Economic Growth Positive for Nearly All States in 2012
According to new data out from the Bureau of Economic Analysis, real gross domestic product (GDP) increased in 49 states and the District of Columbia from 2011 to 2012, with a national average increase of 2.5 percent. The only state to see a year-over-year decline was Connecticut, but that decline was small—one tenth of one percent. North Dakota grew the fastest of any state by far with real GDP jumping 13.4 percent in 2012, primarily due to mining.
Download State-by-State Data on GDP: “Current Dollar and Real GDP by State, 2012”
The biggest contributor to U.S. real GDP was durable–goods manufacturing in 2012. This industry increased 9.1 percent in 2012, after increasing 6.8 percent in 2011. Finance and insurance was also a big contributor to growth, increasing 3.6 percent in 2012. While mining only contributed .07 percentage points to GDP growth nationally, it played a big role in a number of states like North Dakota, West Virginia and Texas.