Economic growth: Texas, California and revisions

[Valin]

The Hill:

Chuck DeVore

06/24/13

 

The federal Bureau of Economic Analysis (BEA) came out with its new state-by-state economic growth numbers last week. The easy-to-read map shows that, not unsurprisingly given all the new oil production there, North Dakota led the nation in increased economic growth in 2012 at 13.4 percent, with Texas in second at 4.8 percent.

 

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In other words, Californias economy shrank an additional 2.6 percent before it grew 3.5 percent.

So, in the past five years Californias real GDP contracted 0.3 percent, one of ten states where economic activity was less in 2012 than it was in 2008.

 

By contrast, the BEA revised Texas growth upward by 0.5 percent from 2009 to 2011.

Texas newly revised real GDP growth from 2009 to 2012 was 13 percent.

From 2009 to 2012, Californias share of the U.S. economy shrank from 13.1 percent to 12.9 percent while Texas portion of the American economy increased from 8.2 percent to 9 percent.

 

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H/T Via Meadia