Published in its June 21 edition, USA Today examined every state’s gross domestic product for 2010 and how it grew over the prior decade. Although California retained the top spot, with a reported $1.9 trillion 2010 GDP and 17.8% growth, Texas emerged as the winner in the report at $1.207 GDP, which represents 26.8% growth and a leapfrogging of New York to earn the second sport on the survey. By percentage, Wyoming grew the most, at 48.7%, but ranked 47th with relatively modest $39 billion GDP, it showed that “fastest growing” isn’t always the greatest indicator of true vitality.
After New York, which was 3rd at $1.16 trillion and 19.8% growth, the rest of the top 10 comprised Florida ($748 billion, 22.7% growth); Illinois ($652 billion, 8.2%); Pennsylvania ($570 billion, 11.8%); New Jersey ($487 billion, 11.6%); Ohio ($478 billion, -0.7%); North Carolina ($425 billion, 20.3%); and Virginia ($424 billion, 27.6%).
Ohio and Michigan – ranked 12th at $384 billion, but with a decline of 7.1% — were the only states to suffer economic contraction from 2000 to 2010.
How are economic conditions affecting your shop’s business? Do you think the report reflects your shop’s fortunes? ST would appreciate feedback. Contact Publisher/Editor Wade Swormstedt at wade.swormstedt@stmediagroup.com. For a barometer more specific to the sign industry, read ST’s Electric State of the Industry Report.