11 Jun 2015

What Are The Fastest And Slowest Growing US States?

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Real gross domestic product (GDP) increased in 48 states and the District of Columbia in 2014, according to new statistics released today by the Bureau of Economic Analysis (BEA). Professional, scientific, and technical services; nondurable goods manufacturing; and real estate and rental and leasing were the leading contributors to real U.S. economic growth. U.S. real GDP grew 2.2 percent in 2014 after increasing 1.9 percent in 2013.

Professional, scientific, and technical services was the largest contributor to U.S. real GDP by state growth in 2014. This industry grew 4.2 percent in 2014 compared with 0.7 percent in 2013 and contributed 0.29 percentage point to U.S. real GDP growth. It was the leading contributor to growth in the New England and Far West regions and contributed to growth in 46 states and the District of Columbia. It was a large contributor to growth in three states—California, Massachusetts, and Utah.
Nondurable goods manufacturing grew 4.2 percent in 2014 compared with 1.1 percent in 2013 and contributed 0.23 percentage point to U.S. real GDP growth. In 2014, this industry was the largest contributor to growth in the Great Lakes region and contributed to growth in 41 states. It made a substantial contribution to growth in Louisiana and Montana.
Real estate and rental and leasing grew 1.5 percent in 2014 down slightly from 1.6 percent in 2013 and contributed 0.20 percentage point to U.S. real GDP growth. In 2014, this industry was the largest contributor to growth in the Southeast region and contributed to growth in 32 states and the District of Columbia.
Although mining was not a significant contributor to real GDP growth for the U.S. economy, it did play a key role in several states. This industry was a large contributor in the five fastest growing states—North Dakota, Texas, Wyoming, West Virginia, and Colorado. By contrast, mining continued to decline in Alaska due to lower output on the state’s North Slope.

Agriculture, forestry, fishing, and hunting declined in six of eight BEA regions in 2014. The industry declined in all seven states in the Plains region and subtracted significantly from growth in four states—South Dakota, Iowa, Nebraska, and North Dakota.
Per capita real GDP by state in 2014. Per capita real GDP ranged from a high of $66,160 in Alaska to a low of $31,551 in Mississippi. Per capita real GDP for the U.S. was $49,469.

From AEI via the Commerce Department: 

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