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States With the Fastest (and Slowest) Growing Economies<br>
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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.<br>
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<p><strong>12. Idaho<br>
> GDP growth:</strong> 2.7%<br>
<strong>> 2014 GDP:</strong> $57.6 billion (10th smallest)<br>
<strong>> 1-yr. population change:</strong> 1.3%(8th largest)<br>
<strong>> 2014 unemployment:</strong> 4.8% (14th lowest)</p>
<p>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.<br>
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<p><strong>8. Washington<br>
> GDP growth:</strong> 3.0%<br>
<strong>> 2014 GDP:</strong> $390.5 billion (14th largest)<br>
<strong>> 1-yr. population change:</strong> 1.3%(10th largest)<br>
<strong>> 2014 unemployment:</strong> 6.2% (22nd highest)</p>
<p>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.<br>
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Ken<br>
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