Warren County lauded for fastest growing economy in state 2012-15

According to a financial news organization, Warren County had the fastest growing economy in the state from 2012 to 2015.

According to 24/7 Wall St. (https://247wallst.com/), the county had the fastest-growing gross domestic product of any of the state’s 67 counties during that period.

The gross domestic product reflects the total value of goods produced and services provided in a year.

The study showed the county’s GDP growing by 42.3 percent, compared to a state-wide 5.7 percent. Nationally, the study showed a GDP increase of 7.3 percent.

According to the study, the fastest growing industry in the county during that period was agriculture, forestry, fishing and hunting, and mining, with 0.9 percent growth. Other factors that may have played into a spike in GDP growth over that period were not mentioned in the report.

The county’s unemployment rate over that period was listed as higher than the state average — 5.3 to 4.9 percent.

“Economic growth is most commonly driven by increased worker productivity or a growing population — or some combination of the two,” according to the study. “In many of the counties on this list, population growth likely spurred economic growth as the majority reported growing populations over the same three-year period.”

According to the U.S. Bureau of the Census, Warren County’s population decreased by over 2,000 from 2010 to 2017 — a drop of about five percent.

The county’s population — 40,345 — and GDP — $2 billion — hit the same percentage of the state’s at 0.3 percent.

Every state had at least one county — or the state’s equivalent of a county — in which the GDP grew, according to the study. The fastest-growing counties in Texas (219.6 percent), South Carolina (142.8 percent), West Virginia (134.8 percent), Louisiana (110.6 percent), Oklahoma (106.3 percent), and Arkansas (100.6 percent) doubled their GDPs over the three-year period studied.

Connecticut had the lowest value among the fastest-growing counties at 0.2 percent GDP growth.

The full report can be found here:

https://247wallst.com/special-report/2019/02/19/fastest-growing-local-economy-in-every-state-2/.

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