ECONOMY

For those looking to do business in West Virginia, there are a number of benefits to locating here. Our business climate ranks at the top of the nation, and we have a ready and able workforce. Additionally, our legislature has worked to remove millions of dollars of business tax burdens.

State Income Tax: 3% – 6.5%
State Sales Tax: 6%
Corporate Tax Rate: 6.5%

West Virginia’s Tax Rankings within the 50 States:

• Overall National Rank: 11
• Corporate Tax: 17
• Individual Income Tax: 28
• Sales Tax: 19
• Unemployment Insurance Tax: 28
• Property Tax: 10

EMPLOYMENT OPPORTUNITIES

West Virginia is an energy-rich state, with coal mining and natural gas having had a predominate presence for much of the state’s history. One of its largest industries, though, is tourism, employing more than 45,000 individuals and creating an economic impact of over $4 billion.

Largest Industries:

• Aerospace: 4,000+
• Information: 6,000+
• Natural Resources and Mining: 17,000+
• Financial: 24,000+
• Construction: 30,000+
• Tourism: 45,000+
• Professional and Business Services: 66,000+
• Trade, Transportation and Utilities: 123,000+
• Education and Health Services: 125,000+

UNEMPLOYMENT RATE

As of July 2021, West Virginia ranks 27 in unemployment with a rate of 5%. Twenty-three states and the District of Columbia have higher unemployment rates than the Mountain State.

Kentucky and Virginia are the only boarding states with lower unemployment rates at 4.4% and 2.2%, respectively.

With the number of growing industries in the state, employment opportunities exist for a number of skillsets and interests.

MEDIAN INCOME

The median annual income in the Mountain State with all occupations considered is $45,380.

Compared to neighboring states, the West Virginia’s median annual income is lower with a median income at $51,510 in Ohio, $53,950 in Pennsylvania, $60,160 in Virginia and $63,610 in Maryland.

COST OF LIVING

The cost-of-living index measures the expenses an average person can expect to incur for food, shelter, transportation, energy, clothing, education, healthcare, childcare, and entertainment. Despite West Virginia having a lower annual income than neighboring states, the cost of living in the surrounding states is higher, meaning the hard-earned dollar has more purchasing power in West Virginia.

On average, West Virginia has a lower cost of living than neighboring states:

•  West Virginia: 93.1 
•  Maryland: 124.4
•  Pennsylvania: 104.3
•  Virginia: 101.5
•  Kentucky: 94.5
•  Ohio: 91.6

MEDIAN MONTHLY RENT & HOUSING COSTS

West Virginia’s median monthly rent is lower than its neighboring state’s rent:

• West Virginia: $888
• Maryland: $1,807
• Pennsylvania: $1,242
• Virginia: $1,452
• Kentucky: $1,084
• Ohio: $1,113

The median home price in West Virginia is $124,600.

INCENTIVES

West Virginia offers a number of incentives to companies that decide to invest and operate in our state. Additionally, individual municipalities offer various incentives including tax programs, grants and local benefits. More information about these programs can be provided by our state and local economic development authorities.