Just three states saw their economies contract last year, while the state of Washington led the nation in growth in 2017.
The Commerce Department on Friday reported state GDP data for the fourth quarter and 2017. Washington enjoyed 4.4% growth, and Colorado, Nevada, Arizona, Utah and California each grew over 3%.
Washington is the home of Amazon and Microsoft and not surprisingly, the state was buoyed by retail trade and information services.
The hot housing market helped drive Colorado and Nevada’s growth, while health care and social assistance drove Arizona’s growth. Durable-goods manufacturing was the lead contributor to growth in Utah and California.
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On the downside, Connecticut and Kansas each contracted 0.2%, while Louisiana’s economy fell a tenth of a percentage point. The finance and insurance industry was a big drag for Connecticut, while agriculture weighed on budget-strapped Kansas. Non-durable-goods manufacturing — think, refining — hurt Louisiana.
In the fourth quarter, Texas led the way with 5.2% growth, followed by Idaho, Oregon, Florida and California, while North Dakota brought up the rear with a 1.3% downturn. South Dakota’s economy also contracted in the fourth quarter, by 0.5%, while New York’s economy was flat.