Washington ended 2013 with state gross domestic product valued at nearly $386 billion. However, inflation-adjusted GDP growth slowed in the fourth quarter to 1.8 percent, the national average. That put us at 38th in the nation for growth in the generally weak last quarter of the year.
For the year, Washington’s output increased 2.7 percent compared with a national 1.8 percent. It was a strong showing for a state outside the old and new Oil Patch and some small resource states. Even so, this has to be set against the slow growth lesser depression, where the economy in most places isn’t expanding enough to make up for the damage of the 2008-2009 meltdown. The data come from a new report by the federal Bureau of Economic Analysis.
Elsewhere in the Northwest, Alaska GDP fell 2.5 percent for the year, while Idaho increased 4.1 percent and Oregon 2.7 percent. To be sure, the fourth quarter data contain some statistical flukes. For example, Nevada output appears to be a world-beater while in reality the state economy is still a basket case from the housing collapse.
Wednesday Reading: The small-minded anti-streetcar conspiracy | The American Conservative
Today’s Econ Haiku:
The ALEC racket
Microsoft shuts that window
What took it so long?
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