Overview
The economy of West Virginia nominally would be the 62nd largest economy globally behind Iraq and ahead of Croatia according to 2009 World Bank projections, and the 64th largest behind Iraq and ahead of Libya according to 2009 International Monetary Fund projections. The state has a projected nominal GDP of $63.34 billion in 2009 according to the Bureau of Economic Analysis report of November 2010, and a real GDP of $55.04 billion. The real GDP growth of the state in 2009 of .7% was the 7th best in the country. West Virginia was only one of ten states in 2009 which grew economically.
While per capita income growth fell 2.6% nationally in 2009, West Virginia's grew at 1.8%. Through the first half of 2010, exports from West Virginia topped $3 billion, growing 39.5% over the same period from the previous year and ahead of the national average by 15.7%.
Morgantown was ranked by Forbes as the #10 best small city in the nation to conduct business in 2010. The city is also home to West Virginia University, the 95th best public university according to U.S. News & World Report in 2011.
The net corporate income tax rate is 8.5%, scheduled for reduction to 6.5% by 2014, while business costs are 13% below the national average.
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