November 29,2017
the staff of the Ridgewood blog
Ridgewood Nj, The United States economy has been in a period of encouraging, consistent growth for several years now. According to 24/7 Wall Street ,the U.S. GDP has now increased uninterrupted for 14 straight quarters. The stock market continues to hit new all-time highs with yesterday marking the 61st closing high since Donald Trump became president , and the unemployment rate fell to 4.1% in October, the lowest it has been since the year 2000. Based on the most recent quarterly estimates from the Bureau of Economic Analysis, 24/7 Wall St. reviewed the growth or lack there of, of American state economies over the past three years more or less the time since the last nationwide quarterly economic contraction. Nationwide, GDP grew by 2.2% over the three years ending in the second quarter of 2017.
Using data provided by the Bureau of Economic Analysis, 24/7 Wall St. ranked all 50 U.S. states based on percent changes in real GDP growth in all 50 states from the second quarter of 2014 through the second quarter of 2017. and the U.S. Figures provided are adjusted to account for yearly inflation. GDP figures published by the BEA are preliminary and subject to annual revision. Figures on poverty rate, median household income, and educational attainment came from the American Community Survey. Employment and unemployment metrics were provided by the Bureau of Labor Statistics
New Jersey came in a better than expected 38th place while its neighbor to the north Connecticut came in 46th . New York came in 32nd and Pennsylvania came in a a respectable 27th.
38. New Jersey
> 3-year GDP growth: +0.9%
> Q2 2017 GDP growth: +2.3% (tied — 16th smallest increase)
> Fastest growing industry: Agriculture, forestry, fishing, and hunting
> Fastest shrinking industry: Utilities
> 3-year employment growth: +3.4% (17th smallest increase)
46. Connecticut
> 3-year GDP growth: +0.3%
> Q2 2017 GDP growth: +1.4% (6th smallest increase)
> Fastest growing industry: Mining
> Fastest shrinking industry: Nondurable goods manufacturing
> 3-year employment growth: +4.2% (23rd smallest increase)
32. New York
> 3-year GDP growth: +1.4%
> Q2 2017 GDP growth: +1.2% (tied — 4th smallest increase)
> Fastest growing industry: Information
> Fastest shrinking industry: Nondurable goods manufacturing
> 3-year employment growth: +2.7% (13th smallest increase)
27. Pennsylvania
> 3-year GDP growth: +1.6%
> Q2 2017 GDP growth: +2.5% (tied — 21st smallest increase)
> Fastest growing industry: Mining
> Fastest shrinking industry: Durable goods manufacturing
> 3-year employment growth: +2.5% (10th smallest increase)
