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Energy bust still in full effect. Most of the shrinking states (AK, ND, WY, OK, LA, WV) have economies heavy on fossil fuel extraction, and Texas's weak growth rate could be included as well. New Mexico is the only exception.
I'd like to see these numbers on a per-capita basis, because aside from this bust, and maybe a bit of a rust-belt revival, it looks like economic growth is tracking population growth quite closely.
New Mexico has an economy heavily reliant on energy as well. It has the southeastern portion of the state with oil, as well as the northwestern portion with natural gas. The economy is bad in both of those areas right now. The state's budget woes are blamed almost entirely on the lower amounts of income being generated from the royalties on the mining of natural resources in the state.
Albuquerque, Las Cruces and Santa Fe are all doing just okay in terms of economic growth, but since they aren't booming the weakness in the rest of the state, especially the northwest and southeast portions, keeps the state from posting overall growth.
Things change and just because TX has recently surged does not mean it will forever. Booms and busts are very real. I don't feel TX has had its "bust" moment yet. Just a slow down. Places like New York, Illinois, Ohio, Michigan, Indiana, etc. having stronger GDP growth than Texas is proof that no one stays on top indefinitely. CA was headed down a dark path until Brown. CA obviously has issues of its own, but GDP growth is strong.
But busts aren't inevitable. You may be overestimating how badly Texas will get hit. For all we know, the worst is over. Just because Illinois is currently seeing good GDP growth, doesn't mean it will for much longer. It is just as likely as Texas to see a bust any time soon.
But busts aren't inevitable. You may be overestimating how badly Texas will get hit. For all we know, the worst is over. Just because Illinois is currently seeing good GDP growth, doesn't mean it will for much longer. It is just as likely as Texas to see a bust any time soon.
Thank you for reiterating what I just said, Parhe. I'm not estimating how badly anyone will get hit, I'm just saying I don't think TX has truly had its bust moment. Oil has been down, but it's still performing reasonably well. Busts do happen. For everyone. You can't honestly believe Texas is immune to setbacks when literally everywhere in the world has had them.
I told y'all that GA would surpass NC again. And I'm of the opinion that we will further the distance in 2017. The three separate metropolitan areas and all the balanced growth in the world can't stop fate. But I love a good duel. And both states account for more than $1 billion in GSP.
I told y'all that GA would surpass NC again. And I'm of the opinion that we will further the distance in 2017. The three separate metropolitan areas and all the balanced growth in the world can't stop fate. But I love a good duel. And both states account for more than $1 billion in GSP.
It's crazy how close GA and NC has been in GSP and population over the last 30 years.
The reality is that cities are the economic engines and the more a state has its population percentage associated with major metropolitan areas, the greater its impact on a state's GDP.
Well, I think there are some good reasons for the growth of those states, namely in terms of policy choices. Both Michigan and Indiana became right-to-work states. Meanwhile, Ohio slashed tax rates and cut government spending.
Most of the GDP growth in Michigan is due to surging sales in the automotive industry. However, it's expected that this surge in growth will stall out and remain flat in the near future and so to will Michigan unless more is done to diversify the economy.
Michigan is still under performing relative to where it was in the last couple of decades; total employment is still 8% below peak levels reached in the year 2000. It's progress, but not exactly time for celebration.
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