It’s no shock that North Dakota posted the strongest year-over-year gain in state GDP in new data released today by the Bureau of Economic Analysis. But No. 2 on the list isn’t a state most would expect to see near the top. Oregon’s economy, fueled by growth in durable goods manufacturing, grew by 4.7% — just ahead of West Virginia (4.5%). Texas was fourth, at 3.3%.
Binyamin Appelbaum of the New York Times offers more explanation and results here:
While the nation’s gross domestic product grew by 1.7 percent in 2011, economic output shrank in five states: Wyoming, down 1.2 percent; Alabama, down 0.8 percent; Mississippi, also down 0.8 percent; Maine, down 0.4 percent; New Jersey, down 0.5 percent; and Hawaii, down 0.2 percent.
Only one of those states, Wyoming, also declined in 2010.
Manufacturing is the
Increased production of durable goods was the largest contributor to growth in 26 states. Oregon benefited most. The state’s economy expanded by 4.7 percent last year — and more than 80 percent of the growth came from manufacturing.
In Michigan, manufacturing accounted for half of the 2.3 percent expansion.
Resource extraction is the future.
Excepting Oregon, fuel states posted the strongest growth. North Dakota’s economy expanded by 7.6 percent; West Virginia’s, 4.5 percent; Alaska’s, 2.5 percent.
Or maybe Texas is the future.
The Texas economy grew 3.3 percent in 2011, and the growth was broad-based. Not just oil, not just manufacturing. Texas now accounts for 8.7 percent of the nation’s economy, up from 7.4 percent a decade ago.
The full BEA data release is available here (PDF).