Energy Boom Lit Up North Dakota Economy in 2012 As Fastest Growing State Saw 13.4% GDP Jump

 @natrudy
on June 06 2013 3:34 PM

All U.S. states except Connecticut saw their real gross domestic product rise in 2012, according to new information from the U.S. Bureau of Economic Analysis.

In a blog post, "Widespread State Economic Growth in 2012," the bureau detailed how the national aggregated GDP broke down among individual states.

Backing the state GDP boosts were the durable goods manufacturing, finance and insurance, and wholesale trade industries. The nation’s overall GDP grew by 2.5 percent in 2012, according to this technical measure, which differs slightly from standard GDP measures.

According to the full report, national GDP, when analyzed this way, has not decreased since 2009, the worst of the recession, when real GDP declined by 3.3 percent. In 2011, real GDP rose by 1.6 percent, and in 2012, it was up 2.5 percent.

Here’s a look at a few states in the charts.

North Dakota ranked as the fastest-growing state by far in 2012, boosting its state GDP by 13.4 percent. The BEA analysis noted the mining industry’s big contribution to growth in North Dakota, which has enjoyed a serious oil and energy boom in recent months. No other state saw double-digit GDP growth.

Texas came in second, with 4.8 percent growth, thanks to mining, manufacturing and wholesale trade.

Oregon came third at 3.9 percent growth, also on the back of durable goods manufacturing. But the state still has a high unemployment rate of 8 percent, as of April 2013.

Connecticut was the only state to post a GDP decline, even though it only came to a 0.1 percent fall from 2011. Its real estate and finance and insurance industries took a hit from 2011 to 2012.

See the latest Bureau of Labor Statistics information on the unemployment rate by state. North Dakota has the lowest unemployment rate in April 2013, at 3.3 percent.

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