In a recent news release, the U.S. Bureau of Economic Analysis (BEA) announced that the real gross domestic product (GDP) increased in 49 states and the District of Columbia in 2012. Durable–goods manufacturing, finance, and insurance and wholesale trade were the leading contributors to real U.S. economic growth. U.S. real GDP by state grew 2.5 percent in 2012 after a 1.6 percent increase in 2011. The only state in the Union that did not grow was Connecticut.
Almost universal growth means that prosperity was well dispersed across the nation, giving us a more stable platform for the future. This bodes well in terms of the projected mildness of the 2014 macro downturn compared to the scenario of only a few states gaining in a big way and leaving us more exposed to global problems and budgetary concerns. Instead, we find ourselves in the enviable situation of having economic growth help most Americans to stability and prosperity as demonstrated by the ongoing growth thus far into 2013. Plan on more good news in the coming months.
