State GDP in 2021:Q3
|in:Viewpoints
Estimates of state real GDP growth varied fairly substantially in 2021:Q3. 13 states saw outright declines; these were mainly commodity (energy and agriculture) intensive ones, but oddly New Hampshire—pretty far from either camp—was the weakest state in the nation, with a 3.3% rate of decline (the Granite State had a massive collapse in government output).
In general, states bordering salt water were stronger than the nation, though that should be taken as more of a curiosity than something of analytical value (aside from New Hampshire, Alaska and Louisiana had negative growth rate). Hawaii's 6.0% rate of growth was the highest in the nation, Delaware was second at 4.7%, DC's figure was 3.9%, and Massachusetts, New Jersey, and Florida all had 3.7% growth rates. By industry, commodity production was generally weak, as was construction, manufacturing, and trade (wholesale and retail). Other sectors generally rose (New Hampshire's strange government decline was almost unique, North Dakota and North Carolina were the only other states not to see increases in government output, and the drops there were much smaller.
Charles Steindel
AuthorMore in Author Profile »Charles Steindel has been editor of Business Economics, the journal of the National Association for Business Economics, since 2016. From 2014 to 2021 he was Resident Scholar at the Anisfield School of Business, Ramapo College of New Jersey. From 2010 to 2014 he was the first Chief Economist of the New Jersey Department of the Treasury, with responsibilities for economic and revenue projections and analysis of state economic policy. He came to the Treasury after a long career at the Federal Reserve Bank of New York, where he played a major role in forecasting and policy advice and rose to the rank of Senior Vice-President. He has served in leadership positions in a number of professional organizations. In 2011 he received the William F. Butler Award from the New York Association for Business Economics, is a fellow of NABE and of the Money Marketeers of New York University, and has received several awards for articles published in Business Economics. In 2017 he delivered Ramapo College's Sebastian J. Raciti Memorial Lecture. He is a member of the panel for the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters and of the Committee on Research in Income and Wealth. He has published papers in a range of areas, and is the author of Economic Indicators for Professionals: Putting the Statistics into Perspective. He received his bachelor's degree from Emory University, his Ph.D. from the Massachusetts Institute of Technology, and is a National Association for Business Economics Certified Business EconomistTM.
Global