Average annual U.S. ‘real’ (i.e., after accounting for inflation) gross domestic product (GDP) growth for the latest 20 years (2000 to 2019 inclusive) has been +2.1%; and for the past 10 years, +2.3%. The latest ten-year (2010 to 2019) annual average isn’t biased downwards by the 2008-2009 recession.
The eight states with the fastest annual average GDP growth rates over the past ten complete years have been: North Dakota, +4.7%; Washington, +3.6%; Texas, +3.5%; California, +3.3%; Utah, +3.2%; Colorado and Oregon, each at +3.0%; and South Carolina (+2.5%).
North Dakota’s rapid growth was front-end loaded. Bakken shale oil development sent the state’s output level soaring in 2011 and 2012, to the tune of +11.3% and +22.4% respectively. During the past seven ‘quieter’ years, North Dakota’s annual average GDP gain has been only +0.8%.
Only two states were burdened with annual average GDP growth rates that were negative in the past decade, Wyoming (-0.5%) and Alaska (-0.2%). Two others, though, managed only minimal headway, Connecticut and Louisiana, both at +0.1%. Mississippi and Delaware also didn’t have much to celebrate, each at +0.5%.
