The total value of Idaho goods and services rose just 1.2 percent in 2008 as the onset of the national recession offset productivity gains in the first half of the year, holding gross state product to it smallest annual increase since 1986.
The U.S. Bureau of Economic Analysis estimated Idaho’s gross state product at just over $52.7 billion in 2008, up 1.2 percent from $52.1 billion in 2007. Gross state product rose less than 1 percent from 1985 to 1986 when Idaho was pulling free of the double-dip recession early in that decade.
From 2003 to 2007 following the last national recession, Idaho’s gross state product grew at an average annual rate of 7.3 percent.
The government also revised its estimates of Idaho’s economic growth for 2006 upward from 2.5 percent to 4.2 percent, but the rate remained substantially below the 7.4 percent rate forecast two years ago.
Only four other states – Florida, Delaware, Michigan and Arizona – posted smaller annual increases than Idaho in 2008. Nationally the gross domestic product rose by 3.3 percent.
In real terms, Idaho’s gross state product adjusted for inflation showed no growth between 2007 and 2008. The only other time the state did not post growth in its real gross state product was 1997 when there was a 0.4 percent decline from 1996.
Increased productivity in health care, professional and business services, information, mining, utilities and government during 2008 were offset by the dramatic decline in construction and negative performances in natural resources, trade, financial services and transportation.
|
Gross State Product
|
|
| |
|
(in billions)
|
|
| |
2007
|
2008
|
Change
|
Rank
|
|
|
United States
|
$13,715.7
|
$14,165.6
|
3.3%
|
―
|
|
|
Alabama
|
$164.5
|
$170.0
|
3.3%
|
29
|
|
|
Alaska
|
$44.9
|
$47.9
|
6.7%
|
5
|
|
|
Arizona
|
$246.0
|
$248.9
|
1.2%
|
48
|
|
|
Arkansas
|
$95.1
|
$98.3
|
3.4%
|
26
|
|
|
California
|
$1,801.8
|
$1,846.8
|
2.5%
|
38
|
|
|
Colorado
|
$235.8
|
$248.6
|
5.4%
|
9
|
|
|
Connecticut
|
$212.3
|
$216.2
|
1.8%
|
43
|
|
|
Delaware
|
$61.5
|
$61.8
|
0.5%
|
50
|
|
|
District of Columbia
|
$92.5
|
$97.2
|
5.1%
|
10
|
|
|
Florida
|
$741.9
|
$744.1
|
0.3%
|
51
|
|
|
Georgia
|
$391.2
|
$397.8
|
1.7%
|
44
|
|
|
Hawaii
|
$62.0
|
$63.8
|
2.9%
|
34
|
|
|
Idaho
|
$52.1
|
$52.7
|
1.2%
|
47
|
|
|
Illinois
|
$617.4
|
$633.7
|
2.6%
|
37
|
|
|
Indiana
|
$249.2
|
$254.9
|
2.3%
|
40
|
|
|
Iowa
|
$129.9
|
$135.7
|
4.5%
|
15
|
|
|
Kansas
|
$117.0
|
$122.7
|
4.9%
|
12
|
|
|
Kentucky
|
$152.1
|
$156.4
|
2.9%
|
35
|
|
|
Louisiana
|
$207.4
|
$222.2
|
7.1%
|
4
|
|
|
Maine
|
$48.0
|
$49.7
|
3.5%
|
25
|
|
|
Maryland
|
$264.4
|
$273.3
|
3.4%
|
27
|
|
|
Massachusetts
|
$352.2
|
$365.0
|
3.6%
|
22
|
|
|
Michigan
|
$379.9
|
$382.5
|
0.7%
|
49
|
|
|
Minnesota
|
$252.5
|
$262.8
|
4.1%
|
16
|
|
|
Mississippi
|
$87.7
|
$91.8
|
4.7%
|
14
|
|
|
Missouri
|
$229.0
|
$237.8
|
3.8%
|
19
|
|
|
Montana
|
$34.3
|
$35.9
|
4.7%
|
13
|
|
|
Nebraska
|
$80.4
|
$83.3
|
3.6%
|
23
|
|
|
Nevada
|
$129.3
|
$131.2
|
1.5%
|
45
|
|
|
New Hampshire
|
$57.8
|
$60.0
|
3.8%
|
20
|
|
|
New Jersey
|
$461.3
|
$474.9
|
3.0%
|
33
|
|
|
New Mexico
|
$75.2
|
$79.9
|
6.3%
|
8
|
|
|
New York
|
$1,105.0
|
$1,144.5
|
3.6%
|
24
|
|
|
North Carolina
|
$390.5
|
$400.2
|
2.5%
|
39
|
|
|
North Dakota
|
$28.5
|
$31.2
|
9.4%
|
2
|
|
|
Ohio
|
$462.5
|
$471.5
|
1.9%
|
42
|
|
|
Oklahoma
|
$136.4
|
$146.4
|
7.4%
|
3
|
|
|
Oregon
|
$158.3
|
$161.6
|
2.1%
|
41
|
|
|
Pennsylvania
|
$533.2
|
$553.3
|
3.8%
|
21
|
|
|
Rhode Island
|
$46.7
|
$47.4
|
1.4%
|
46
|
|
|
South Carolina
|
$151.7
|
$156.4
|
3.1%
|
31
|
|
|
South Dakota
|
$35.2
|
$37.0
|
5.0%
|
11
|
|
|
Tennessee
|
$245.2
|
$252.1
|
2.8%
|
36
|
|
|
Texas
|
$1,148.5
|
$1,223.5
|
6.5%
|
6
|
|
|
Utah
|
$105.6
|
$109.8
|
4.0%
|
18
|
|
|
Vermont
|
$24.6
|
$25.4
|
3.3%
|
30
|
|
|
Virginia
|
$384.1
|
$397.0
|
3.4%
|
28
|
|
|
Washington
|
$310.3
|
$322.8
|
4.0%
|
17
|
|
|
West Virginia
|
$57.9
|
$61.7
|
6.5%
|
7
|
|
|
Wisconsin
|
$233.4
|
$240.4
|
3.0%
|
32
|
|
|
Wyoming
|
$31.5
|
$35.3
|
11.9%
|
1
|
|
|
Source: U.S. Bureau of Economic Analysis
|
|
|