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Useful Stats: Gross State Products
Gross State Products in the nation, after adjustment for inflation, grew at an average annual rate of 3.9 percent from 1992 to 1998, according to a paper released this week by the Bureau of Economic Analysis of the U.S. Department of Commerce. The Gross State Product measures value added in production.
Not too surprising, the agency found growth was particularly strong in the sectors driving the New Economy, including software development, communications, and high-tech manufacturing — such as electronics, electronic devices, industrial machinery and computer equipment. Government grew the slowest of the major industry sectors at 0.8 percent on average annually.
The ten states which experienced the greatest average annual growth in GSP over the period were: Arizona (7.5 percent average annual increase in GSP), Oregon (7.2%), Nevada (6.9%), Utah (6.9%), Colorado (6.6%), New Hampshire (6.3%), New Mexico (6.2%), Idaho (6.1%), Georgia (5.8%), and Texas (5.6%).
The 10-page report includes tables presenting GSP statistics for all 50 states and the District of Columbia annually from 1992-1998 and by major industry group. One table also breaks down each major industry sector’s contribution to each state’s growth over the period.
To assist in comparing GSP figures across states and to present a different complexion to the data, SSTI has prepared the accompanying table presenting the 1998 GSP for each state on a per capita basis. At the top of the list is the District of Columbia, with the extreme outlier per capita GSP of $103,754. The next four highest states and their per capita GSP figures are: Delaware ($45,339), Connecticut ($43,421), New Jersey ($39,429) and Alaska ($39,395). Massachusetts, New York, Wyoming, Nevada, and Colorado round out the top ten.
The Bureau’s paper (BEA 00-26) can be viewed at: http://www.bea.doc.gov/bea/newsrel/gsp_0900.htm The paper notes that detailed GSP estimates for 63 industries for each state are also available on the agency’s website: http://www.bea.doc.gov/bea/regional/gsp/