CHARLOTTESVILLE, VA. -- Virginia's economy grew faster than the nation's for the fifth consecutive year in 1986, the University of Virginia's Center for Public Service has reported.
According to the report, prepared by center researcher Robert Cox, the gross state product, or GSP, totaled almost $104 billion in 1986, a 6.6 percent increase in real growth.
The indicator, the state equivalent of the gross national product, is a measure of all final goods and services produced in Virginia. The gross national product grew 2.9 percent during the same period.
After adjusting the data to 1982 dollars to account for inflation, the gross state product totaled $90.9 billion, compared to $85.3 billion in 1985.
The rapid growth in the state economy since 1981 has been unprecedented, said Cox.
"For as far back as 1958, we can identify no period when growth has been as rapid as it has been in the 1981-1986 period," he said.
In addition, the GSP per capita reached $17,933, or 101.1 percent of the per capita GNP. It was the first year per capita GSP exceeded the per capita GNP, according to Cox.
Reflecting the shifting nature of Virginia's economy, the various sectors' shares of constant dollar GSP have changed over the years.
Manufacturing, the state's largest sector, has risen from 15.4 percent of GSP in 1958 to 19.9 percent in 1986.
As a percentage of GSP, manufacturing peaked in 1984 at 20.2 percent and has fallen in the last two years.
Services, which accounted for 11.4 percent in 1958, rose to 15.6 percent in 1986.