Advertisement

49 states enjoyed GDP growth last year, study says

June 10, 2013|By Shan Li
  • Thanks to an oil boom, North Dakota's GDP growth in 2012 tops the nation.
Thanks to an oil boom, North Dakota's GDP growth in 2012 tops the nation. (Jim Gehrz / MCT )

All states in the U.S., with the exception of Connecticut, saw growth in gross domestic product last year, a new study says.

Leading the way was North Dakota, where a wealth of oil fueled by fracking in the Bakken Shale has led to boom times and a 13.4% jump in GDP, according to a Bureau of Economic Analysis report.

That far exceeds the average U.S. GDP -- known as real GDP -- which clocked in at 2.5% last year, a slight jump from the 1.6% growth experienced in 2011.

Connecticut was the only state to show a GDP decline of 0.1%, where government cutbacks and turmoil in the financial and real estate businesses have hurt the state's chances of bouncing back.

"One of the things that Connecticut has done, which is showing up in these numbers, is shrink the size of government faster than just about every other state," Gov. Dannel Malloy told the Hartford Courant. "That is not generally understood. So that has a negative impact and specifically had a negative impact in 2012."

North Dakota's oil rush, by contrast, has created almost 2,000 fresh millionaires each year from oil royalties, according to University of North Dakota's Center for Innovation.

ALSO:

College graduates see pay drop 7.6% in the last six years

Self-doubt hinders career advancement for women, survey says

Saudi prince sues Forbes magazine over his rank on billionaires list

Follow Shan Li on Twitter @ShanLi

Advertisement
Los Angeles Times Articles
|
|
|