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Wednesday, May 5, 2021

Delaware Economic Growth Lags Entire Country

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A quarterly government analysis shows the economy is growing in 49 states and the District of Columbia – everywhere but Delaware.

Unfortunately, the First State ranked last in gross domestic product (GDP) growth in the third quarter of 2019, according to statistics compiled by the US Bureau of Economic Analysis. While most industry indexes showed improvement, the flat growth rate in Delaware was due largely to a national dip in economic output of finance and insurance activities.

The percent change in real GDP from the second to third quarter ranged from 4.0 percent in Texas to 0.0 percent in Delaware.

 

Several areas of economic growth boosted states across the country – nondurable goods manufacturing was up 10.1 percent, retail trade increased 8.2 percent and professional, scientific and technical services increased 5.6 percent.  Delaware, however, was held back due to its strong economic reliance on banking and insurance, which decreased 5.3 percent nationally according to the Bureau.

Left: Delaware’s GDP growth from 2016 to 2017 and 2017 to 2018. Right: last 7 quarters of GDP growth in the state.

Slow growth in the financial industry also contributed to New York’s anemic growth in the quarter.

GDP is defined by the Bureau as the market value of goods and services produced by the labor and property located in a state. The Bureau’s calculations are based on current-dollar statistics which they say “are valued in the prices of the period when the transactions occurred—that is, at “market value.””

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