#1West Virginia Economic Snapshot FEDERAL RESERVE BANK OF RICHMOND™ Richmond Baltimore Charlotte Sep Oct Nov Dec 85 69 59 43#2West Virginia Industry Structure Natural Resources and Mining Construction Manufacturing Trade, Transportation & Utilities Information Financial Activities Professional & Business Services Education & Health Services Leisure & Hospitality March 2024 Industry Structure U.S. West Virginia 0.4 3.0 5.2 4.8 8.2 6.3 1.9 1.1 5.8 3.6 18.3 16.9 14.5 10.1 16.5 19.0 10.7 10.0 3.7 Other Services 3.4 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte Government ·50 10 14.7 21.7 15 -0 20 Employment Share (Percent) Source: Bureau of Labor Statistics/Haver Analytics 2#3West Virginia Industry Growth Percent Change in Employment from a Year Ago, SA March 2024 Industry Growth West Virginia U.S. 1.7 Total 1.9 0.5 Natural Resources and Mining 1.6 7.1 Construction 3.4 -1.7 Manufacturing 0.2 -0.9 Trade, Transportation & Utilities 0.4 -2.5 Information -1.2 Financial Activities Professional & Business Services Education & Health Services Leisure & Hospitality Other Services Government FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte 2.8 0.8 0.3 0.7 0.3 2.8 1.7 1.8 3.2 2.9 -4 0 4 YoY% Chg(SA) 3.8 4.3 Source: Bureau of Labor Statistics/Haver Analytics 8 3#4West Virginia Payroll Employment 12 10- Payroll Employment YoY % Chg (SA) United States - West Virginia 12 10 8- +8 6- 6 4- 4 2 2 0 -0 -2- -2 -41 F-4 March 2024 -6 -6 -8- United States: West Virginia: 1.9% F-8 1.7% -10- -10 -12- -12 -14- F-14 -16- F-16 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte Source: Bureau of Labor Statistics/Haver Analytics 4#5West Virginia Unemployment Rate 16- Unemployment Percent 14- March 2024 United States: 12- West Virginia: 3.8% 4.3% 10- 8 CO 4. 2. United States West Virginia -16 -14 12 10 8 6 4 -2 0. 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte Source: Bureau of Labor Statistics/Haver Analytics 5 OT#6West Virginia Labor Force Participation Rate Labor Force Participation Percent 68- 66- 64 ...... 62- 60 58- 56- 54- 52- United States - West Virginia -68 March 2024 United States: West Virginia: 62.7% 55.2% -66 -64 -62 -60 -58 -56 50- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte Source: Bureau of Labor Statistics/Haver Analytics -54 -52 -50 CO 6#7West Virginia Initial Unemployment Claims West Virginia Initial Unemployment Claims Thousands 120- 100- 80. 60- 40- 20 West Virginia: February 2024 3.8 West Virginia 0- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte 120 100 -80 - 60 40 -20 0 Source: Bureau of Labor Statistics/Haver Analytics 7#8West Virginia Real Personal Income 19- 17- 15- 13- 11 9. 7- 5- 3. 1 -11 -3- -5- -7- -9- -11- -13- Real Personal Income YoY % Change - United States - West Virginia -19 17 United States: West Virginia: 2022 Q4 0.0% 15 13 -1.8% 11 -9 -7 5 3 1 -3 --5 --7 --9 -11 F-13 -15- F-15 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 FEDERAL RESERVE BANK OF RICHMOND Richmond • Baltimore Charlotte Source: Bureau of Economic Analysis/Haver Analytics 8#9West Virginia Wages and Salaries Wages and Salaries YoY % Chg 14- 12- 10- 8. CO 6 2. -2- -4- -6- 2023 Q4 United States: 6.5% West Virginia: 5.7% United States - West Virginia 14. -12 -10 8 6 -4 -2 0 --2 --4 F-6 --8 -8- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte Source: Bureau of Economic Analysis/Haver Analytics 9#10West Virginia Building Permits Single-Family Homes Private Single-Family Housing Permits YoY % Chg 3-month Average 80 60 40- 20 0 -20- -40 -60 -80 United States - West Virginia 80 February 2024 United States: West Virginia: 36.1% 52.7% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte +60 40 20 -0 -20 F-40 -60 -80 Source: US Census Bureau/Haver Analytics 10#11West Virginia House Price Index-FHFA FHFA House Price Index YoY % Chg 30 28. 26 24 22 20 18- 16 14- 12- -2 0864202468 10- 6- 4- 2. -8- -10- -12- 2023 Q4 United States: West Virginia: 5.7% 9.4% West Virginia - U.S. 30 28 26 +24 +22 20 18 16 14 12 10 0 86420 8 6 4 2 F-2 F-4 -6 F-8 F-10 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 F-12 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte Source: Federal Housing Finance Agency/Haver Analytics 11#12West Virginia Mortgage Delinquency Rate 90+ days delinquent Mortgage Delinquency Rate 90+ Days Delinquent Percent - Coventional Adjustable Rate Mortgages Total Mortgages 9 8- 7- 6 5. 3 - Coventional Fixed Rate Mortgages -9 2023 Q4 -8. Adjustable Rate: 0.9% 7 Total: 0.8% Fixed Rate: 0.5% 6 5 2. 1- 0- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte -4 3 2 ·1 -0 Source: Mortgage Bankers Association/Haver Analytics 12#13West Virginia Foreclosure Inventory Rate Foreclosure Inventory Rate Percent - Coventional Adjustable Rate Mortgages Total Mortgages 9 8- 7- 6 5. 3 - Coventional Fixed Rate Mortgages -9 -8. F7 2023 Q4 6 Adjustable Rate: 0.9% 5 Total: 0.5% Fixed Rate: 0.5% -4 2- 1. 0- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte 3 2 -0 Source: Mortgage Bankers Association/Haver Analytics 13#14West Virginia Foreclosure Starts Rate Foreclosure Starts Rate Percent 3- - - Coventional Adjustable Rate Mortgages Total Mortgages Coventional Fixed Rate Mortgages 2. 2023 Q4 Adjustable Rate: 0.3% -2 Total: 0.2% Fixed Rate: 0.1% 0- 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FEDERAL RESERVE BANK OF RICHMOND Richmond Baltimore Charlotte Source: Mortgage Bankers Association/Haver Analytics 14