Latest Economic Growth Data, 50 States & DC (Montclair: construction, casino)

[18Montclair]

This is probably the most economic indicator in my opinion. The growth rate of the gross product lets us know in what direction the overall economy is moving in.

For the first time ever, California's economy contracted, or shrank, by 2.2%. which is very troubling, but its only one tenth of a percentage point below the national average.

Which means that singling out California as far as economic performance has been totally incorrect. We now know that California isnt the worst perfomer, its the 19th worst.

And we also now know that many states thrown in our faces for being so much better-well, their economies actually shrank too-many of them worse than California's.

Released Nov 18, 2010

Annual Gross Product Growth Rate, 2008-2009
Oklahoma +6.6%
Wyoming +5.4%
North Dakota +3.9%
Alaska +3.5%
Louisiana +2.5%
South Dakota +2.2%
Washington DC +0.8%
West Virginia +0.7%
Arkansas +0.6%
Nebraska +0.3%
Virginia +0.2%
Maryland 0.0%
Montana 0.0%
Iowa -0.2%
Vermont -0.7%
Washington -0.7%
Colorado -0.9%
Mississippi -0.9%
Utah -0.9%
Pennsylvania -1.0%
Kansas -1.1%
New Hampshire -1.2%
Maine -1.3%
Hawaii -1.5%
Texas -1.5%
Massachusetts -1.6%
Delaware -1.8%
Kentucky -1.8%
Rhode Island -1.8%
US NATIONAL AVERAGE -2.1%
Alabama -2.1%
Wisconsin -2.1%
California -2.2%
Missouri -2.2%
New Mexico -2.2%
Minnesota -2.3%
New Jersey -2.4%
Oregon -2.4%
South Carolina -2.5%
Ohio -2.7%
Connecticut -3.1%
Georgia -3.1%
Idaho -3.1%
Tennessee -3.1%
North Carolina -3.2%
Florida -3.4%
Illinois -3.4%
Indiana -3.6%
Arizona -3.9%
New York -4.3%
Michigan -5.2%
Nevada -6.4%

Here is the accompanying map:

http://bea.gov/newsreleases/regional...s/gsp_1110.png

Here is the full press release and accompanying data:
BEA News Release (GDP by State)

[Majin]

LOL @ NV las vegas going dooowwwwwnnnnnn

[18Montclair]

I think NV will benefit from California's rebounding cause we'll visit there more often and spend money there.

Reno has always been high on my list of places to move to one day. LOL

[Majin]

I disagree. Even after CA recovers LV and Reno will never see the glory days again due to the amount of Casino's in CA now. Yes, it's not the same experience as LV but it will make LV visits way less frequent.

[18Montclair]

As far as the glory days, I have to agree, that ship has sailed as far as Reno is concerned. I was up there back in February and I really enjoyed it, but I couldnt help but notice how slow the casino business seemed to be.

[KC6ZLV]

This would have a lot more meaning if it included data on what sectors were driving the growth, or shrinkage.

Of course DC and the states around it have growth due to government.

[18Montclair]

Originally Posted by KC6ZLV

This would have a lot more meaning if it included data on what sectors were driving the growth, or shrinkage.

Of course DC and the states around it have growth due to government.

Without going back to the link, there are usually tabs on the right side of the screen and you can look at various tables that actually break down the economic output by sector.

Obviously the miniscule growth that DC-MD-VA had was primarily due to govt spending.

As far as the Nothern Plains, Im inclined to think its because those states have so little industry, they suffered the least and actually grew because they lost so little.

As far as Louisiana, I believe that their growth, which has been near the top since Katrina, is a result of investment into the New Orleans Area for reconstruction.

Oklahoma, Im not sure why they maintained healthy growth. Maybe someone from that area can shed some light.

[X14Freak]

Originally Posted by 18Montclair

Without going back to the link, there are usually tabs on the right side of the screen and you can look at various tables that actually break down the economic output by sector.

Obviously the miniscule growth that DC-MD-VA had was primarily due to govt spending.

As far as the Nothern Plains, Im inclined to think its because those states have so little industry, they suffered the least and actually grew because they lost so little.

As far as Louisiana, I believe that their growth, which has been near the top since Katrina, is a result of investment into the New Orleans Area for reconstruction.

Oklahoma, Im not sure why they maintained healthy growth. Maybe someone from that area can shed some light.

Commodity prices are soaring. Oklahoma is a massive energy producer and has massive energy resources. T Boone Pickens is one of the most famous Oklahomans out there and he is a big oil guy. Oklahoma also has a large agricultural base and since commodity prices across the board are soaring, they are benefiting from this as well.

North Dakota and Wyoming also have large energy resources although in the form of shale oil which due to high oil prices, oil companies are now willing to invest resources to extract them. That is why these states are performing so well in this economy.

[18Montclair]

yes, great info-I knew about the oil shale. How could I forget about that.

my armchair economics expertise is not so good at 1 in the morning. LOL

[Majin]

armchair economics, nice