NJ’s Economic Growth Near Worst; PA Just Average
New data from the U.S. Bureau of Economic Analysis finds that New Jersey had poor economic growth in 2014. Compared to other states, New Jersey ranked 46th, with its gross domestic product growing just 0.4 percent over the course of the year.
Pennsylvania saw about average growth with a 1.8 percent uptick, while Delaware was at 1.2 percent.
New Jersey’s woes can be explained by GDP falling in categories like agriculture, mining, construction, transportation and finance. It’s biggest gains were in manufacturing.
Pennsylvania saw its largest gains in mining, wholesale trade, finance and manufacturing. It’s biggest drop was in construction.
North Dakota (home of a serious fracking and oil boom) had the highest GDP growth rate at 6.3 percent followed by Texas at 5.2 percent.
Almost every state saw an increase, but Alaska’s GDP fell 1.3 percent and Mississippi’s dropped 1.2 percent.
|State||2012 GDP||2013 GDP||2014 GDP||Percent change in 2014||2014 Rank|
|Pennsylvania||$589 billion||$598 billion||$609 billion||1.8||22|
|New Jersey||$498 billion||$502 billion||$504 billion||0.4||46|
|Delaware||$55.5 billion||$56 billion||$56.6 billion||1.2||30|