Economic Growth Accelerates in the Roanoke Region
New data released by the Bureau of Economic Analysis shows that Roanoke is the second leading growth economy in the Commonwealth and that Roanoke’s economy is growing at its fastest rate in more than five years.
Roanoke’s economy is growing faster than more than half of US metros. Roanoke’s gross metropolitan product is over 13 billion and is the fourth largest metro economy in the state.
A metro’s Gross Metropolitan Product (GPM) is the market value of all final goods and services produced within the area in a given period, in this case, one year. The GPM is similar to gross domestic product (GDP), and is one of several measures of the size of the economy of a metropolitan area.
Real Gross Metro Change (millions of chained 2009 dollars)
| Area | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 09 to 10 | 10 to 11 | 11 to 12 | 12 to 13 | Rank 12-13 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Richmond, VA MSA | 61611 | 60,242 | 61,692 | 61,659 | 62,571 | 64,155 | 2.41% | -0.05% | 1.48% | 2.53% | 116 |
| Roanoke, VA MSA | 13328 | 12,986 | 12,842 | 12,738 | 12,840 | 13,051 | -1.11% | -0.81% | 0.80% | 1.64% | 178 |
| Staunton-Waynesboro, VA MSA | 4322 | 4,220 | 4,415 | 4,342 | 4,376 | 4,391 | 4.62% | -1.65% | 0.78% | 0.34% | 269 |
| Virginia Beach-Norfolk-Newport News, VA-NC MSA | 80849 | 80,961 | 81,322 | 81,693 | 83,014 | 83,162 | 0.45% | 0.46% | 1.62% | 0.18% | 281 |
| Harrisonburg, VA MSA | 5948 | 6,262 | 6,747 | 6,654 | 6,667 | 6,664 | 7.75% | -1.38% | 0.20% | -0.04% | 296 |
| Blacksburg-Christiansburg-Radford, VA MSA | 5558 | 5,292 | 5,381 | 5,543 | 5,854 | 5,837 | 1.68% | 3.01% | 5.61% | -0.29% | 313 |
| Lynchburg, VA MSA | 8422 | 8,259 | 8,540 | 8,381 | 8,347 | 8,313 | 3.40% | -1.86% | -0.41% | -0.41% | 314 |
| Charlottesville, VA MSA | 9578 | 9,577 | 9,932 | 10,284 | 10,615 | 10,540 | 3.71% | 3.54% | 3.22% | -0.71% | 324 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV MSA | 417693 | 417,664 | 430,784 | 438,054 | 440,687 | 437,085 | 3.14% | 1.69% | 0.60% | -0.82% | 331 |
| Winchester, VA-WV MSA | 4775 | 4,808 | 5,119 | 5,177 | 5,227 | 5,182 | 6.47% | 1.13% | 0.97% | -0.86% | 334 |
| Kingsport-Bristol-Bristol, TN-VA MSA | 10014 | 9,694 | 10,035 | 10,393 | 10,406 | 10,279 | 3.52% | 3.57% | 0.13% | -1.22% | 346 |