Nevada GDP shows steepest drop in ’09 | NevadaAppeal.com

Nevada GDP shows steepest drop in ’09

BRIAN DUGGAN
bduggan@nevadaappeal.com
Source: U.S. Bureau of Economic Analysis
ALL |

Nevada’s overall economic output fell 6.4 percent last year – the steepest decline in the nation.

That’s according to a report released Thursday by the U.S. Department of Commerce, which tallied every state’s gross domestic product adjusted for inflation in 2009.

Nevada’s economy, which produced about $112 billion in goods and services in 2009, shrunk three times as fast as the national economy, which fell 2.1 percent last year compared to 2008.

All but eight states experienced a decline last year, largely led by drops in the manufacturing and construction sectors.

“The decline in construction subtracted more than one percentage point from growth in Nevada, Arizona and Idaho,” according to the report. “In addition to the decline in construction, declines in accommodation and food services, and real estate, rental and leasing, caused Nevada to have the largest downturn in 2009.”

Nevada’s per capita real GDP was $42,564 in 2009, down from $45,942 in 2008, ranking at No. 20. Nevada ranked No. 9 in 2006 when it posted $47,931 in per capita real GDP.

Delaware had the highest per capita GDP of $62,080 and Mississippi had the lowest at $29,634.

Oklahoma’s economy grew the fastest last year at 6.6 percent because of mining, an industry that also grew the economies in Wyoming and Louisiana.

Plains states like North Dakota, South Dakota and Nebraska all grew thanks to agriculture, forestry, fishing and hunting.