Roanoke Region Among Top Growth Economies in Virginia

Roanoke economic growth

Roanoke has one of the top growing economies Virginia, and has the numbers to prove it.

The Roanoke Region outpaces the state average for growth and is second only to Richmond, according to new Gross Metropolitan Product (GMP) numbers from the U.S. Bureau of Economic Analysis. GMP is a measurement of the total output of goods and services within a given metro.

GMP grew 3.3 percent in Roanoke from 2013-14, the most recent numbers available, just behind the national average of 3.9 percent, but ahead of Virginia which grew by 1.9 percent. The Roanoke economy is growing faster than more than half of all U.S. metros.

The total Gross Metro Product for Roanoke was $14.2 billion in 2014.

Many locations throughout Virginia saw growth during this period, but few at the same rate as Roanoke.

  • Richmond 3.6%
  • Roanoke 3.3%
  • Blacksburg 2.9%
  • Washington 2.0%
  • Virginia Beach 1.9%
  • VIRGINIA AVERAGE 1.9%
  • Charlottesville 1.8%
  • Staunton 0.8%
  • Lynchburg 0.8%
  • Winchester 0.8%
  • Harrisonburg 0.3%
  • Kingsport-Bristol -0.4%

The numbers show that Roanoke is the second-leading growth economy in the state and GMP is one of several measures of the size of the economy of a metropolitan area. It is similar to gross domestic product (GDP).