Useful Stats: Real GDP by State 2004-2008

Last week the Bureau of Economic Analysis released advance 2008 and revised 2005-2007 statistics concerning GDP by state. Using these updated statistics, SSTI has prepared a table showing the real GDP for each state from 2004 to 2008 (in chained 2000 dollars), the percent change from 2007 to 2008, the five-year percent change, and the rank of each state's five-year change.

From 2007 to 2008, U.S. real GDP by state increased by 0.7 percent. Over that same one-year span, 12 states had a decrease in real GDP. Alaska had the steepest decline at 2 percent, followed by Delaware and Florida both declining by 1.6 percent. On the other end of the spectrum, North Dakota's real GDP rose by 7.3 percent from 2007 to 2008, followed by Wyoming at 4.4 percent and the District of Columbia at 3 percent. Twenty-seven states over the one-year period had a larger percent increase than the U.S. as a whole.

Looking at the five-year window, U.S. GDP grew by 8.9 percent from 2004 to 2008. North Dakota led the country in this time interval as well, with its real GDP growing by 21.6 percent. Rounding off the top five by percent increase were Utah (20.2%), Oregon (16.8%), Arizona (16.4%), and New York (16.2%). Twenty-four states over the five-year period experienced a larger percent increase than the U.S. as a whole.

Over the five-year period from 2004 to 2008, only two states - Michigan and Ohio - had a decrease in real GDP. Michigan's GDP decreased by 3.5 percent and Ohio's declined by 0.5 percent.

View the summary table at: http://www.ssti.org/Digest/Tables/061009t.htm

The BEA's press release on the data, which includes information on GDP contributions per NAICS sector, is available at: http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.