S N A P S H O T A MONTHLY UPDATE OF THE FIFTH DISTRICT ECONOMY September 2021 FEDERAL RESERVE BANK OF RICHMOND WEST VIRGINIA September Summary A Closer Look at…Homeownership West Virginia’s economy expanded in recent weeks. Jobs were added, and the In the Census Bureau's Housing Vacancies and Homeownership Survey homeownership is defined as the number of owner-occupied housing units unemployment rate declined. However, housing market reports reflected some slowing divided by the total number of occupied housing units. According to the survey: of activity. • The homeownership rate in West Virginia was 78.1 percent in the second Labor Markets: quarter of 2021. This was 12.7 percentage points above the national rate of • West Virginia payroll employment increased by 3,600 jobs (0.5 percent), on net, 65.4 percent. in July. The most jobs were added over the month in government (2,200 jobs), • From the second quarter of 2020 to the second quarter of 2021, the and the most jobs were lost in information and in trade, transportation, and homeownership rate in the West Virginia decreased by 0.1 percentage points. • West Virginia currently has the highest homeownership rate in the nation utilities (300 jobs). among states. • On a year-over-year basis, West Virginia’s economy added 27,100 jobs (4.1 percent), on net. Compared to February 2020, before the pandemic, employment was down 3.8 percent. Employment increased from July 2020 in all industries. The most jobs were added in leisure and hospitality and in government (5,700 jobs Homeownership Rates in West Virginia and the U.S. 84 each). United States • The unemployment rate in West Virginia declined by 0.3 percentage point to 5.0 82 West Virginia percent in July. It was 4.4 percentage points below its July 2020 reading and was 80 0.1 percentage point below its pre-pandemic rate from February 2020. 78 76 Housing Markets: 74 • West Virginia issued 245 residential permits in July, down from the 428 permits 72 issued in June, and down from 373 in July 2020. 70 • Meanwhile, housing starts in West Virginia totaled 3,000 at an annual rate in July, 68 down from 4,500 in June, and down from 4,600 in July 2020. 66 • According to CoreLogic Information Solutions, home values in West Virginia 64 appreciated 2.3 percent in June and 12.8 percent over the year. 62 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 WEST VIRGINIA 1 S N A P S H O T A MONTHLY UPDATE OF THE FIFTH DISTRICT ECONOMY September 2021 FEDERAL RESERVE BANK OF RICHMOND WEST VIRGINIA

Labor Market Conditions West Virginia Payroll Employment Performance Payroll Employment (SA) Period Level (000s) MoM % Change YoY % Change Year-over-Year Percent Change in May 2021 United States - Total May 144,894.0 0.39 8.95 West Virginia - Total 8.2 Fifth District - Total May 14,534.0 0.10 7.88 Logging and Mining 15.6 West Virginia - Total May 682.5 -0.35 8.25 Construction 7.9 Manufacturing 4.9 Logging and Mining May 20.0 -0.50 15.61 Trade, Transportation, and Utilities 6.3 Construction May 30.1 -0.99 7.89 Information (NSA) 5.8 Manufacturing May 45.0 -0.44 4.90 Financial Activities 2.4 Trade, Transportation, and Utilities May 121.8 -0.41 6.28 Professional and Business Services 6.6 Information (NSA) May 7.3 1.39 5.80 Education and Health Services 5.0 Financial Activities May 29.5 1.37 2.43 Leisure and Hospitality 52.2 Professional and Business Services May 68.0 1.49 6.58 Other Services 7.5 Education and Health Services May 128.3 -0.08 4.99 Government 1.2 Leisure and Hospitality May 67.9 2.72 52.24 -60-55-50-45-40-35-30-25-20-15-10-5 0 5 1015202530354045505560 Other Services May 21.4 0.00 7.54 West Virginia Total Employment Performance Government May 143.2 -3.05 1.20 Year-over-Year Percent Change in May 2021 United States (SA) 8.9 Metro Payroll Employment (NSA) Period Level (000s) YoY % Change Fifth District (SA) Beckley MSA - Total May 42.1 8.51 7.9 Charleston MSA - Total May 102.4 6.22 West Virginia (SA) 8.2 Huntington MSA - Total May 131.2 9.33 Beckley MSA 8.5 Morgantown MSA - Total May 69.3 11.06 Parkersburg MSA - Total May 35.4 7.27 Charleston MSA 6.2

Huntington MSA 9.3

Morgantown MSA 11.1

Parkersburg MSA 7.3

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Labor Market Conditions West Virginia Unemployment Rate Unemployment Rate (SA) May 21 April 21 May 20 Through May 2021 United States 5.8 6.1 13.3 18 United States Fifth District 5.0 5.3 10.7 16 West Virginia West Virginia 5.5 5.8 11.9 Beckley MSA 6.2 6.3 14.1 14 Charleston MSA 6.1 6.3 13.7 12 Huntington MSA 5.3 5.4 13.2 10 Morgantown MSA 4.3 4.4 10.3 Parkersburg MSA 6.1 6.2 13.9 8

6 Civilian Labor Force (SA) Period Level (000s) MoM % Change YoY % Change United States May 160,935 -0.03 1.73 4

Fifth District May 15,937 -0.02 1.17 2 West Virginia May 795 -0.18 1.75 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Beckley MSA May 47 -0.21 1.96 West Virginia Labor Force Charleston MSA May 93 0.11 -0.75 Year-over-Year Percent Change through May 2021 4 Huntington MSA May 146 0.07 -1.35 3 United States Morgantown MSA May 71 0.28 4.85 2 West Virginia Parkersburg MSA May 39 -0.26 0.79 1

Initial Unemployment Claims (NSA) Period Level MoM % Change YoY % Change 0

United States May 2,109,351 -32.82 -77.27 -1

Fifth District May 177,936 -35.16 -73.37 -2 West Virginia May 18,638 -27.42 -16.82 -3

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Household Conditions West Virginia Real Personal Income Real Personal Income (SA) Period Level ($mil) QoQ % Change YoY % Change Year-over-Year Percent Change through Q1:21 United States Q1:21 19,563,015 11.39 14.53 25 Fifth District Q1:21 1,864,711 11.50 14.21 20 West Virginia Q1:21 82,255 16.08 19.34 United States West Virginia 15 Non-Business Bankruptcies Period Level QoQ % Change YoY % Change

United States Q1:21 105,771 -1.52 -39.61 10 Fifth District Q1:21 8,408 -1.52 -44.45 West Virginia Q1:21 456 5.56 -33.14 5

Mortgage Delinquencies (% 90+ Days Delinquent) Q1:21 Q4:20 Q1:20 0 United States All Mortgages 4.16 4.47 0.94 -5 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Conventional - Fixed Rate 2.79 3.12 0.65 Conventional - Adjustable Rate 4.57 4.83 1.48 West Virginia Mortgage Delinquencies West Virginia Percent 90+ Days Delinquent through Q1:21 5 All Mortgages 4.17 4.45 1.17 5 United States Conventional - Fixed Rate 2.93 3.22 1.04 4 West Virginia Conventional - Adjustable Rate 4.17 4.57 2.25 4 3 3 2 2 1 1 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

WEST VIRGINIA 4 S N A P S H O T A MONTHLY UPDATE OF THE FIFTH DISTRICT ECONOMY September 2021 FEDERAL RESERVE BANK OF RICHMOND WEST VIRGINIA

Real Estate Conditions West Virginia New Housing Units Permits: New Private Housing Units (NSA) Period Level MoM % Change YoY % Change Year-over-Year Percent Change through May 2021 United States May 142,251 -9.91 36.21 250

Fifth District May 15,993 -12.64 18.16 200 West Virginia May 321 17.58 11.85 Charleston MSA May 20 27.78 27.78 150 Huntington MSA May 18 -25.00 28.57 100 Morgantown MSA May 2 --- 0.00 Parkersburg MSA May 9 80.00 800.00 50

Total Private Housing Starts (SAAR) Period Level (000s) MoM % Change YoY % Change 0

United States May 1,572 3.63 50.29 -50 Fifth District May 174 0.56 39.98 West Virginia May 3.5 35.27 32.70 -100 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

House Price Index (2000=100) Period Level MoM % Change YoY % Change West Virginia House Price Index (CoreLogic) United States April 246 2.12 13.01 15 Year-over-Year Percent Change through April 2021

Fifth District April 241 1.16 10.95 10 West Virginia April 202 -0.66 7.46 Charleston MSA April 155 -0.96 5.74 5 Huntington MSA April 173 0.32 1.71 0 Morgantown MSA April 250 -0.16 4.17 Parkersburg MSA April 159 0.68 4.95 -5

Median Home Sales Price - NAR (NS Period Level ($000s) QoQ % Change YoY % Change -10 United States Charleston MSA Q1:21 148 -4.28 9.57 -15 West Virginia

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