Business Excellence Awards
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By Emily Greenhalgh
PBN Web Editor
WASHINGTON – Rhode Island ranked No. 32 across the nation for economic growth during 2011, according to data released Tuesday by the U.S. Bureau of Economic Analysis.
Rhode Island saw 0.8 percent growth in gross domestic product in 2011, a two-tenths of a percentage point drop from 2010 numbers.
The Ocean State’s growth placed it 32nd in the nation but fourth in New England, ahead of Vermont and Maine, which ranked 38th and 46th nationwide, respectively.
Comparatively, Massachusetts saw the best 2011 economic growth in New England with a 2.2 percent increase, followed by Connecticut, which saw 2 percent GDP growth in 2011. Nationally, Massachusetts and Connecticut ranked seventh and ninth, respectively.
Real gross domestic product increased in 43 states and in the District of Columbia in 2011.
Alabama, Hawaii, Maine, Mississippi, New Jersey and Wyoming all saw declines in their 2011 GDP. Wyoming ranked last in the U.S. with a GDP loss of 1.2 percent in 2011.
In Rhode Island, the finance and insurance industry was the largest contributor to GPD growth, with an increase of 0.33 percent in 2011.
Information services and government positions followed with 0.29 percent and 0.27 percent increases, respectively.
Rhode Island’s real estate industry was hardest hit during 2011, losing 0.43 percent of GDP. The retail industry was second-hardest hit, losing 0.17 percent.
Durable goods manufacturing was the largest contributor to the U.S. real GDP in 2011. Nationally, the industry increased 7.9 percent in 2011, after increasing 17 percent in 2010.