Monday, June 13, 2011

Oregon GDP growing stronger than the national average

Oregon’s Gross Domestic Product (GDP) grew 3.4 percent in 2010, faster than the 2.6 percent growth of United States and seventh fastest among the states, according to new estimates released by the Bureau of Economic Analysis. The growth was driven largely by the durable-goods manufacturing sector, which outperformed the nation by a large margin. Construction saw the largest decline. Finance and insurance, and real estate, rental, and leasing declined in Oregon, while those industries grew at the national level.

Oregon’s GDP growth in 2010 followed a drop of 4.9 percent in 2009, and total GDP is still below 2008 levels. When it comes to GDP, Oregon seems to have weathered the recession storm a little better than the U.S., which saw declines in 2008 and 2009, and is still below 2007 levels.

Oregon’s per capita GDP was $43,519 in 2010 (measured in 2005 dollars). The U.S. was $42,429. California was $46,488, Washington was $45,599, Nevada was $41,321, and Idaho was $32,344. Nevada was one of only two states with falling GDP in 2010, Wyoming was the other.

Get more info in the full news release from the Bureau of Economic Analysis.

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