Roanoke Region Among Top Growth Economies in Virginia
Roanoke has one of the fastest growing metro economies in Virginia, according to new data on gross metropolitan product (GMP) from the Bureau of Economic Analysis. The data shows the Roanoke metro region is ranked fourth in the state only behind Richmond, Hampton Roads, and Richmond.
Roanoke’s growth outpaces six other Virginia metro economies. GMP is a measurement of the total output of goods and services within a given metro area.
GMP grew by 3.3 percent in Roanoke from 2014-2015, up from 2.5 percent the previous year and just behind the national rate of growth of 3.8 percent.
The total gross metropolitan product in Roanoke was $14.47 billion in 2015.
Many locations throughout Virginia saw growth during this period but Roanoke outperformed every Virginia metro outside of Virginia’s Urban Crescent.
| GMP Change in Virginia, 2014-2015 | Percent |
|---|---|
| Richmond | 6.5 |
| Hampton Roads | 6.5 |
| Northern Virginia | 3.5 |
| Roanoke | 3.3 |
| Blacksburg | 2.5 |
| Lynchburg | 2.4 |
| Charlottesville | 2.2 |
| Winchester | 0.7 |
| Staunton-Waynesboro | 0.2 |
| Harrisonburg | -0.5 |