Idaho’s real gross domestic product inched up less than a percentage point from 2011 to 2012.
New data released today by the U.S. Bureau of Economic Analysis show Idaho’s GDP grew four-tenths of a percent last year. Five states measured slower growth; Wyoming, New Mexico, South Dakota, Delaware, and Connecticut.
Connecticut was the only U.S. state that saw a decline in GDP last year. The state with the largest growth from 2011 to 2012 was North Dakota, with a whopping 13.4 percent increase.
The Bureau of Economic Analysis (BEA) reports durable goods manufacturing, finance, insurance, and wholesale trade lead the growth over the last year. In Idaho, manufacturing of durable goods lead the growth.
Real GDP is an inflation-adjusted measure of each state’s production, as defined by the BEA. It’s based on a weighted average of national prices.
Idaho’s $50.9 billion GDP last year ranks the state 45th.
Idaho Department of Labor spokesman Bob Fick says there has only been four other times in the last 50 years that Idaho has had a lower rank. “It’s better than going down,” says Fick. “But you look nationally, real GDP was up 2.5 percent and we were up 0.4, that says a lot right there.”
Fick adds it’s not a positive sign to see so many states around Idaho growing by 2, 3, and 4 percent when Idaho isn’t at that same level.
“There were years not that long ago when we were in the top 10 in percentage growth,” Fick adds, “those days are obviously gone.”