Ohio’s GDP sees modest gains in 2013; 1.8% increase
State responsible for 3.4% goods, services in the U.S.
6/12/2014Ohio’s GDP rose 1.8 percent last year compared with 2012, according to Bureau of Economic Analysis data released Wednesday. That was the smallest increase in four years.
Michigan’s GDP rose 2.0 percent.
GDP by state is the counterpart of the nation’s gross domestic product, the most comprehensive measure of U.S. economic activity. It is basically the sum of the goods and services produced in a state, and it is adjusted for inflation.
The national GDP grew 1.8 percent in 2013 after rising 2.5 percent in 2012.
GDP increased in 49 states last year. It fell 2.5 percent in Alsaska.
Ohio was responsible for 3.4 percent of all the goods and services produced in the United States last year. Michigan’s share was 2.6 percent.
The top states were California (13.2 percent), Texas (9.2 percent), and New York (7.8 percent).
The biggest contributor to Ohio’s GDP was nondurable goods manufacturing, followed by finance and insurance, real estate (including rental and leasing), and health care and social assistance.
Michigan’s biggest contributors were durable goods manufacturing and finance and insurance.
In both states, the industry that shrunk the most last year was government, as many state and local governments reduced their numbers of employees.
— Chip Towns