The Northeast is failing to pull its weight in America’s economic recovery story.
New BEA data show the growth in the region was practically non-existent last year. Between New England and the “Mideast,” real GDP averaged 1%. Washington DC contracted 0.5%, and growth in Maryland went nowhere.
Every other region of the country saw growth of at least 1.5%, with the Mountain West (or “Rocky Mountain” region) topping all at 4.1%.
Last bit to note: Alaskan GDP shrank 2.5%. We warned last year that Alaska was getting left behind by the shale boom, and this seems to indeed be reflected here.
Bonus chart: regional real GDP comparisons by recent years. It sure looks like whatever growth the shale boom has left in it, it will never surpass what Texas and the rest of the Southwest were able to extract out of it in 2012.