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Useful Stats: Gross State Product Increases Nationwide Since 2009

September 24, 2015

Economic conditions across the country continue to improve, according to the Bureau of Economic Analysis’ (BEA) latest release of gross state product (GSP) data. GSP is derived as the sum of the gross domestic product originating in all the industries in a state. The period between 2008 and 2009, where the U.S. GDP decreased by 2 percent, marked a transition for many states, where their gross state product either decreased from the year before or where their growth rate was subdued. Since then, however, every state has experienced at least a 10 percent increase in gross state product from 2009 to 2014. During this time, the U.S. GDP has increased by 20.8 percent, roughly 3.8 percent per year.

North Dakota (72.3 percent), Texas (52.9 percent), Nebraska (30.6 percent), Oklahoma (27.9 percent) experienced the largest percent increases in gross state product from 2009 to 2014. GSP in each of these states largely increased as a result of activity in the mining and agriculture, forestry, fishing, and hunting industries. On the other hand, growth lagged comparatively in Maine (10.6 percent), Nevada (10.9 percent), Connecticut (11.5 percent), and Delaware (11.6 percent).

Manufacturing grew across the vast majority of states from 2009 to 2014. In Montana, manufacturing more than doubled, increasing by 104.7 percent from 2009 to 2014, the most of any state. Over the same five-year period, manufacturing grew by 68.6 percent in Michigan, where it also increased as a share of GSP from 14.7 percent in 2009 to 20 percent in 2014.   Texas (52.9 percent), Kentucky (46.1 percent), North Dakota (40.2 percent), Alabama (39.5 percent), and Louisiana (34.9 percent) also saw considerable manufacturing output increases from 2009 to 2014.

Indiana, where manufacturing increased by 33.8 percent from 2009 to 2014, had the highest share of GSP come from manufacturing (30 percent) in 2014. Other major Midwest manufacturing states also saw general increases in manufacturing output, such as Ohio (30 percent), Minnesota (24 percent), Iowa (23.5 percent), Wisconsin (21.9 percent), and Illinois (20.8 percent). As a share of GSP, manufacturing increased in each of these Midwest states from 2009 to 2014 except for Iowa, where it declined by less than .05 percent.

Delaware (18.3 percent), Alaska (7 percent), Maine (6.1 percent), District of Columbia (5.3 percent), New Jersey (4.4 percent), New York (3.1 percent), Connecticut (2.7 percent), and Maryland (0.6 percent) were the eight states where manufacturing output decreased from 2009 to 2014, and all but Alaska are located in the Northeast region of the United States. Five of these states – Maine, Connecticut, Delaware, New Jersey, and Maryland – were among the 10 slowest growing in the United States from 2009 to 2014.

The following maps show regional variation in both GSP and manufacturing output. The first map shows that overall GSP growth lagged in the Southeastern and Atlantic coastal states from 2009 to 2014, while states in the Midwest and Northern Plains grew faster in comparison. Manufacturing also grew at a much faster rate in the Midwest and in the Northern Plains, while Northeastern states struggled in comparison.

Download the data here: http://ssti.org/sites/default/files/GSP.xls

View the interactive tables from BEA here

 

 

useful stats, manufacturingOffice spreadsheet icon GSP.xls