Wood County vs. West Virginia
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2019
Introduction
Wood County vs. West Virginia
Wood County:
2019 GDP = $3,676,072K
2019 Percent of State = 4.7%
West Virginia:
2019 GDP = $78,863,865K
2019 Percent of U.S. = 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 Wood County is the most comprehensive measure of output of all goods and services produced by labor and property located within Wood 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.
https://www.bea.gov/data/gdp/gdp-state.

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.
https://www.bea.gov/data/gdp/gdp-state.

Wood County Gross Domestic Product, 2002-2019
Current vs. Chained 2012 Dollars (Millions)
Wood County Gross Domestic Product, 2002-2019
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Wood County's annual gross domestic product over 2002-2019 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 Wood County over time.
When measured in current dollars, Wood County's GDP increased 34.0%, from $2,743M in 2002 to $3,676M in 2019. When measured in constant 2012 dollars to adjust for inflation, it declined -8.9%, from $3,506M in 2002 to $3,193M in 2019.
Real Gross Domestic Product, 2001-2019 (Millions)
Real Gross Domestic Product, 2001-2019 (Millions)
Figure 2.
Figure 2 tracks Wood County's and West Virginia's annual real gross domestic product for the period 2001-2019 to illustrate real gross domestic product patterns over time. During this 19-year period, Wood County's real gross domestic product dropped from $3,379M in 2001 to $3,193M in 2019, for a net loss of ($186)M, or -5.5%. In comparison, West Virginia's real GDP increased from $62,017M in 2001 to $72,340M in 2019, for a net gain of $10,324M, or 16.6%.
Real Gross Domestic Product Indices (2001=100): 2001-2019
Real Gross Domestic Product Indices (2001=100): 2001-2019
Figure 3.
Figure 3 shows Wood 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.
Wood County's overall real GDP growth was -5.5% over 2001-2019 trailed West Virginia's increase of 16.6%, and fell below the United States' increase of 44.0%.
Gross Domestic Product as a Percent of the West Virginia Total: 2001-2019
Gross Domestic Product as a Percent of the West Virginia Total: 2001-2019
Figure 4.
Another interesting and insightful way of contrasting the gross domestic product growth of Wood County is to trace 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, Wood County's GDP totaled 5.9% of West Virginia's GDP, while in 2019 it totaled 4.7% thereby yielding a -1.2% share-shift.
   
 
Gross Domestic Product Share-Shift
2019 vs. 2001
 
Share-
Shift*
 
2019
vs.
2001
-1.24%
=
4.66%
-
5.90%
 
   
Wood County Real Gross Domestic Product:
Annual Percent Change, 2002-2019
Wood County Real Gross Domestic Product:
Annual Percent Change, 2002-2019
Figure 5.
Figure 5 displays the short-run pattern of Wood County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2019. The average annual percent change for the entire 18-year period is also traced 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, Wood County's real GDP contracted at an annual rate of -0.28% over 2002-2019. The county recorded its highest growth in 2006 (5.15%) and posted its lowest growth in 2007 (-4.73%). In 2019, Wood County's real GDP grew by 1.12%
Wood County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2019
Wood County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2019
Figure 6.
Figure 6 again depicts the annual percent change in Wood County's real gross domestic product since 2002, but this time they are displayed with average growth rates for 2002-2009, and 2010-2019.
During 2002-2009, Wood County's annual real GDP growth rate averaged 0.94%. It averaged and -1.26% thus far this decade (2010 to 2019).
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 Wood County noted in the previous graph with the corresponding decade averages for West Virginia and the nation. As the chart reveals, Wood County's average annual real gross domestic product growth recorded under West Virginia's average in the 2000s (-1.26% vs. 0.68%), and surpassed West Virginia's average over the 10 year period of the last decade, 2010-2019 (1.12% vs. 0.67%).
Finally, relative to nationwide real gross domestic product growth trends, Wood County fell under the nation in the 2000s (-1.26% vs. 2.30%), and posted below the nation over 2010-2019 (1.12% vs. 2.16%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
-0.28
-1.26
1.12
 
0.87
0.68
0.67
 
2.05
2.30
2.16
 
   

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

   
 
Wood County:
Gross Domestic Product, 2001-2019
 
2001
 
2,594,609
0.971
3,379,179
100.0
N
5.90
2002
 
2,743,147
1.008
3,505,712
103.7
3.74
6.04
2003
 
2,787,436
1.007
3,503,350
103.7
-0.07
5.96
2004
 
2,844,978
1.007
3,502,069
103.6
-0.04
5.77
2005
 
2,894,019
0.997
3,466,651
102.6
-1.01
5.43
2006
 
3,128,737
1.048
3,645,216
107.9
5.15
5.53
2007
 
3,064,596
0.998
3,472,713
102.8
-4.73
5.23
2008
 
3,203,996
1.015
3,531,819
104.5
1.70
5.17
2009
 
3,420,725
1.044
3,630,721
107.4
2.80
5.43
2010
 
3,372,644
1.022
3,554,759
105.2
-2.09
5.16
2011
 
3,445,499
1.018
3,541,029
104.8
-0.39
5.03
2012
 
3,478,324
1.000
3,478,324
102.9
-1.77
5.02
2013
 
3,401,376
0.959
3,334,794
98.7
-4.13
4.79
2014
 
3,453,518
0.952
3,312,692
98.0
-0.66
4.81
2015
 
3,486,487
0.940
3,268,982
96.7
-1.32
4.92
2016
 
3,446,917
0.914
3,180,190
94.1
-2.72
4.92
2017
 
3,461,282
0.902
3,138,738
92.9
-1.30
4.75
2018
 
3,564,031
0.908
3,157,954
93.5
0.61
4.59
2019
 
3,676,072
0.918
3,193,334
94.5
1.12
4.66
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 2020
REAP_PI_CA1400_2000_PSN
 
   

Interactive TableTip: 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, 2001-2019
 
2001
 
43,982,836
0.894
62,016,605
100.0
N
0.42
2002
 
45,433,614
0.906
62,797,581
101.3
1.26
0.42
2003
 
46,747,451
0.908
62,938,610
101.5
0.22
0.41
2004
 
49,280,485
0.919
63,726,822
102.8
1.25
0.40
2005
 
53,292,702
0.946
65,585,982
105.8
2.92
0.41
2006
 
56,577,991
0.959
66,488,898
107.2
1.38
0.41
2007
 
58,628,831
0.959
66,512,308
107.2
0.04
0.41
2008
 
61,994,138
0.978
67,806,264
109.3
1.95
0.42
2009
 
63,032,541
0.976
67,646,432
109.1
-0.24
0.44
2010
 
65,304,737
0.988
68,474,049
110.4
1.22
0.44
2011
 
68,446,832
1.003
69,577,165
112.2
1.61
0.44
2012
 
69,335,639
1.000
69,335,639
111.8
-0.35
0.43
2013
 
70,998,561
1.011
70,121,229
113.1
1.13
0.42
2014
 
71,769,134
1.006
69,720,742
112.4
-0.57
0.41
2015
 
70,815,883
1.014
70,332,741
113.4
0.88
0.39
2016
 
70,006,224
0.999
69,276,446
111.7
-1.50
0.37
2017
 
72,853,078
1.006
69,743,237
112.5
0.67
0.37
2018
 
77,632,517
1.036
71,858,701
115.9
3.03
0.38
2019
 
78,863,865
1.043
72,340,446
116.6
0.67
0.37
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 2020
REAP_PI_CA1400_2000_PSN
 
   

Interactive TableTip: 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, 2001-2019
 
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
 
18,238,301,000
1.076
17,432,170,000
131.4
3.08
2016
 
18,745,075,000
1.095
17,730,509,000
133.7
1.71
2017
 
19,542,980,000
1.120
18,144,105,000
136.8
2.33
2018
 
20,611,861,000
1.154
18,687,786,000
140.9
3.00
2019
 
21,433,226,000
1.179
19,091,662,000
144.0
2.16
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 2020
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2021. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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