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Calif. and Texas have strongest GDP growth in the U.S. in 2012

By Jana Adkins

Posted: June 14, 2013 2:00 a.m.
Updated: June 14, 2013 2:00 a.m.
 

While U.S. gross domestic product grew by 2.5 percent in 2012, California’s grew at 3.5 percent, according to a report released by the U.S. Bureau of Economic Analysis last week.

California and Texas, at 4.4 percent GDP, led the nation in economic growth.

The U.S. GDP grew 1.6 percent in 2011 – the most the economy has grown since 2006 – yet still under the mark that would point to a healthy economic recovery, experts say.

Nationally, manufacturing, trade and the finance and insurance industry accounted for some of the largest gains.
Regionally, the Southwest region grew the fastest, at 4.1 percent, according to the bureau’s analysis.

Growth jumped in manufacturing in 2012, increasing from 6.8 percent in 2011 to 9.1 percent GDP in 2012.
Finance and insurance also rebounded growing from -0.6 to 3.6 percent growth, year over year.

Wholesale trade increased to 4.8 percent, up from 3 percent in 2011.

And, after eight years in decline, construction increased by 3.2 percent in 2012, reported the bureau.

The report can be seen at www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

 

 

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