Useful Stats: Real Gross State Product, 2001-2005

The U.S. Bureau of Economic Analysis (BEA) recently released advanced real gross state product (GSP) estimates for 2005. According to the data, real GSP grew in all 50 states and the District of Columbia from 2001-2005. Western states dominated the lead in U.S. economic growth, with Nevada incurring the largest increase in real GSP growing from $75.1 billion in 2001 to $96.6 billion in 2005 -- a 28.56 percent change. Along with Nevada, four other states experienced an increase of more than 20 percent in real GSP over the five years: Oregon, Idaho, Florida and Arizona.

 

Nationally, real U.S. GSP grew by 12.19 percent over the most recent five years, up 2.23 percent from the period 2000-2004. Twenty-four states experienced real GSP growth less than the national average, including Louisiana with the lowest in the nation at 4.74 percent, followed by Michigan (4.83 percent), Connecticut (7.36 percent), Illinois (7.43 percent), and Ohio (7.98 percent). The minimal increase in real GSP for Louisiana was directly related to the effects of Hurricanes Katrina and Rita, according to the BEA.

 

SSTI has prepared a table ranking real GSP for all 50 states and the District of Columbia by percent change from 2001-2005 is available at: http://www.ssti.org/Digest/Tables/061206t.htm

 

Also available is a table characterizing real GSP from 2000-2004: http://www.ssti.org/Digest/Tables/071105t.htm

 

BEA's press release detailing real GSP estimates for 2005 is available at: http://www.bea.gov/bea/newsrel/gspnewsrelease.htm