California GDP growth over the last four quarters averaged 1.7%, a middling 21st among the states
California’s economy grew at a 1.2% annual pace in the first quarter. That GDP expansion rate looks lethargic compared with the 2% US expansion pace.
Slowest states? Alabama and Rhode Island with only 0.1% growth, then Arkansas, Illinois and West Virginia at 0.2%. Start with California. Its GDP growth over the last four quarters averaged 1.7%, a middling 21st among the states and just below 1.8% growth nationally. There was a hefty 3.8% US increase. And look at the top economic momentum among the states: Nevada was expanding by 8.1%, Florida by 7.1%, New Hampshire by 6.1%, Idaho by 6%, and New York by 5.8%.Let’s measure the Fed freeze by thinking about the percentage-point differences between annual growth rates during these last 24 months.
Dragging down California’s GDP growth in the past year were rate-sensitive industries like real estate and construction. Adding to the chilled output was sluggish office work, hotels, restaurants and manufacturing. The Golden State’s bright spots, by GDP math, were retail and healthcare.
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