.23
0.37
2017
 
73,162,915
1.007
69,903,915
112.7
1.46
0.37
2018
 
77,437,570
1.030
71,481,396
115.3
2.26
0.38
Source: Calculations by the West Virginia Regional Economic Analysis Project (WV-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2019
REAP_PI_CA1400_2000_PSN
 
   

Tip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
United States:
Gross Domestic Product, 2001-2018
 
2001
 
10,581,822,000
0.819
13,262,079,000
100.0
N
2002
 
10,936,418,000
0.833
13,493,064,000
101.7
1.74
2003
 
11,458,246,000
0.857
13,879,129,000
104.7
2.86
2004
 
12,213,730,000
0.889
14,406,382,000
108.6
3.80
2005
 
13,036,637,000
0.921
14,912,509,000
112.4
3.51
2006
 
13,814,609,000
0.947
15,338,257,000
115.7
2.85
2007
 
14,451,860,000
0.965
15,626,029,000
117.8
1.88
2008
 
14,712,845,000
0.963
15,604,687,000
117.7
-0.14
2009
 
14,448,932,000
0.939
15,208,834,000
114.7
-2.54
2010
 
14,992,052,000
0.963
15,598,753,000
117.6
2.56
2011
 
15,542,582,000
0.978
15,840,664,000
119.4
1.55
2012
 
16,197,007,000
1.000
16,197,007,000
122.1
2.25
2013
 
16,784,851,000
1.018
16,495,369,000
124.4
1.84
2014
 
17,527,258,000
1.044
16,912,038,000
127.5
2.53
2015
 
18,224,780,000
1.075
17,403,843,000
131.2
2.91
2016
 
18,715,040,000
1.092
17,688,890,000
133.4
1.64
2017
 
19,519,424,000
1.118
18,108,082,000
136.5
2.37
2018
 
20,580,223,000
1.151
18,638,164,000
140.5
2.93
Source: Calculations by the West Virginia Regional Economic Analysis Project (WV-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2019
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2020. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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