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Useful Stats:Gross State Product, 2003-2004
Service industries once again outpaced growth in the goods-producing industries across the country in 2004, according to gross state product (GSP) figures released Oct. 26 by the U.S. Bureau of Economic Analysis (BEA). Private services-producing industries grew 5.1 percent above 2003 figures, while private goods-producing industries grew at a 3.1 percent rate.
Of nine geographic subregions for the country, only the Great Lakes area failed to exceed an average annual growth rate of 2 percent for the 1997-2004 period. While the percentage change for the Great Lakes was higher for 2003-2004, government's declining contribution to the percentage change in real GSP during the period actually pulled the 2.4 percent figure down by a quarter point.
The Far West region of the country, which includes Alaska, California, Hawaii, Nevada, Oregon and Washington, experienced an average annual growth rate between 1997-2003 of 4.2 percent, the highest for the country. Growth in GSP for 2003-2004, alone, averaged 5.5 percent across the six states.
On the state level, the top 10 growth states for 2003-2004 could be found across the country, shown with percent growth in parentheses: Nevada (9.3), Arizona (7.1), Virginia (6.3), Hawaii (6.0) Florida (5.9), Idaho (5.8) California (5.6), Iowa (5.5), New Hampshire (5.4), and Arkansas (5.3). Although not included in the BEA's state rankings, the District of Columbia's growth rate of 6.2 percent, buoyed by significant growth in the government sector, would rank fourth overall.
While the fastest-growing states are geographically dispersed, states experiencing the slowest growth in GSP between 2003 and 2004, on the other hand, are more concentrated: Michigan (1.2%), Nebraska (1.5), Illinois (1.9), North Dakota (2.1), Louisiana (2.2), Missouri (2.4) West Virginia (2.6), Ohio (2.6), Pennsylvania (3.0) and Mississippi (3.3). Real US GSP grew 4.3 percent between 2003 and 2004.
SSTI has reproduced the BEA's table of percentage change in GSP by state for 2003-2004 and the 1997-2003 span. The table is available at: http://www.ssti.org/Digest/Tables/103105t.htm
The GSP release, complete with tables presenting each industry sector's share of the percentage change by state is available: http://www.bea.gov/bea/newsrel/gspnewsrelease.htm#table2