WASHINGTON – Rhode Island’s real gross domestic product grew by 1.8 percent from 2005 to 2006 to $38.1 billion according to a report today from the U.S. Bureau of Economic Analysis. New England’s real GDP grew 2.5 percent in the same period to $627.0 billion, while the national economy grew 3.4 percent to $11.3 trillion.
Growth of the U.S. real gross domestic product – the total output of goods and services, adjusted for inflation – was faster last year than the 1997 to 2005 average.
Of the eight regions, all but New England and the Great Lakes also saw growth accelerate last year, the BEA said, though the 10 fastest-growing states were all in the Rocky Mountain, Southwest and Far West regions.
“The real estate, rental and leasing sector was the largest contributor to growth in all BEA regions except the Southwest,” the BEA said.
“Idaho had the fastest growth of all states in 2006 (7.4 percent), with the durable goods manufacturing sector accounting for 31 percent of the growth. For the fastest-growing states of New Mexico, Oregon, and Texas, durable goods manufacturing accounted for more than 20 percent of growth. For Oklahoma, another of the fastest-growing states, mining accounted for 31 percent of growth. Michigan was the only state to decline in 2006 (-0.5 percent), due to declines in many sectors, particularly construction.”
New England and the so-called Mideast were home to the five states with the highest real GDP per capita. The top five, in order, were: Delaware at $59,288; Connecticut at $50,332; Massachusetts at $46,721; New York at $46,617; and New Jersey at $44,885. Mississippi had the nation’s lowest per-capita real GDP last year, at $24,062 per person.
The average real GDP nationwide was $37,714 per capita, and the New England average was $ 43,940. Rhode Island’s per-capita GDP in 2006 was $36,292.
Additional information, including the 11-page Gross Domestic Product (GDP) by state, 2006, is available from the U.S. Bureau of Economic Analysis at www.bea.gov.
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