Thursday, June 11, 2015

Slowdown in the Garden State

New Jersey ranked near the bottom among all states in economic growth in 2014, according to a study released yesterday by the Commerce Department. Our state’s GDP grew by just 0.4 percent last year, which placed 45th among the 50 states. The state's economy had grown by 0.8 percent in 2013.
 
Two states saw their economies contract last year: Mississippi at -1.2 percent and Alaska at -1.3 percent. In addition to those two states, New Jersey also finished ahead of Indiana, Iowa, Maine and Virginia.
 
The fastest-growing states last year were the energy producers, North Dakota at 6.3 percent and Texas at 5.2 percent, but most observers expect that to turn around in 2015 with the drop in oil prices. Rounding out the top five were West Virginia at 5.1 percent, Wyoming at 5.1 percent, and Colorado at 4.7 percent.

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