BEA: R.I. 29th nationally, third in N.E. for economic growth

RHODE ISLAND ranked 29th nationally and third in New England for its economic growth of 1.2 percent in 2014, according to data released Wednesday by the federal Bureau of Economic Analysis. / COURTESY U.S. BUREAU OF ECONOMIC ANALYSIS
RHODE ISLAND ranked 29th nationally and third in New England for its economic growth of 1.2 percent in 2014, according to data released Wednesday by the federal Bureau of Economic Analysis. / COURTESY U.S. BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Rhode Island ranked 29th nationally and third in New England for its economic growth of 1.2 percent in 2014, according to data released Wednesday by the federal Bureau of Economic Analysis.

Gross domestic product increased in 48 states and the District of Columbia last year, according to the federal agency.

The Ocean State’s GDP was $55 billion last year, compared with $53.3 billion in 2013. Rhode Island’s rate of real growth (removing the effects of inflation) trailed New England’s, which saw its GDP rise 1.6 percent, as well as the nation’s, which had a 2.2 percent increase last year.

Massachusetts ranked highest in New England for GDP growth, followed by New Hampshire. They each had 2.3 percent growth rates. Massachusetts ranked 15th nationwide, while New Hampshire ranked 16th.

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Connecticut ranked fourth among the New England states and 42nd nationwide for its six-tenths of a percentage point increase. Vermont was fifth in New England and 43rd nationwide for its six-tenths of a percentage point increase, and Maine was sixth for its two-tenths of a percentage point increase; it ranked 47th nationwide.

The five fastest growing states last year were North Dakota (6.3 percent growth), Texas (5.2 percent), Wyoming (5.1 percent), West Virginia (5.1 percent) and Colorado (4.7 percent).

The fastest-growing region was the Southwest, with contributions from mining in Oklahoma and Texas leading growth in that region.

Professional, scientific and technical services were the largest contributor to U.S. GDP by state growth in 2014, as this industry grew 4.2 percent in 2014 compared with 0.7 percent in 2013, the BEA said.

It also was the leading contributor to growth in the New England and Far West regions. Three states in particular benefited from this sector – California, Massachusetts and Utah.

Overall Alaska and Mississippi fared the worst, with Alaska’s economy shrinking 1.3 percent and Mississippi’s, falling 1.2 percent, the federal agency said.

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