Economic Slowdown Widespread Among States in 2008

Document Sample
Economic Slowdown Widespread Among States in 2008 Powered By Docstoc
					NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JUNE 2, 2009 Technical: Clifford Woodruff (202) 606-9234 Media: Ralph Stewart (202) 606-2649 E-Mail inquiries: gdpbystate@bea.gov BEA 09-22

ECONOMIC SLOWDOWN WIDESPREAD AMONG STATES IN 2008
Advance 2008 and Revised 2005–2007 GDP-by-State Statistics New statistics released today by the U.S. Bureau of Economic Analysis show that economic growth slowed in most states and regions of the U.S. in 2008 as economic growth overall slowed. Real GDP growth slowed in 38 states, with downturns in construction, manufacturing, and finance and insurance restraining growth in many states. 1 Growth in real U.S. GDP by state slowed from 2.0 percent in 2007 to 0.7 percent in 2008. 2

1

Real GDP by state is an inflation-adjusted measure of each state’s production, wherever sold. For a further description, see the “Explanatory Notes” section in this release. 2 U.S. real GDP by state for the advance year differs from the corresponding national income and product account (NIPA) value because of differences in source data and methodologies used to estimate the related statistics, and because of revisions to the NIPA values since the previous annual NIPA revision. In addition, U.S. GDP-by-state values differ from the corresponding NIPA values because the U.S. GDP-bystate values exclude Federal military and civilian activity located overseas, which cannot be attributed to a particular state.

Real economic growth slowed in all eight BEA regions. The Southwest region experienced the largest deceleration, with real GDP growth slowing from 3.6 percent in 2007 to 1.7 percent in 2008. A decline in nondurable goods manufacturing slowed growth in the Southwest. The Southeast region slowed from little growth in 2007 to no growth in 2008. Real GDP in the Great Lakes region, which was the slowest growing region in 2007, contracted in 2008. Declines in construction, manufacturing, and finance and insurance caused the slowdown in the Southeast and the contraction in the Great Lakes.
Percent Change in States with Contracting Real GDP in 2008
0.7 -2.0 -0.6 -0.4 -1.6 -1.6 -0.6 -0.6 -0.1 -1.5 -1.1 -0.6 -0.7 -0.9
-2.0 -1.0

United States Alaska Arizona Connecticut Delaware Florida Georgia Indiana Kentucky Michigan Nevada Ohio Rhode Island -3.0

2.0

-0.2 1.4 2.4 0.8 0.0 1.5 1.3 1.0

2.7 0.2 0.0
0.0 Percent 1.0 2.0 3.0

* Advance statistics Source: U.S. Bureau of Economic Analysis

2007

2008*

Twelve states experienced declines in real GDP in 2008. Alaska had the largest decline in real GDP (-2.0 percent), caused mainly by a decline in petroleum extraction. In Delaware, the contraction was due to a significant decline in finance and insurance. Michigan, Ohio, and Indiana contracted with declines in durable goods manufacturing. In Rhode Island, Georgia, and Connecticut, the contraction was mainly due to declines in manufacturing and construction, with other industries such as finance and insurance also contributing to the decline. Several states that benefited from a strong housing market earlier this decade were adversely affected by its recent weakness. Arizona, Florida, and Nevada experienced faster real growth than average in 2004, 2005, and 2006, but their economies slowed in 2007 and declined in 2008. Contributing to the economic slowdown in these three states were declines in the construction and finance and insurance industries. California’s economy, which also previously benefited from a strong housing market, grew slowly in 2008 as declines in construction and finance and insurance were slightly more than offset by growth in information and in professional and technical services.

-2-

In contrast, states in the central part of the country tended to grow faster than the nation due to increases in agriculture, forestry, fishing, and hunting and in mining. North Dakota had the fastest economic growth in 2008 (7.3 percent), growing twice as fast as all other states, except Wyoming. The largest contributor to growth in North Dakota was the agriculture, forestry, fishing and hunting industry. In 2008, real GDP growth accelerated in nine states and the District of Columbia. Wyoming had the largest acceleration in real growth, rising from 0.7 percent in 2007 to 4.4 percent in 2008. In Wyoming, the largest contributor to growth in 2008 was mining. Per capita real GDP by state in 2008. Delaware’s per capita real GDP of $56,401 was the highest in the nation, 49 percent above the national average. Mississippi’s per capita real GDP of $24,403 was the lowest in the nation, 36 percent below the national average. All of the top and bottom ten states remained in their quintile in 2007 and 2008. Refer to Table 3 for more detail on the results of per capita real GDP by state. Tables 1-4 show these results in more detail; complete detail is available on BEA’s Web site at www.bea.gov.

Advance Statistics of GDP by State for 2008 by NAICS Sector
The advance statistics of GDP by state for 2008 are based on a more limited set of source data and an abbreviated estimation methodology compared to the standard set of data and the estimation methodology used to prepare the revised statistics for 2005–2007. The advance GDP-by-state statistics are based primarily on preliminary earnings by industry data from BEA’s regional economic accounts, released March 24, 2009, and on advance GDP-by-industry data from BEA’s annual industry accounts, released April 28, 2009. Preliminary farm sector cash receipts data from the U.S. Department of Agriculture are incorporated in the agriculture, forestry, fishing, and hunting sector. Preliminary value of production and price data from the U.S. Department of the Interior and the U.S. Department of Energy are incorporated in the mining sector. More information on the methodology used to produce the advance 2008 statistics, on the regular (revised) GDP-by-state statistics for 2005–2007, and on revisions to the GDP-by-state statistics will appear in an article in the June 2009 issue of the Survey of Current Business, BEA’s monthly journal.

Explanatory Notes
Definitions. GDP by state is the state counterpart of the Nation’s gross domestic product (GDP), the Bureau’s featured and most comprehensive measure of U.S. economic activity. GDP by state is derived as the sum of the GDP originating in all the industries in a state.

-3-

The statistics of real GDP by state are prepared in chained (2000) dollars. Real GDP by state is an inflation-adjusted measure of each state’s gross product that is based on national prices for the goods and services produced within that state. The statistics of real GDP by state and of quantity indexes with a base year of 2000 were derived by applying national implicit price deflators to the current-dollar GDP-by-state values for the 64 detailed NAICS-based industries for 1997 forward and for the 63 detailed SICbased industries for 1977–1997. The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by state and of real GDP by state at more aggregated industry levels. Real GDP by state may reflect a substantial volume of output that is sold to other states and countries. To the extent that a state’s output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the states produce. However, real GDP by state does not capture geographic differences in the prices of goods and services that are produced and sold locally. BEA is working toward a long-term goal of replacing the national implicit price deflators used to deflate state-level current-dollar GDP by industry with state-specific prices. A paper posted on BEA’s Web site, “Estimates of State and Metropolitan Price Levels for Consumption Goods and Services in the United States, 2005,” by Bettina H. Aten (http://www.bea.gov/papers/pdf/aten_estimates_state_metro_2005.pdf) presents estimates of spatial price deflators that may be used for adjusting price level differences across geographic areas. The work is based on micro-level price data from the consumer price index of the U.S. Bureau of Labor Statistics and the American Community Survey of the U.S. Census Bureau. It represents an important first step in deriving producer-type price indexes—which are the basis for the national implicit price deflators used in BEA’s GDP-by-state accounts—at the state level. BEA plans to continue research into developing state-level prices and to explore estimating GDP by state on an expenditures basis. Relation of GDP by state to U.S. Gross Domestic Product (GDP). An industry's GDP by state, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes—that count as a business expense. GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the “statistical discrepancy.” Starting with the 2004 comprehensive revision, BEA’s annual industry accounts and its GDP-by-state accounts allocate the statistical discrepancy across all private-sector -4-

industries. Therefore, the GDP-by-state statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past. U.S. real GDP by state for the advance year, 2008, may differ from the Annual Industry Accounts’ GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of differences in source data used to estimate GDP by state and the expenditures measure of NIPA GDP. For the revised years of 2005–2007, U.S. GDP by state is nearly identical to GDP by industry except for small differences resulting from the GDP-by-state accounts’ exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2008 annual revision of the NIPAs, released in July 2008. However, because of revisions since July 2008, GDP in the NIPAs may differ from U.S. GDP by state.

BEA’s national, international, regional, and industry statistics; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

*

*

*


-5-

Table 1. Real GDP by State, 2005-2008
Millions of chained (2000) dollars 2005 United States/1/............... New England....................... Connecticut......................... Maine.................................. Massachusetts.................... New Hampshire.................. Rhode Island...................... Vermont.............................. Mideast................................ Delaware............................ District of Columbia............ Maryland............................. New Jersey......................... New York............................ Pennsylvania...................... Great Lakes......................... Illinois.................................. Indiana................................ Michigan............................. Ohio.................................... Wisconsin........................... Plains................................... Iowa.................................... Kansas................................ Minnesota........................... Missouri.............................. Nebraska............................ North Dakota...................... South Dakota...................... Southeast............................ Alabama............................. Arkansas............................. Florida................................. Georgia............................... Kentucky............................. Louisiana............................ Mississippi.......................... North Carolina.................... South Carolina.................... Tennessee.......................... Virginia................................ West Virginia...................... Southwest............................ Arizona............................... New Mexico........................ Oklahoma........................... Texas.................................. Rocky Mountain.................. Colorado............................. Idaho................................... Montana.............................. Utah.................................... Wyoming............................. Far West............................... Alaska................................. California............................ Hawaii................................. Nevada............................... Oregon................................ Washington......................... * Advance statistics 1. U.S. real GDP by state for the advance year differs from the corresponding national income and product account (NIPA) value because of differences in source data and methodologies used to estimate the related statistics, and because of revisions to the NIPA values since the previous annual NIPA revision. In addition, U.S. GDP-by-state values differ from the corresponding NIPA values because the U.S. GDP-by-state values exclude Federal military and civilian activity located overseas, which cannot be attributed to a particular state. Source: U.S. Bureau of Economic Analysis 10,912,180 605,048 169,094 39,028 289,869 48,531 37,752 20,724 1,998,763 49,908 70,003 211,425 379,080 865,741 422,527 1,620,669 490,293 208,119 339,872 390,602 191,653 700,578 102,636 89,994 208,444 189,059 62,186 20,866 27,400 2,439,468 132,251 76,458 589,349 322,625 122,935 140,290 68,428 309,743 122,784 200,930 309,332 44,665 1,180,767 196,176 57,631 99,209 828,417 353,464 188,353 42,905 25,203 77,832 19,331 2,012,525 29,312 1,467,893 46,930 97,228 129,391 241,807 2006 11,218,785 620,103 174,310 39,387 297,634 49,266 38,475 20,992 2,063,190 49,649 71,424 214,191 384,591 912,864 431,028 1,631,167 505,321 208,297 334,843 387,345 194,964 707,946 104,537 93,123 209,424 188,840 63,774 21,124 27,071 2,508,382 134,937 77,540 613,551 326,469 125,805 143,121 69,569 326,873 125,227 206,375 314,539 44,920 1,238,174 208,619 58,961 102,176 869,379 366,412 193,398 43,767 25,825 82,697 20,690 2,081,169 30,610 1,512,852 48,713 101,126 139,585 248,490 2007 11,439,232 634,166 178,470 39,789 306,503 49,642 38,456 21,343 2,115,952 50,054 72,641 217,948 387,955 949,499 438,886 1,642,850 514,848 211,092 331,036 388,281 196,955 725,877 108,126 96,016 212,790 191,235 65,703 22,616 29,274 2,530,978 136,144 78,716 613,351 331,339 127,031 144,416 70,534 329,091 126,316 209,144 320,331 45,192 1,282,509 211,570 60,158 104,099 907,358 376,903 197,303 45,545 26,776 86,509 20,829 2,127,015 30,550 1,539,444 49,424 103,853 144,755 259,387 2008* 11,523,637 640,735 177,717 40,332 312,476 50,553 38,126 21,697 2,142,599 49,244 74,812 220,865 390,350 964,755 443,669 1,636,838 516,144 209,903 326,123 385,559 198,324 740,647 110,413 98,110 217,028 193,775 66,568 24,269 30,310 2,529,929 137,112 79,245 603,462 329,482 126,967 144,860 71,713 329,418 127,065 210,216 324,505 46,329 1,303,863 210,235 61,385 106,937 925,505 385,374 203,024 45,547 27,253 87,700 21,752 2,139,998 29,950 1,546,125 49,782 103,192 147,059 264,633 2005 3.1 1.3 2.0 0.3 1.2 1.6 -0.2 2.2 2.9 7.0 3.7 2.9 0.9 4.3 1.5 0.6 0.6 -0.7 0.6 0.8 1.9 1.8 1.7 1.9 1.7 1.4 2.1 4.5 3.2 4.3 3.4 3.1 7.4 3.8 2.5 0.7 0.7 4.8 2.4 1.9 5.2 1.9 3.5 8.7 1.3 1.9 2.8 5.1 4.3 8.3 4.9 6.7 1.5 4.5 1.3 4.3 5.1 8.2 2.8 5.1 2006 2.8 2.5 3.1 0.9 2.7 1.5 1.9 1.3 3.2 -0.5 2.0 1.3 1.5 5.4 2.0 0.6 3.1 0.1 -1.5 -0.8 1.7 1.1 1.9 3.5 0.5 -0.1 2.6 1.2 -1.2 2.8 2.0 1.4 4.1 1.2 2.3 2.0 1.7 5.5 2.0 2.7 1.7 0.6 4.9 6.3 2.3 3.0 4.9 3.7 2.7 2.0 2.5 6.3 7.0 3.4 4.4 3.1 3.8 4.0 7.9 2.8 Percent change 2007 2.0 2.3 2.4 1.0 3.0 0.8 0.0 1.7 2.6 0.8 1.7 1.8 0.9 4.0 1.8 0.7 1.9 1.3 -1.1 0.2 1.0 2.5 3.4 3.1 1.6 1.3 3.0 7.1 8.1 0.9 0.9 1.5 0.0 1.5 1.0 0.9 1.4 0.7 0.9 1.3 1.8 0.6 3.6 1.4 2.0 1.9 4.4 2.9 2.0 4.1 3.7 4.6 0.7 2.2 -0.2 1.8 1.5 2.7 3.7 4.4 2008* 0.7 1.0 -0.4 1.4 1.9 1.8 -0.9 1.7 1.3 -1.6 3.0 1.3 0.6 1.6 1.1 -0.4 0.3 -0.6 -1.5 -0.7 0.7 2.0 2.1 2.2 2.0 1.3 1.3 7.3 3.5 0.0 0.7 0.7 -1.6 -0.6 -0.1 0.3 1.7 0.1 0.6 0.5 1.3 2.5 1.7 -0.6 2.0 2.7 2.0 2.2 2.9 0.0 1.8 1.4 4.4 0.6 -2.0 0.4 0.7 -0.6 1.6 2.0 2008 Rank* ....... ....... 40 21 13 14 46 17 ....... 49 ....... 22 31 18 26 ....... 36 42 47 45 29 ....... 8 7 12 23 24 1 3 ....... 28 30 48 41 39 35 16 37 32 33 25 6 ....... 43 9 5 11 ....... 4 38 15 20 2 ....... 50 34 27 44 19 10

Table 2. Contributions to Percent Change in Real GDP by State, 2007-2008*
Percentage points Percent change in real GDP by state United States/1/.............. New England....................... Connecticut........................ Maine.................................. Massachusetts................... New Hampshire.................. Rhode Island...................... Vermont.............................. Mideast................................ Delaware............................ District of Columbia............ Maryland............................. New Jersey......................... New York............................ Pennsylvania...................... Great Lakes......................... Illinois................................. Indiana................................ Michigan............................. Ohio.................................... Wisconsin........................... Plains................................... Iowa.................................... Kansas............................... Minnesota........................... Missouri.............................. Nebraska............................ North Dakota...................... South Dakota...................... Southeast............................ Alabama............................. Arkansas............................ Florida................................ Georgia............................... Kentucky............................. Louisiana............................ Mississippi.......................... North Carolina.................... South Carolina.................... Tennessee.......................... Virginia............................... West Virginia...................... Southwest........................... Arizona............................... New Mexico........................ Oklahoma........................... Texas.................................. Rocky Mountain.................. Colorado............................. Idaho.................................. Montana............................. Utah.................................... Wyoming............................ Far West.............................. Alaska................................. California............................ Hawaii................................. Nevada............................... Oregon............................... Washington........................ * Advance statistics 1. U.S. real GDP by state for the advance year differs from the corresponding national income and product account (NIPA) value because of differences in source data and methodologies used to estimate the related statistics, and because of revisions to the NIPA values since the previous annual NIPA revision. In addition, U.S. GDP-by-state values differ from the corresponding NIPA values because the U.S. GDP-by-state values exclude Federal military and civilian activity located overseas, which cannot be attributed to a particular state. Source: U.S. Bureau of Economic Analysis 0.7 1.0 -0.4 1.4 1.9 1.8 -0.9 1.7 1.3 -1.6 3.0 1.3 0.6 1.6 1.1 -0.4 0.3 -0.6 -1.5 -0.7 0.7 2.0 2.1 2.2 2.0 1.3 1.3 7.3 3.5 0.0 0.7 0.7 -1.6 -0.6 -0.1 0.3 1.7 0.1 0.6 0.5 1.3 2.5 1.7 -0.6 2.0 2.7 2.0 2.2 2.9 0.0 1.8 1.4 4.4 0.6 -2.0 0.4 0.7 -0.6 1.6 2.0 Agriculture, forestry, fishing, and hunting -0.01 -0.02 -0.02 0.00 0.00 -0.03 -0.05 -0.18 -0.02 -0.02 0.00 -0.03 -0.01 -0.02 -0.03 0.05 0.12 0.11 -0.02 0.03 -0.08 0.27 0.63 0.02 0.12 0.02 0.25 1.95 1.09 -0.02 0.00 0.03 -0.03 -0.02 -0.06 0.04 0.09 -0.06 -0.05 -0.04 -0.03 -0.03 -0.06 -0.13 -0.11 -0.11 -0.04 -0.06 -0.04 -0.38 0.03 -0.03 -0.08 -0.06 -0.05 -0.07 -0.02 0.01 -0.14 -0.01 Transportation Nondurable Wholesale Retail trade and goods trade warehousing manufacturing -0.24 -0.29 -0.47 -0.03 -0.28 0.00 -0.27 -0.02 -0.22 -0.35 -0.01 -0.16 -0.36 -0.18 -0.22 -0.23 -0.20 -0.31 -0.12 -0.35 -0.18 -0.05 0.16 -0.18 -0.15 -0.02 0.06 -0.02 0.00 -0.34 -0.26 -0.29 -0.05 -0.28 -0.32 -1.38 -0.51 -0.66 -0.22 -0.11 -0.20 -0.33 -0.33 -0.03 -0.11 -0.06 -0.45 0.01 0.02 0.09 -0.07 0.01 -0.09 -0.20 -0.20 -0.24 -0.06 -0.04 -0.05 -0.14 -0.09 -0.09 -0.09 -0.25 -0.05 -0.16 -0.22 0.07 -0.10 -0.16 -0.01 -0.11 -0.13 -0.15 0.01 -0.08 -0.11 -0.05 -0.10 -0.06 0.00 0.12 0.13 0.19 0.18 -0.02 0.14 0.42 0.18 -0.14 -0.05 0.04 -0.26 -0.23 -0.19 0.02 -0.10 -0.12 -0.06 -0.10 -0.11 0.02 -0.03 -0.28 -0.02 0.11 0.01 0.00 -0.01 -0.26 0.00 0.04 0.21 -0.13 -0.02 -0.17 0.00 -0.06 -0.16 0.00 -0.03 -0.01 0.02 0.06 -0.01 -0.03 -0.23 0.08 0.00 -0.07 0.00 -0.18 -0.09 0.08 0.03 -0.05 -0.10 -0.03 -0.02 -0.04 0.02 0.10 0.18 0.13 0.01 0.09 0.13 0.31 0.18 -0.06 -0.03 0.18 -0.16 -0.15 -0.03 0.08 0.01 -0.06 -0.02 -0.09 -0.01 0.16 0.03 -0.34 0.09 0.23 0.09 0.03 0.04 -0.10 0.19 -0.06 0.20 -0.12 0.06 -0.16 0.08 -0.10 -0.11 -0.01 -0.11 -0.08 -0.13 -0.08 -0.06 -0.05 -0.04 -0.02 -0.07 -0.06 -0.03 -0.06 -0.09 -0.05 -0.11 -0.13 -0.11 -0.15 -0.19 -0.09 -0.14 -0.21 -0.21 -0.19 -0.21 -0.18 -0.57 0.19 -0.07 -0.15 -0.13 -0.24 -0.10 -0.25 -0.38 -0.02 -0.10 -0.06 -0.15 -0.34 -0.07 -0.05 -0.09 -0.12 -0.12 -0.11 -0.08 -0.18 -0.11 -0.14 -0.31 -0.32 -0.18 -0.08 -0.12 -0.08 -0.38 0.13 -0.09 -0.11

Mining

Utilities

Construction

Durable goods manufacturing

Information

Finance and insurance

-0.02 -0.04 -0.02 0.00 -0.06 -0.01 0.00 -0.08 -0.02 -0.01 0.00 -0.02 -0.05 0.00 -0.03 -0.02 -0.03 -0.03 0.00 -0.02 -0.03 -0.01 -0.01 0.17 0.02 -0.18 -0.13 0.69 0.00 -0.05 -0.08 0.08 0.01 -0.11 0.00 -0.58 0.18 -0.05 -0.02 -0.03 0.01 0.54 0.01 0.11 -0.17 0.35 -0.04 0.53 0.59 0.26 0.70 0.13 1.79 -0.09 -3.34 -0.05 -0.02 0.05 -0.06 0.01

0.04 0.03 0.05 -0.02 0.05 -0.13 0.04 0.03 0.01 0.14 0.04 0.05 -0.07 0.01 0.06 0.06 0.08 0.13 -0.08 0.12 0.08 0.09 0.06 0.11 0.07 0.11 0.10 0.11 0.20 0.08 -0.02 0.07 0.11 0.05 0.06 0.17 0.13 0.02 0.28 0.00 0.04 0.23 0.00 0.06 0.22 0.06 -0.03 0.04 0.05 0.20 0.13 -0.03 0.00 0.01 0.04 0.00 0.04 0.02 0.02 0.06

-0.25 -0.24 -0.26 -0.32 -0.16 -0.38 -0.38 -0.54 -0.05 -0.26 0.03 -0.30 -0.17 0.11 -0.15 -0.21 -0.11 -0.12 -0.37 -0.23 -0.24 -0.10 0.04 0.04 -0.27 -0.15 -0.16 0.62 -0.03 -0.45 -0.20 0.00 -1.09 -0.41 0.00 0.21 0.46 -0.41 -0.61 -0.26 -0.38 0.10 0.03 -0.98 0.13 0.31 0.20 -0.37 -0.21 -1.58 -0.65 -0.65 0.74 -0.44 0.02 -0.52 -0.14 -0.48 -0.37 -0.14

-0.08 -0.03 -0.05 0.22 -0.02 -0.05 -0.39 0.36 -0.03 -0.31 0.00 0.06 -0.01 0.02 -0.16 -0.56 -0.17 -0.99 -1.08 -0.66 -0.06 -0.09 -0.22 0.07 0.02 -0.41 0.06 0.38 0.31 -0.16 -0.03 -0.58 -0.08 -0.17 -0.60 -0.11 -0.30 -0.11 -0.06 -0.20 -0.13 -0.15 0.15 0.12 0.25 0.16 0.15 0.04 0.04 0.08 -0.05 0.07 0.00 0.13 0.00 0.06 0.00 0.00 1.17 0.12

0.22 0.24 0.11 0.04 0.33 0.38 0.23 0.11 0.27 0.13 0.21 0.18 0.10 0.41 0.21 0.12 0.21 0.09 0.01 0.08 0.17 0.15 0.11 -0.02 0.17 0.36 -0.12 0.06 0.06 0.13 0.03 -0.16 0.14 0.16 0.15 0.12 0.15 0.19 0.18 0.12 0.13 0.13 0.20 0.08 0.24 0.26 0.21 0.39 0.59 0.32 0.14 0.20 0.07 0.36 0.16 0.42 -0.05 0.01 0.22 0.33

-0.24 -0.13 -0.36 -0.07 -0.03 0.16 -0.20 -0.11 -0.29 -1.95 -0.60 -0.31 -0.08 -0.36 -0.09 -0.26 -0.28 -0.17 -0.23 -0.46 0.07 -0.11 0.08 -0.04 -0.42 -0.05 0.11 0.19 -0.08 -0.25 -0.03 0.01 -0.43 -0.21 -0.13 -0.04 -0.02 -0.35 -0.20 -0.03 -0.38 0.03 -0.09 -0.68 -0.10 0.11 0.01 -0.05 -0.02 -0.19 -0.01 -0.18 0.24 -0.37 0.07 -0.48 -0.10 -0.21 -0.26 0.02

Table 2. Contributions to Percent Change in Real GDP by State, 2007-2008* (continued)
Percentage points Real estate, rental, and leasing United States/1/.............. New England....................... Connecticut........................ Maine.................................. Massachusetts................... New Hampshire.................. Rhode Island...................... Vermont.............................. Mideast................................ Delaware............................ District of Columbia............ Maryland............................. New Jersey......................... New York............................ Pennsylvania...................... Great Lakes......................... Illinois................................. Indiana................................ Michigan............................. Ohio.................................... Wisconsin........................... Plains................................... Iowa.................................... Kansas............................... Minnesota........................... Missouri.............................. Nebraska............................ North Dakota...................... South Dakota...................... Southeast............................ Alabama............................. Arkansas............................ Florida................................ Georgia............................... Kentucky............................. Louisiana............................ Mississippi.......................... North Carolina.................... South Carolina.................... Tennessee.......................... Virginia............................... West Virginia...................... Southwest........................... Arizona............................... New Mexico........................ Oklahoma........................... Texas.................................. Rocky Mountain.................. Colorado............................. Idaho.................................. Montana............................. Utah.................................... Wyoming............................ Far West.............................. Alaska................................. California............................ Hawaii................................. Nevada............................... Oregon............................... Washington........................ * Advance statistics 1. U.S. real GDP by state for the advance year differs from the corresponding national income and product account (NIPA) value because of differences in source data and methodologies used to estimate the related statistics, and because of revisions to the NIPA values since the previous annual NIPA revision. In addition, U.S. GDP-by-state values differ from the corresponding NIPA values because the U.S. GDP-by-state values exclude Federal military and civilian activity located overseas, which cannot be attributed to a particular state. Source: U.S. Bureau of Economic Analysis 0.22 0.32 0.22 0.53 0.23 1.15 0.14 0.55 0.41 0.25 0.33 0.31 0.29 0.48 0.44 0.01 -0.22 0.12 0.11 -0.02 0.42 0.40 0.28 0.34 0.56 0.36 0.23 0.76 0.23 0.14 0.19 0.29 0.00 -0.04 0.25 0.16 0.46 0.15 0.17 0.24 0.27 0.43 0.28 0.48 0.25 0.01 0.27 0.08 0.03 -0.04 0.03 0.23 0.12 0.21 0.21 0.23 -0.05 -0.26 0.07 0.40 Professional Management and technical of companies services 0.63 0.87 0.51 0.53 1.24 0.80 0.30 0.55 0.74 0.57 1.32 0.96 0.78 0.72 0.54 0.49 0.67 0.34 0.39 0.46 0.34 0.49 0.27 0.55 0.51 0.53 0.63 0.42 0.31 0.57 0.53 0.28 0.38 0.62 0.34 0.38 0.28 0.44 0.42 0.57 1.37 0.33 0.60 0.36 0.43 0.38 0.69 0.73 0.84 0.79 0.47 0.81 0.32 0.71 0.43 0.82 0.37 0.21 0.45 0.50 0.00 -0.14 -0.44 0.20 0.02 -0.37 -0.05 -0.04 -0.03 0.05 -0.15 0.02 0.06 -0.10 0.03 -0.03 -0.08 0.02 -0.08 0.10 -0.10 0.28 -0.02 0.15 0.78 0.09 0.07 -0.01 0.10 0.01 0.00 0.23 -0.08 -0.11 0.14 0.10 0.03 0.17 -0.02 0.08 -0.10 0.04 0.07 -0.02 -0.04 0.01 0.11 -0.04 -0.06 -0.33 0.09 0.07 -0.01 -0.03 0.00 -0.03 -0.03 -0.26 0.05 -0.02 Administrative and waste services 0.04 0.03 0.04 0.19 0.01 -0.04 0.04 0.15 0.08 0.02 0.13 0.09 0.06 0.10 0.05 0.04 0.09 0.04 -0.07 0.07 0.04 0.09 0.08 0.09 0.03 0.19 0.07 0.06 -0.06 -0.05 0.08 0.14 -0.44 0.02 0.05 0.11 0.09 0.10 0.05 0.06 0.09 0.15 0.12 -0.08 0.10 0.30 0.14 0.07 0.09 0.04 0.08 0.06 0.08 0.02 0.10 0.02 0.05 -0.03 0.04 0.01 Health care and social assistance 0.32 0.40 0.32 0.39 0.46 0.48 0.16 0.48 0.28 0.38 0.15 0.36 0.27 0.22 0.39 0.30 0.25 0.30 0.34 0.29 0.40 0.33 0.29 0.32 0.33 0.28 0.32 0.64 0.66 0.31 0.23 0.29 0.31 0.18 0.26 0.29 0.28 0.37 0.29 0.36 0.34 0.42 0.33 0.54 0.44 0.36 0.27 0.38 0.37 0.65 0.53 0.36 0.34 0.34 0.18 0.34 0.27 0.21 0.42 0.44 Arts, Accommodation entertainment, and food services and recreation 0.02 0.01 0.02 0.01 0.01 0.01 -0.02 0.00 0.03 0.00 0.13 -0.04 0.06 0.03 0.04 0.02 0.01 -0.01 0.05 0.01 0.03 0.00 0.00 0.00 0.00 -0.02 0.01 0.03 -0.02 0.02 0.01 0.02 0.04 0.02 -0.01 0.05 -0.04 0.03 0.04 -0.01 0.01 -0.04 0.02 0.03 0.00 0.03 0.02 0.00 0.00 -0.01 0.01 -0.01 0.00 0.02 0.01 0.03 0.01 -0.05 -0.01 0.00 0.04 0.04 0.03 0.01 0.06 -0.01 -0.01 0.04 0.05 0.03 0.11 0.05 0.02 0.08 0.01 0.01 0.04 0.02 -0.02 -0.01 0.01 0.05 0.09 0.02 0.03 0.05 0.03 0.14 0.12 0.03 0.08 0.08 -0.01 0.00 0.03 0.08 0.09 0.05 0.06 0.00 0.05 0.20 0.06 -0.05 0.06 0.12 0.08 0.10 0.10 0.05 0.15 0.13 0.17 0.05 0.05 0.07 -0.21 -0.12 0.04 0.06

Educational services

Other services

Government

0.03 0.06 0.06 -0.02 0.07 0.03 0.05 0.05 0.05 0.03 0.14 0.03 0.02 0.05 0.06 0.03 0.05 0.02 0.01 0.03 0.03 0.03 0.04 0.04 0.02 0.04 0.01 0.03 0.04 0.03 -0.02 0.02 0.03 0.02 0.01 0.04 0.02 0.03 0.02 0.03 0.02 0.01 0.03 0.07 0.03 0.01 0.03 0.01 0.01 0.02 0.03 0.02 0.00 0.03 -0.01 0.03 0.05 0.02 0.03 0.02

0.01 -0.01 -0.03 0.00 0.01 -0.01 -0.05 0.00 0.03 0.02 0.29 -0.04 0.02 0.03 0.01 -0.01 0.03 0.00 -0.04 -0.06 0.00 0.00 -0.01 0.01 0.01 -0.01 -0.01 0.04 0.04 -0.02 -0.01 0.03 -0.07 -0.06 0.01 0.03 0.00 -0.04 0.02 0.01 0.05 -0.02 0.02 -0.05 0.06 0.04 0.03 0.06 0.05 0.00 0.04 0.14 -0.05 0.02 0.02 0.01 -0.01 -0.01 -0.01 0.08

0.23 0.09 0.08 -0.03 0.11 0.10 0.08 0.19 0.14 -0.03 0.89 0.48 0.01 0.13 -0.01 0.07 0.09 0.12 0.03 0.13 -0.08 0.21 0.14 0.38 0.18 0.23 0.10 0.29 0.27 0.34 0.43 0.16 0.15 0.39 0.38 0.55 0.46 0.46 0.46 0.25 0.32 0.35 0.32 0.27 0.42 0.17 0.34 0.46 0.53 0.53 0.24 0.41 0.57 0.26 0.42 0.20 0.92 0.32 0.35 0.40

Table 3. Per Capita Real GDP by State, 2005-2008
Chained (2000) Dollars 2005 United States............... New England................... Connecticut.................... Maine.............................. Massachusetts............... New Hampshire.............. Rhode Island.................. Vermont.......................... Mideast............................ Delaware........................ District of Columbia........ Maryland......................... New Jersey..................... New York........................ Pennsylvania.................. Great Lakes..................... Illinois............................. Indiana............................ Michigan......................... Ohio................................ Wisconsin....................... Plains............................... Iowa................................ Kansas........................... Minnesota....................... Missouri.......................... Nebraska........................ North Dakota.................. South Dakota.................. Southeast........................ Alabama......................... Arkansas........................ Florida............................ Georgia........................... Kentucky......................... Louisiana........................ Mississippi...................... North Carolina................ South Carolina................ Tennessee...................... Virginia........................... West Virginia.................. Southwest....................... Arizona........................... New Mexico.................... Oklahoma....................... Texas.............................. Rocky Mountain.............. Colorado......................... Idaho.............................. Montana......................... Utah................................ Wyoming........................ Far West.......................... Alaska............................. California........................ Hawaii............................. Nevada........................... Oregon........................... Washington.................... * Advance statistics Source: U.S. Bureau of Economic Analysis 36,920 42,584 48,608 29,769 45,050 37,316 35,466 33,465 42,240 59,520 120,269 37,920 43,902 44,773 34,208 35,205 38,593 33,307 33,673 34,111 34,602 35,473 34,771 32,818 40,832 32,680 35,513 32,848 35,159 33,007 29,147 27,613 33,292 35,477 29,509 31,206 23,610 35,763 28,895 33,582 40,989 24,759 34,510 32,909 30,128 28,104 36,316 35,244 40,395 30,127 26,958 31,117 38,203 40,173 43,839 40,905 37,114 40,483 35,724 38,661 2006 37,601 43,569 49,976 29,990 46,192 37,641 36,332 33,848 43,497 58,386 122,005 38,233 44,512 47,135 34,794 35,334 39,603 33,094 33,206 33,805 35,012 35,605 35,230 33,786 40,719 32,375 36,240 33,190 34,381 33,560 29,414 27,651 34,050 35,034 29,958 33,726 24,016 36,954 28,955 34,009 41,233 24,862 35,324 33,767 30,425 28,636 37,205 35,727 40,703 29,953 27,316 31,989 40,364 41,131 45,261 41,883 38,198 40,708 37,921 39,068 2007 37,967 44,474 51,139 30,248 47,388 37,829 36,516 34,383 44,480 58,071 123,566 38,788 44,834 48,869 35,337 35,492 40,142 33,317 32,940 33,829 35,178 36,249 36,243 34,571 41,060 32,532 37,131 35,454 36,791 33,384 29,426 27,810 33,702 34,792 29,986 33,022 24,147 36,398 28,676 34,012 41,608 24,970 35,855 33,300 30,624 28,851 38,055 35,938 40,742 30,442 27,991 32,413 39,807 41,645 44,853 42,319 38,692 40,657 38,751 40,218 2008* 37,899 44,796 50,758 30,637 48,088 38,420 36,283 34,924 44,900 56,401 126,407 39,205 44,957 49,499 35,641 35,280 40,006 32,917 32,601 33,568 35,239 36,728 36,773 35,013 41,573 32,779 37,326 37,832 37,690 33,006 29,411 27,753 32,925 34,017 29,740 32,842 24,403 35,719 28,364 33,825 41,769 25,533 35,767 32,343 30,935 29,359 38,044 36,017 41,102 29,890 28,170 32,049 40,837 41,416 43,640 42,064 38,644 39,687 38,801 40,407 2005 ....... ....... 2 42 3 16 23 31 ....... 1 ....... 15 5 4 27 ....... 13 32 29 28 26 ....... 25 36 9 37 21 35 24 ....... 44 47 33 22 43 38 50 19 45 30 7 49 ....... 34 40 46 18 ....... 11 41 48 39 14 ....... 6 8 17 10 20 12 Rank in the U.S. 2006 ....... ....... 2 41 4 18 21 30 ....... 1 ....... 15 6 3 26 ....... 13 37 35 31 25 ....... 23 32 9 38 22 36 27 ....... 44 47 28 24 42 34 50 20 45 29 8 49 ....... 33 40 46 19 ....... 11 43 48 39 12 ....... 5 7 16 10 17 14 2007 ....... ....... 2 42 4 19 22 30 ....... 1 ....... 15 6 3 26 ....... 13 34 37 32 27 ....... 24 29 9 38 20 25 21 ....... 44 48 33 28 43 36 50 23 46 31 8 49 ....... 35 40 45 18 ....... 10 41 47 39 14 ....... 5 7 17 11 16 12 2008* ....... ....... 2 41 4 18 24 29 ....... 1 ....... 15 5 3 26 ....... 13 34 37 32 27 ....... 23 28 9 36 22 20 21 ....... 44 48 33 30 43 35 50 25 46 31 8 49 ....... 38 40 45 19 ....... 10 42 47 39 11 ....... 6 7 17 14 16 12 2005 100 115 132 81 122 101 96 91 114 161 326 103 119 121 93 95 105 90 91 92 94 96 94 89 111 89 96 89 95 89 79 75 90 96 80 85 64 97 78 91 111 67 93 89 82 76 98 95 109 82 73 84 103 109 119 111 101 110 97 105 Percent of the U.S. 2006 100 116 133 80 123 100 97 90 116 155 324 102 118 125 93 94 105 88 88 90 93 95 94 90 108 86 96 88 91 89 78 74 91 93 80 90 64 98 77 90 110 66 94 90 81 76 99 95 108 80 73 85 107 109 120 111 102 108 101 104 2007 100 117 135 80 125 100 96 91 117 153 325 102 118 129 93 93 106 88 87 89 93 95 95 91 108 86 98 93 97 88 78 73 89 92 79 87 64 96 76 90 110 66 94 88 81 76 100 95 107 80 74 85 105 110 118 111 102 107 102 106 2008* 100 118 134 81 127 101 96 92 118 149 334 103 119 131 94 93 106 87 86 89 93 97 97 92 110 86 98 100 99 87 78 73 87 90 78 87 64 94 75 89 110 67 94 85 82 77 100 95 108 79 74 85 108 109 115 111 102 105 102 107

Table 4. Current-Dollar GDP by State, 2005-2008
Millions of dollars 2005 United States/1/.............. 12,339,002 New England...................... Connecticut........................ Maine................................. Massachusetts................... New Hampshire................. Rhode Island...................... Vermont............................. Mideast................................ Delaware............................ District of Columbia............ Maryland............................ New Jersey........................ New York........................... Pennsylvania..................... Great Lakes........................ Illinois................................. Indiana............................... Michigan............................ Ohio................................... Wisconsin.......................... Plains.................................. Iowa................................... Kansas............................... Minnesota.......................... Missouri............................. Nebraska........................... North Dakota...................... South Dakota..................... Southeast............................ Alabama............................. Arkansas............................ Florida................................ Georgia.............................. Kentucky............................ Louisiana........................... Mississippi......................... North Carolina.................... South Carolina................... Tennessee......................... Virginia............................... West Virginia...................... Southwest........................... Arizona............................... New Mexico....................... Oklahoma.......................... Texas................................. Rocky Mountain................. Colorado............................ Idaho.................................. Montana............................. Utah................................... Wyoming............................ Far West.............................. Alaska................................ California............................ Hawaii................................ Nevada.............................. Oregon............................... Washington........................ * Advance statistics 1. U.S. GDP-by-state values differ from the corresponding national income and product account (NIPA) values because of revisions to the NIPA values since the previous annual NIPA revision, and because the U.S. GDP-by-state values exclude Federal military and civilian activity located overseas, which cannot be attributed to a particular state. Source: U.S. Bureau of Economic Analysis 671,797 190,499 44,451 317,417 53,526 43,148 22,755 2,246,309 57,641 83,417 241,461 425,455 956,378 481,957 1,811,494 552,956 232,861 372,009 438,848 214,821 790,584 115,770 102,888 232,802 213,170 70,959 24,283 30,712 2,782,438 150,582 86,546 670,030 359,521 138,592 183,022 79,521 348,397 138,614 223,784 350,897 52,932 1,385,889 215,207 68,003 120,621 982,058 404,518 212,582 46,584 29,789 89,125 26,438 2,245,977 39,362 1,628,599 54,863 112,416 138,002 272,734 2006 13,090,776 707,672 201,635 46,341 334,477 56,056 45,491 23,672 2,389,124 59,244 88,051 252,997 445,738 1,034,087 509,006 1,877,786 588,863 239,863 375,143 449,000 224,918 823,050 121,082 109,902 240,891 219,660 74,951 25,394 31,171 2,959,229 158,858 90,660 721,380 375,641 146,352 197,569 83,778 378,593 146,480 236,103 368,014 55,799 1,508,104 236,421 71,782 129,596 1,070,305 433,830 225,053 48,557 31,794 98,289 30,138 2,391,980 43,264 1,727,599 59,131 121,712 151,205 289,070 2007 13,715,741 741,597 212,252 48,021 352,178 57,820 46,699 24,627 2,518,014 61,545 92,516 264,426 461,295 1,105,020 533,212 1,942,484 617,409 249,229 379,934 462,506 233,406 872,485 129,911 116,986 252,472 229,027 80,360 28,518 35,211 3,069,240 164,524 95,116 741,861 391,241 152,099 207,407 87,652 390,467 151,703 245,162 384,132 57,877 1,606,049 245,952 75,192 136,374 1,148,531 459,343 235,848 52,110 34,266 105,574 31,544 2,506,529 44,887 1,801,762 62,019 129,314 158,268 310,279 2008* 14,165,565 763,683 216,174 49,709 364,988 60,005 47,364 25,442 2,605,113 61,828 97,235 273,333 474,936 1,144,481 553,301 1,983,039 633,697 254,861 382,544 471,508 240,429 910,517 135,702 122,731 262,847 237,797 83,273 31,208 36,959 3,148,037 170,014 98,331 744,120 397,756 156,436 222,218 91,782 400,192 156,384 252,127 397,025 61,652 1,698,748 248,888 79,901 146,448 1,223,511 482,328 248,603 52,747 35,891 109,777 35,310 2,574,100 47,912 1,846,757 63,847 131,233 161,573 322,778 2005 100.0 5.4 1.5 0.4 2.6 0.4 0.3 0.2 18.2 0.5 0.7 2.0 3.4 7.8 3.9 14.7 4.5 1.9 3.0 3.6 1.7 6.4 0.9 0.8 1.9 1.7 0.6 0.2 0.2 22.5 1.2 0.7 5.4 2.9 1.1 1.5 0.6 2.8 1.1 1.8 2.8 0.4 11.2 1.7 0.6 1.0 8.0 3.3 1.7 0.4 0.2 0.7 0.2 18.2 0.3 13.2 0.4 0.9 1.1 2.2 Percent of U.S. total 2006 100.0 5.4 1.5 0.4 2.6 0.4 0.3 0.2 18.3 0.5 0.7 1.9 3.4 7.9 3.9 14.3 4.5 1.8 2.9 3.4 1.7 6.3 0.9 0.8 1.8 1.7 0.6 0.2 0.2 22.6 1.2 0.7 5.5 2.9 1.1 1.5 0.6 2.9 1.1 1.8 2.8 0.4 11.5 1.8 0.5 1.0 8.2 3.3 1.7 0.4 0.2 0.8 0.2 18.3 0.3 13.2 0.5 0.9 1.2 2.2 2007 100.0 5.4 1.5 0.4 2.6 0.4 0.3 0.2 18.4 0.4 0.7 1.9 3.4 8.1 3.9 14.2 4.5 1.8 2.8 3.4 1.7 6.4 0.9 0.9 1.8 1.7 0.6 0.2 0.3 22.4 1.2 0.7 5.4 2.9 1.1 1.5 0.6 2.8 1.1 1.8 2.8 0.4 11.7 1.8 0.5 1.0 8.4 3.3 1.7 0.4 0.2 0.8 0.2 18.3 0.3 13.1 0.5 0.9 1.2 2.3 2008* 100.0 5.4 1.5 0.4 2.6 0.4 0.3 0.2 18.4 0.4 0.7 1.9 3.4 8.1 3.9 14.0 4.5 1.8 2.7 3.3 1.7 6.4 1.0 0.9 1.9 1.7 0.6 0.2 0.3 22.2 1.2 0.7 5.3 2.8 1.1 1.6 0.6 2.8 1.1 1.8 2.8 0.4 12.0 1.8 0.6 1.0 8.6 3.4 1.8 0.4 0.3 0.8 0.2 18.2 0.3 13.0 0.5 0.9 1.1 2.3


				
DOCUMENT INFO
Description: New statistics released by the U.S. Bureau of Economic Analysis show that economic growth slowed in most states and regions of the U.S. in 2008 as economic growth overall slowed. Real GDP growth slowed in 38 states, with downturns in construction, manufacturing, and finance and insurance restraining growth in many states.