Some of the states seeing the biggest increases are expanding due to booming energy industries, such as in Texas and North Dakota. Population growth is also fueling some economies. The top five states for GDP growth were also among the five largest for population growth last year.
“You’r going to find border states with heavy immigrant presence generating faster population growth,” says Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities.The following are the states with the fastest growing economies, based on GDP growth.
7. Utah
> GDP growth: 3.4%
> Real 2012 GDP: $111.8 billion (18th smallest)
> 1-yr. population change: 1.45% (4th highest)
> 1-yr. employment growth: 1.76% (11th highest)
> Real 2012 GDP: $111.8 billion (18th smallest)
> 1-yr. population change: 1.45% (4th highest)
> 1-yr. employment growth: 1.76% (11th highest)
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