FOR IMMEDIATE RELEASE September 24, 2015
Wheeling Area Ranks 5th Among Fastest Growing U.S. Economies
Wheeling, WV – This week, the U.S. Department of Commerce Bureau of Economic Analysis released annual data for real gross domestic product (GDP), revealing a 9.5 percent increase in the Wheeling metropolitan area from 2013 to 2014. The percent change in Wheeling ranks fifth of 381 U.S. metropolitan areas, making it one of the fastest growing economies in the country.
The category of natural resources and mining – specifically, mining in the Marcellus shale formation – contributed significantly to the 9.5 percent increase. Increases in the following categories also had a positive impact on Wheeling’s economic growth:
Finance, insurance, real estate, rental, and leasing
Professional and business services.
“The energy industry continues to generate new opportunities in Wheeling for employment, hospitality, and increased exposure. More people are working here, eating here, shopping here, and staying here,” Mayor Andy McKenzie noted.
As a complement to the GDP data, various development projects are contributing to Wheeling’s growth in 2015. Downtown projects include the Stone Center, Market Plaza, and WesBanco Arena, while new housing developments are enhancing areas in Elm Grove and along National Road.
“We’re experiencing a lot of growth and investment throughout Wheeling, and it’s encouraging to know how well that growth ranks on a national level,” McKenzie added. “With several project announcements coming up this fall, I think our progress will continue well into next year.”
Information was provided by the Bureau of Economic Analysis and is available on the website (http://www.bea.gov/newsreleases/regional/gdp_metro/gdp_metro_newsrelease.htm).
City of Wheeling, West Virginia I 1500 Chapline Street | Wheeling, WV 26003 304.234.3617 | www.WheelingWV.gov