Bay State Among Leaders In '11 Growth
Real gross domestic product (GDP) increased in 43 states – including Massachusetts – as well as the District of Columbia in 2011, according to new statistics released today by the U.S. Bureau of Economic Analysis (BEA).
Massachusetts ranked seventh in economic growth last year, at 2.2 percent. North Dakota led the way with a 7.6-percent annual growth, followed by Oregon (4.7 percent) and West Virginia (4.5 percent). Texas (3.3 percent), Alaska (2.5 percent) and Michigan (2.3 percent) also had better growth.
However, growth in the Bay State was about half the 4.3 percent it registered in 2010.
Real GDP accounts for changes in price levels in the goods and services produced in the United States and is believed to be a more accurate barometer of economic growth than unadjusted or "nominal" GDP, which doesn't take inflation into account.
The Bay State's growth outpaced New England's and the nation's. New England registered growth of 1.8 percent in 2011 while growth among all states was only 1.5 percent, a drop of more than half from the 3.1 percent growth the BEA recorded for 2010.
The BEA said durable-goods manufacturing, professional, scientific and technical services, and information services were the leading contributors to real U.S. economic growth in 2011. Both industry groups were leading factors in Massachusetts.
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