Washington turned in the best performance in the broadest measure of economic performance. Oregon was strong, too.
Washington ranked high among the states and District of Columbia in growth of gross domestic product last year. State GDP adjusted for inflation here advanced 3.7 percent from 2015 to 2016, ranking No. 1. In the fourth quarter, growth was 3.1 percent, No. 3 behind Texas and Utah.
Oregon also turned in some of the hottest growth last year at 3.3 percent. Alaska GDP fell 5 percent in the continuing troubles of the oil industry. Idaho advanced 1.8 percent year over year. Gross domestic product is the value of all goods and services within a state’s (or nation’s) borders. While hardly a comprehensive measure of well-being, it remains an economic gold standard.
Nationally, GDP growth was 1.5 percent compared with 2.6 percent in 2015.
The information sector was a big contributor to Washington’s growth at 1 percent, by far the biggest jump among the states. Retail trade, transportation and warehousing, health care, and professional, scientific and technical services also stood out in growth. Real estate and non-durable goods manufacturing saw small declines.
Most Read Business Stories
- Facing populist assault, global elites regroup in Davos
- Boeing overhauls quality controls: more high-tech tracking but fewer inspectors
- 5 investment tips from Vanguard founder John Bogle
- Alaska Airlines flight diversion leads to a 30-hour nightmare for passengers WATCH
- King County property tax bills are coming, and the housing market slowdown won't lower your bill
At the end of the fourth quarter, state GDP totaled nearly $477 billion. U.S. output was nearly $18.8 trillion.
You can read the entire report here.
Today’s Econ Haiku:
Mom, what was a store?
Don’t interrupt me, sweetie
I’m shopping online