[Vision2020] States With the Fastest (and Slowest) Growing Economies

[Kenneth Marcy]

States With the Fastest (and Slowest) Growing Economies

*http://tinyurl.com/ofg7yn8 *

The U.S. economy grew 2.2% in 2014, largely on gains in the 
professional, scientific and technical services sector. Last year’s 
growth was up from a 1.9% GDP growth rate in 2013. While all but three 
state economies expanded in 2014, they did so for a variety of reasons, 
and the growth varied considerably among the 50 states.

*12. Idaho
 > GDP growth:* 2.7%
*> 2014 GDP:* $57.6 billion (10th smallest)
*> 1-yr. population change:* 1.3%(8th largest)
*> 2014 unemployment:* 4.8% (14th lowest)

Idaho’s economy grew 2.7%, tied for the 11th highest growth rate in the 
country. Growth was driven primarily by durable goods manufacturing, 
which contributed 0.56 percentage points to the state’s overall growth 
rate. The health care and social assistance sector also had an impact, 
contributing 0.34 percentage points to growth, the second highest 
contribution to growth from that sector nationwide. Idaho’s economy 
appears to be relatively strong: the state’s unemployment rate was 4.8% 
in 2014, lower than the national unemployment rate of 6.2%. Idaho’s 
strong economy has likely helped attract workers looking for job 
opportunities. The state’s population grew 1.3% in the last year. 
Despite the strong economy, the housing market has been weak. Housing 
starts shrank by 3.8% in 2013.


*8. Washington
 > GDP growth:* 3.0%
*> 2014 GDP:* $390.5 billion (14th largest)
*> 1-yr. population change:* 1.3%(10th largest)
*> 2014 unemployment:* 6.2% (22nd highest)

Washington’s economy grew by 3.0%, the eighth highest growth rate in the 
country. Growth was driven primarily by the retail trade sector, which 
contributed 0.62 percentage points to the state’s overall growth rate, a 
larger contribution from that sector than in any other state. The 
information sector contributed another 0.58 percentage points to growth, 
also the highest contribution from that sector nationwide. Washington’s 
strong economy has likely helped attract workers looking for job 
opportunities. The state’s population grew 4.7% in the five years 
through 2014, the eighth largest population growth rate nationwide. 
Washington’s unemployment rate was 6.2% in 2014, in line with the 
national unemployment rate of 6.2%. Washington residents were also 
relatively well educated. Nearly 33% of adults had at least a bachelor’s 
degree, the 11th highest rate in the country. An educated populace often 
helps promote economic growth.

*http://tinyurl.com/ofg7yn8
*

*
Ken

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