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Useful Stats: Gross State Product Figures for 1999
After adjustments for inflation, Gross State Product (GSP) for the nation grew at an average annual rate of 4.0 percent from 1992 to 1999, according to estimated just released by the Bureau of Economic Analysis (BEA), U.S. Department of Commerce. GSP measures value added in production.
The fastest growth rates for 1992 through 1999 were experienced in Arizona (7.3%), Nevada (7.0%), Oregon (6.8%), Colorado (6.6%), Idaho (6.6%), New Hampshire (6.3%), Utah (6.3%), New Mexico (6.2%), Georgia (5.8%), Texas (5.4%), and North Carolina (5.1%). The BEA attributes the strong performance of these states partly to their strengths in business services and in high-tech manufacturing.
While real GSP grew in all major industries, it was notably strong in the areas of business services and high-tech manufacturing, trade, real estate, security trading, and communications.
The Bureau’s report includes tables presenting GSP statistics for all 50 states and the District of Columbia annually from 1992-1999 and by major industry group. BEA also revised estimates for 1993-1998 to incorporate the results of the most recent revisions of state personal income, of the national estimates of gross product by industry, and of the national income and product accounts.
To aid readers in comparing GSP figures across states and to present the data as it relates to population, SSTI has prepared the accompanying table which displays 1999 GSP for each state on a per capita basis using 1996 chained dollars. Topping the list is the District of Columbia at $99,852, the next four highest states and their per capita GSP figures are Massachusetts with $48,700; Connecticut with $44,263; Delaware with $42,306; and, Alaska with $41,860. Completing the top ten list are New York, New Jersey, Colorado, New Hampshire, and Wyoming.
These newly released estimates are available at http://www.bea.doc.gov/bea/regional/gsp/ GSP estimates for 63 industries for states, BEA regions, and the United States are available on BEA’s Web site: http://www.bea.doc.gov as well as information on BEA’s major national, regional, international, and industry estimates.
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