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NY's Economy Grew 1.3 Percent in 2012

11:25 AM, Jun 6, 2013   |    comments
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By Brian Tumulty
Gannett Washington Bureau

WASHINGTON - New York's economy grew by only 1.3 percent last year, trailing the 2.5 percent growth in gross domestic product for the nation as a whole, the Bureau of Economic Analysis reported Thursday morning.

The state's agriculture, utilities and mining sectors were stagnant over the last two years, the report found. Wholesale trade and the finance and insurance industries each added one-quarter of a percentage point to the state's growth in 2011 and 2012.

Other large states have grown much faster, with Texas posting a 4.8 percent increase in economic activity last year and California growing by 3.5 percent.

New York ranked 37th among states in economic growth in 2012. Neighboring Connecticut was the only state where economic activity fell, but by only 0.1 percent.

New York's rate of economic expansion in 2012 was about the same as in 2011, when the state posted a 1.2 percent growth rate.
In 2010, New York's economy grew by 4 percent, bouncing back from a 1.4 percent drop in economic activity during 2009 when the Great Recession hammered the nation as a whole.

States on the West Coast and the upper Midwest were among the fastest growing in the nation last year.

"In North Dakota, the fastest-growing state in 2012, mining contributed 3.26 percentage points to real GDP growth of 13.4 percent,'' the report said.

Neighboring Minnesota grew by 3.5 percent.

Besides California, other West Coast states showing strong growth included Oregon (3.9 percent) and Washington (3.5 percent). 


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