Idaho ranked second highest in the nation for its Gross Domestic Product growth in the 4th Quarter of 2017, while Washington’s GDP had the highest growth rate year-over-year.
According to new numbers released by the U.S. Department of Commerce’s Bureau of Economic Analysis, Idaho’s GDP growth was 4.8 percent, second only to Texas’ 5.2 percent. Durable goods manufacturing contributed the most to the Gem State numbers.
Washington’s quarterly growth was 3.1 percent.
GDP is defined as the market value of goods and services produced by the labor and property located in a state. GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade.
For year-to-year GDP growth from 2016 to 2017, Idaho ranked seventh highest in the nation with an annual 2.7 percent growth rate.
The top state was Washington at 4.4 percent, buoyed by retail trade, due to the continued expansion of e-commerce, particularly with Amazon.
Telecommunications and software companies, particularly Apple and Microsoft, played supporting roles. (BEA)
