Oregon’s Gross Domestic Product (GDP) grew by 3.3 percent in
2016 according to the Bureau of Economic Analysis. This was more than double
the pace of national growth (1.5%) and the second-fastest among all states. A
year earlier, in 2015, Oregon’s growth tied with Texas for the fastest in the
nation at 4.5 percent.
GDP measures the total market
value of final goods and services produced in a given region over a specified period
of time. It’s a comprehensive and widely used measure of economic activity.
National GDP growth was fueled
by the information sector, as was also the case in Washington and Utah; the states
with the fastest and third-fastest growth. This wasn’t the situation in Oregon.
Instead, economic growth was driven by durable goods manufacturing, which
accounted for nearly one-third of net gains. Oregon derives a disproportionate
share of its GDP from this sector relative to the nation due to high tech (semiconductors);
19.1 percent or three times the national share. These manufacturers provide an
unusually large amount of added value to their products and invest heavily in research
and development.
Despite
being a powerhouse of Oregon’s economy, our growth advantage relative to other
states does not hinge on durable goods. Removing it from the equation across
all states, Oregon’s GDP comes in at 2.9 percent; more than 1 percentage point
faster than the nation and seventh fastest among all states.
Read Regional Economist Amy Vander Vliet's full article "Oregon GDP Growth Ranks Second Fastest Among All States".
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