Nueva Vizcaya’s economy continues to gain momentum, posting a 4.4-percent growth in 2024 and bringing its total gross domestic product (GDP) to P65.51 billion, according to the Philippine Statistics Authority (PSA) Region 2. The steady performance underscores the province’s resilience and the success of local initiatives aimed at stimulating economic activity.
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Construction, tourism, and services lead the surge
Data from PSA show that construction led the province’s growth with a 16.2-percent increase, driven by government infrastructure projects and private sector development. The accommodation and food services sector followed with a 15.2-percent jump, reflecting the continuing rebound of post-pandemic tourism and intensified promotions by local governments. Meanwhile, professional and business services expanded by 13.7 percent, highlighting Nueva Vizcaya’s growing service-oriented economy.
However, not all sectors shared in the uptrend. Provincial Planning and Development Coordinator Edgardo Sabado pointed out that mining and quarrying recorded a 9.6-percent decline, emphasizing the importance of balancing growth with sustainability.
“This decline signals an opportunity to explore new avenues for growth while ensuring environmental stewardship,” Sabado said.
Economic Resilience Through Diversification
Despite the slowdown in extractive industries, Nueva Vizcaya ranked third among Cagayan Valley’s fastest-growing economies, contributing 13.9 percent to the region’s total GDP of P470.72 billion. Sabado credited the province’s economic stability to consistent investments in infrastructure and local enterprise support.
“Our initiatives are paying off,” Sabado affirmed, citing projects ranging from farm-to-market road upgrades to livelihood programs that empower communities. “We are fostering robust economic activity province-wide,” he added.
Sustaining Momentum for Inclusive Growth
PSA Regional Director Girmie Bayucan lauded the province’s development strategies, particularly its efforts to strengthen agriculture, tourism, and micro, small, and medium enterprises (MSMEs). He said Nueva Vizcaya’s approach reflects a long-term vision for inclusive and sustainable progress.
With continued government support and a diverse portfolio of thriving industries, Nueva Vizcaya’s steady economic climb positions it as one of the key growth drivers of Cagayan Valley—proof that strong local governance and strategic planning can power lasting regional development.
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