50 US States & DC 2016 GDP-Released May 11, 2017

[dimondpark]

This gives us an idea of what Metro GDP growth might look lime when that data is released in September.

Anyhow, my images.



Nominal GDP 2016 in millions of dollars. I couldnt fit in Vermont so I wrote it below.



50 Vermont $31,092

Link to BEA.gov:
http://www.bea.gov/newsreleases/regi...ewsrelease.htm

[tayser]

Fascinating map.

I plead ignorance in a lot of what I'm about to say/ask... however

The Dakotas: what sends North Dakota backwards by 6.5% but sends South Dakota forwards by 1.7%? What are the primary differences between those two states economies? If I understand/remember correctly, this is the part of the US which has Australian-like levels of [outback] population sparsity - resources dependence? agriculture not firing on all cylinders at the moment?

Not at all surprised by California firmly being one of the leaders of the pack, but the entire west coast + multiple states inland (and also Georgia and Florida) are the powerhouse of the US economy.

Is it normal/expected that New York and Illinois are in the realm that they are - less than 1% GDP growth?

Texas - what's going on?

[dimondpark]

Originally Posted by tayser

Fascinating map.

I plead ignorance in a lot of what I'm about to say/ask... however

The Dakotas: what sends North Dakota backwards by 6.5% but sends South Dakota forwards by 1.7%? What are the primary differences between those two states economies? If I understand/remember correctly, this is the part of the US which has Australian-like levels of [outback] population sparsity - resources dependence? agriculture not firing on all cylinders at the moment?

Yes the energy industry, specifically Oil & Gas, has been in decline for about 2 years now. That also explains TX, AK, LA and OK.

Texas however has already begun to recover and actually topped the nation in Q4 2016 growth and that's due to the oil industry improving but also the state's fast population increases resonating in other industries.

Dallas at the moment is booming btw. Houston is not.

Is it normal/expected that New York and Illinois are in the realm that they are - less than 1% GDP growth?

I know that NY( and CA) saw slow downs in their real estate markets towards the end of the year but since February this year things have begun to pick up again.

Imo, the Greater NYC Area( CSA) is the figure to look for as far as NY is concerned because the 4-state encompassing mega region has 23 million people and a $1.7 Trillion GDP as of 2015.

Perhaps our friends from NY and IL might shed some light.

[BG918]

You can clearly see how important oil & gas is to the GDP in certain energy states. North Dakota, Wyoming, Oklahoma, New Mexico, and Louisiana all have negative growth. Texas is only at 0.4 growth. Interestingly, Colorado had decent growth even with a large oil & gas industry there.

To answer the question above, South Dakota doesn't have hardly any oil & gas so that could be why they have positive growth. Not sure what is driving their economy though.

[dimondpark]

The Q4 data is slightly different.


Here's Nominal GDPs of world countries.
https://en.m.wikipedia.org/wiki/List...y_GDP_(nominal)

If we use the IMF data, then California may have surpassed the UK.

2016
California $2,656,080,000,000
United Kingdom $2,629,188,000,000

[Crawford]

Yes, as previously indicated, North Dakota's slump is obviously energy related. These year-over-year numbers are highly volatile, though because such a small sample size. I bet North Dakota is doing fine over the past few years overall. Generally better to look at longer time periods or you get weird numbers.

You see the Great Lakes manufacturing states generally doing OK, because manufacturing is OK. You see the PNW doing well because tech is strong right now (probably also a big factor in CA).

The NYC area looks a little slow, but hard to tell because Upstate/Downstate are so different (CT and NJ economies are probably a better proxy for NYC economy because a higher proportion of their GDP is generated in the NYC metro than for the NY State GDP). But CT and NJ are slow-growing too.

Florida very strong, DC surprisingly strong. But again, look over a couple of years, and you see DC has slowed down considerably from 10 years ago.

[Steely Dan]

Originally Posted by tayser

Is it normal/expected that New York and Illinois are in the realm that they are - less than 1% GDP growth?

illinois's lackluster growth can largely be attributed to many decades worth of kicking the proverbial can down the road by our atrociously terrible political "leaders" in the state capital.

US politics are pretty dysfunctional at the federal level, but illinois takes it to a whole other level of governmental ineptitude. we haven't had an actual state budget for 2 years (or is it 3 now?). many people and businesses are simply getting fed up with our childish and petty "leaders" in springfield and leaving the state altogether.

and because illinois' state constitution is essentially a suicide pact with the government workers unions, hard-won solutions to the pension crisis that have been hammered out in the state legislature get shot down by the courts, who have to follow the letter of the law.

illinois might just have to be the first US state to go bankrupt before this whole fucking shit-show gets sorted out.

[Jonesy55]

Originally Posted by dimondpark

This gives us an idea of what Metro GDP growth might look lime when that data is released in September.

Anyhow, my images.

I guess with its rapid population growth Texas must be going backwards in terms of per capita GDP?

Do we have map showing per capita GDP growth for the same period?

[Jonesy55]

Originally Posted by Crawford

Yes, as previously indicated, North Dakota's slump is obviously energy related.

So is South Dakota very different in terms of dependence on the energy sector?

[TWAK]

weren't companies leaving other states to go to SD?

[dimondpark]

2016 GDP By Census Region:
United States-South $6,428,545,000,000
United States-West $4,698,047,000,000
United States-Northeast $3,835,830,000,000
United States-Midwest $3,712,968,000,000

*Delaware, Maryland & DC are part of the South in the Census Bureau.

[JManc]

Originally Posted by Jonesy55

So is South Dakota very different in terms of dependence on the energy sector?

Yes, ND has lots of oil and gas and the economy boomed when oil was north of $70 USD a barrel. SD is more services and agricultural.

[Pedestrian]

Originally Posted by JManc

Yes, ND has lots of oil and gas and the economy boomed when oil was north of $70 USD a barrel. SD is more services and agricultural.

The North Dakota economy is likely doing much better now. Fracked oil in the Bakken is economical to produce at $50 (and becoming more so every day as the drillers have made huge technological strides in the last 2 years). And the completion of the Dakota Access pipeline, which is scheduled to fully come online in 3 days, will help because the necessity of transporting Bakken crude by train due to inadequate pipeline capacity put a lid on production.

Bakken formation

https://www.google.com/search?q=Bakk...FmPB6L0CgtyoM:

Dakota Access Pipeline

https://upload.wikimedia.org/wikiped...sm_basemap.png

[austlar1]

Originally Posted by tayser

Fascinating map.

I plead ignorance in a lot of what I'm about to say/ask... however

The Dakotas: what sends North Dakota backwards by 6.5% but sends South Dakota forwards by 1.7%? What are the primary differences between those two states economies? If I understand/remember correctly, this is the part of the US which has Australian-like levels of [outback] population sparsity - resources dependence? agriculture not firing on all cylinders at the moment?

Not at all surprised by California firmly being one of the leaders of the pack, but the entire west coast + multiple states inland (and also Georgia and Florida) are the powerhouse of the US economy.

Is it normal/expected that New York and Illinois are in the realm that they are - less than 1% GDP growth?

Texas - what's going on?

Energy sector slump hit Texas and North Dakota hard. Austin and DFW will pull ahead of the state number by a good bit, but much of the rest of the state took a hammering. Recovery is well under way. South Dakota is having a bit of a boom in business services and medical sector. They are not a big player in energy at this point.

[Pedestrian]

Originally Posted by tayser

Is it normal/expected that New York and Illinois are in the realm that they are - less than 1% GDP growth?

Texas - what's going on?

What makes an interesting comparison, like North and South Dakota, is New York and Pennsylvania. It's not as sharp a comparison, of course, because of the diversity of the New York City economy, but both New York and Pennsylvania sit on top of huge natural gas reserves in the Marcellus Shale formation:


https://www.google.com/imgres?imgurl...KqKR0gL1-byoAw

New York state has pretty much banned fracking but Pennsylvania has not.

Pennsylvania's natural gas production was more than eight times larger in 2015 than in 2010 because of development of the Marcellus Shale. Gross natural gas production exceeded 4.7 trillion cubic feet in 2015 and made the state the second largest natural gas producer in the nation, after Texas. Pennsylvania is also second only to Texas in estimates of proved natural gas reserves, which quadrupled from 2010 to 2014 . . . .

https://www.eia.gov/state/analysis.php?sid=PA

I am sure this had a lot to do with Pennsylvania's growth being ahead of New York's in spite of the vibrancy of New York City's financial industry.

Upstate New York, on the other hand, is rust belt territory (but so is northern and western Pennsylvania) and suffering from the issues of the rest of the rust belt without getting any help from energy.

And Illinois is a mess. Lowest bond rating in the US because its legislature is dysfunctional and a list of governors before the current one have gone to prison. This is bound to have had an impact even on its private sector.

[Shawn]

Massachusetts really punches above its weight - a higher GDP than states like MI and VA with millions of more people.

[bobdreamz]

Although it's nice to see Florida at a high GDP growth rate I can't explain what is driving that growth. I would imagine it's population growth yet for being the 3rd. largest state the economy is still under $1 trillion and should be much higher.

[chris08876]

I wonder if NY will catch up to Texas?

Shame upstate isn't booming.

Originally Posted by bobdreamz

Although it's nice to see Florida at a high GDP growth rate I can't explain what is driving that growth. I would imagine it's population growth yet for being the 3rd. largest state the economy is still under $1 trillion and should be much higher.

I'm thinking finance and construction/real estate industries.

[Atlriser]

Originally Posted by chris08876

I wonder if NY will catch up to Texas?

Shame upstate isn't booming.



I'm thinking finance and construction/real estate industries.

Don't forget tourism in Florida. That's the main driver which results in growth of low paying service jobs and thus lower GDP versus energy jobs and other industries. Tourism also drives a lot of the construction activity as all as population growth.

[CherryCreek]

Will be interesting to see if Congress adopts the big tax cuts + spending cuts proposed by Trump.

As a few economists have pointed out, this will shift wealth fairly significantly to the highest income states, particularly if there is a combination of government spending cuts AND Large tax cuts. I've seen a number of $6.2 Trillion of 10 years. Like Harry Truman used to say, a trillion here, a trillion there, pretty soon you talking about some real money!