Washington’s inflation-adjusted gross domestic product grew 2.3 percent in the second quarter, the fifth strongest showing among the states.
The new report comes today from the federal Bureau of Economic Analysis. The rate is down from a blistering 4.8 percent in the same period last year (the first quarter’s 11.5 percent was likely a statistical distortion from clearing up the West Coast ports strike). In all of 2015, Washington GDP grew 3 percent.
In the second quarter, Nebraska led the nation at 4.3 percent, followed by Utah, Idaho and Arizona. The weakest states were North Dakota, Wyoming, Oklahoma, Alaska and South Dakota. Among these states, all but South Dakota have been hard hit by falling oil prices. U.S. gross domestic product grew 1.2 percent in the quarter.
One surprise: The information sector took a hit in Washington in the quarter, falling 1.12 percent. In California, the sector grew 0.18 percent. Real estate, transportation and warehousing, and professional, technical and scientific services all bolstered Washington’s growth.
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This is a snapshot, so process it accordingly. But it shows that into the first half of the year, Washington continued its solid growth — and at a much better pace than the slow growth seen in most places.
You can read the entire report here.
Today’s Econ Haiku:
Parking-space sized digs?
Less vacuuming, great city
Want space? There’s Detroit