Which states had the highest gdp growth last year gas 78


Retail trade isn’t a top source of economic growth in most places. But in Washington, it was a major factor last year due to the continued expansion of e-commerce. Steve Lerch, chief economist with the Washington State Economic and Revenue Forecast Council, singled out Amazon’s rapid growth.

Telecommunications and software companies, particularly Apple and Microsoft, played supporting roles. Lerch cited construction activity in the Puget Sound region as another driver. Other high-wage sectors, such as aerospace and professional and business services, further propelled the state’s economy.

The gains were largely a result of an upswing in oil and gas production, according to Ryan Gedney, senior economist with the state labor department. Much of the increased activity took place in Greely and Grand Junction, while the companies are commonly managed from offices in Denver.

A strong real estate sector further helped to boost the state’s economy. While the Denver region remains the epicenter of the housing boom, Gedney says it’s spreading to Colorado Springs and Fort Collins as well. “There’s a huge demand for housing, and construction is rampant,” he says.

Before the downturn in Colorado’s energy sector in 2016, the state had consistently ranked as one of the fastest-growing economies nationally. After rebounding last year, it appears unlikely to experience a slowdown anytime soon. “We’re going to see more of the same as long as there’s a stabilization of the mining sector,” Gedney says. “Employment is really growing strong.” Nevada

Tourism remains strong in Las Vegas, where construction of a new football stadium is now underway. To the north, the Reno-Sparks metropolitan area has attracted a slew of major companies in recent years, many of which are still ramping up operations.

An Arizona State University forecast estimates net job growth of 69,000 this year, up from 63,000 in 2017. To meet the demand for housing in Phoenix, the construction sector is expected to expand significantly, with consensus estimates calling for 6.4 percent job growth for the year. Utah

BEA’s figures identified professional, scientific and technical services as the largest contributor to the state’s GDP growth, followed by health care and retail trade. The arrival of numerous large technology companies and newer startups in the Provo-Orem area are driving much of the economic gains, while the rest of the state also continues to benefit from strong tourism.

Steep population gains explain much of the state’s GDP numbers. Utah has been one of the fastest-growing states for years, with the latest Census estimates showing a nearly 2 percent increase for 2017. On a per capita basis, Utah’s GDP rose just 1.2 percent for the year, mirroring the national rate. States with top per capita GDP growth

In Wyoming, oil and coal production was the lone bright spot for the state, driving all of the GDP gains. GDP for the mining sector increased $1.1 billion last year, while it collectively declined for all other industries. While energy production has rebounded a bit, it still remains limited by low natural gas prices and competition from other states, such as Pennsylvania and Texas, where production is cheaper, says Wenlin Liu, chief economist with the state economic analysis division.