Posted on 06/12/2014 6:42:54 AM PDT by thackney
The energy industry was a major driver of economic growth in several of the nation’s fastest-growing states last year, including Texas and the Rocky Mountain region, according to data released Wednesday by the U.S. Bureau of Economic Analysis.
The national gross domestic product, a measure of economic activity, grew 1.8 percent in 2013. Meanwhile, several states with thriving oil and natural gas industries, including North Dakota and Texas, saw economic growth of more than 3.5 percent.
Still, the industry couldn’t save some states from lackluster economic results. In the heart of the Marcellus Shale — a major natural gas production area — Pennsylvania and New York recorded GDP growth of less than 1 percent. And Alaska — the only state to show a decline in gross domestic product last year, falling 2.5 percent — suffered from a decline in oil production on the North Slope, according to the report. Alaska’s oil production fell 2 percent in 2013.
No. 2 Wyoming GDP growth (2013): 7.6% Oil production rank (Feb. 2014): 9 Natural gas production rank (2012): 5
No. 3 West Virginia GDP growth (2013): 5.1% Oil production rank (Feb. 2014): 21 Natural gas production rank (2012): 16
No. 4 Oklahoma GDP growth (2013): 4.2% Oil production rank (Feb. 2014): 5 Natural gas production rank (2012): 4
No. 5 Idaho GDP growth (2013): 4.1% Oil production rank (Feb. 2014): N/A Natural gas production rank (2012): N/A
No #6
No. 7 Colorado GDP growth (2013): 3.8% Oil production rank (Feb. 2014): 8 Natural gas production rank (2012): 6
No. 7 Utah GDP growth (2013): 3.8% Oil production rank (Feb. 2014): 11 Natural gas production rank (2012): 10
No. 8 Texas GDP growth (2013): 3.7% Oil production rank (Feb. 2014): 1 Natural gas production rank (2012): 1
No. 9 South Dakota GDP growth (2013): 3.1% Oil production rank (Feb. 2014): 25 Natural gas production rank (2012): 24
No. 10 Nebraska GDP growth (2013): 3% Oil production rank (Feb. 2014): 20 Natural gas production rank (2012): 28
A whole huge amount of formerly American manufacturing has been moved to Communist China.
America needs badly, to manufacture once again.
Bring back American manufacturing.
Thanks for posting this.
For Americans who still know old math, what would our weak National GDP be if not for these states?
Americans today can do what my ancestors did over the centuries when opportunities died off where they lived.
That is to move to where the jobs are, instead of staying where they are and moaning about the loss of jobs.
Also, they need to upgrade their skills and develop a trade instead of whining.
We have young relatives in management positions in many of these states with a positive GDPs, and they can’t find enough good people with good skills and the will to work hard.
There was a post on FR recently about a Walmart paying a very high starting wage in one of these areas do to the job demands created by fracking and the support industry.
Deregulate and get the hell out the way of businesses.
Only socialists want the government to help them.
Quit the damn whining about the unemployed.
Every time I study a Norman Rockwell illustration, it is impossible for me to remove the industrial/manufacturing America from his work.
A lot of people slam Ford(s) but Henry Ford was a serious American manufacturer that had insight and foresight for his workers and his product.
Unfortunately, unless serious revolution occurs (and even THEN it would take another 60 or so years to recover) ... any manufacturing developed in America today would be fascist at best.
Our only hope for America is to destroy the NEA, put human beings teaching in the classroom with the freedom to correct and expel kids that don't want to be there, educate those young minds all about America and what she was supposed to be and give them no option after school but to become part of the greatest society God allowed after His creation.
(OK .. that's a little over the top, but my thoughts can't help but pine for MY 1950's youth ... not the politics of the 1950's, but the innocence of my fifties youth)
I was fine until commie plants all over America popped up in schools, universities and even the military.
I've lived through some history and remember some and I'll be damned if I allow myself and anyone I know to not at least learn what not to do.
It is unfortunate but you hit the mark! Young people coming out of school today don’t want a JOB, they want a POSITION! Heaven forbid that they actually have to WORK for a living! I was taught a TRADE by my Father and WORKED my way through college then EARNED a Management Position ... some of the youngsters today should try that approach.
Folks been saying that nonsense since Socrates.
The job market even with degrees that are not instant unemployment degrees can be tough.
I advise these young people to work for free as intern. To really learn what the real world is like.
This advise has been given out for decades to many young people including some of our direct young relatives.
Everyone, who has interned for free or basically free, got a job in a few months from the people interning them or from a competitor.
Keep in mind that if they were to sustain these levels of GDP growth over time, through the magic of compounding, they will utterly bury states dominated by urban Democrats.
This is federalism at its finest.
Comparative advantage, absolute advantage, and the wealth generated from specialization aka the division of labor all make that very hard.
Did you watch those videos? I thought you said you accepted that free trade is beneficial and specialization is the road to wealth?
I’m not sure what videos you are referring to.
Did you send some recently? Thanks.
The ones on comparative advantage and absolute advantage. You agreed with both of those. Do you also agree that specialization and the Division of Labor build wealth?
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