The U.S. Bureau of Economic Analysis released its latest estimate of change in real gross domestic product — economic growth adjusted for inflation — in each state in 2011.
How did Oregon’s economy perform relative to other states in 2011?
At 4.7 percent, the growth rate of Oregon’s GDP exceeded that of all other states, except for North Dakota, last year.
Oregon’s economic growth rate was more than three times the nation’s rate (1.5 percent) and more than double the 2.0 percent rate of our often-compared neighbor to the north, Washington. Durable goods manufacturing fueled most of Oregon’s growth.
On a per person basis, Oregon’s GDP also shined relative to other states in 2011. Last year’s growth edged Oregon’s per capita GDP — at $48,098 in 2011 — into the top 10 states. That represents a 3.7 percent increase in per capita GDP over the prior year, outperforming all but two states (North Dakota and West Virginia).
OCPP has explained before how relative to the rest of the nation, Oregon’s economy has performed exceptionally well over time. With this new data, BEA has also revised many of the figures in that prior report upward for Oregon (an update from OCPP is forthcoming).
Today’s BEA release is further proof that, relative to the rest of the nation, Oregon’s economy shines brightly.
This post was originally published on www.blueoregon.com on June 5, 2012. The original post can be found at http://www.blueoregon.com/2012/06/breaking-news-oregons-economic-growth-shines-again/.
