In the second quarter, the U.S.’s hottest growth areas traveled toward the coasts where service-oriented sectors dominate, and away from the mining-focused heartland.
Wall Street Journal staffer Anna Louie Sussman studies second-quarter GDP by state, which show slowdowns across the Plains and Southwest regions, with North Dakota and Oklahoma in particular taking it on the chin. Not so for states on the East and West coasts, however. Sussman writes:
The economies of several coastal states perked up: New York’s GDP growth rate nearly doubled to 5% in the second quarter, from 2.7% in 2014, driven almost entirely by growth from the state’s finance and insurance sectors. Maine’s economy grew 4.2% in the second quarter, versus -0.1% in 2014. And Virginia went from 0.4% growth in 2014 to 4.3% growth, thanks to a big boost from the professional, scientific and technical services sector. Washington’s 3.1% growth in 2014 more than doubled to 8% in the second quarter.