Rhode Island economy shrinks 4% since 2006November 18th, 2010 at 11:12 am by Ted Nesi under General Talk
Rhode Island’s gross domestic product – the value of all goods and services in the state’s economy – was $43.2 billion in 2009, the U.S. Commerce Department reported today. It shrank 1.8% compared with the year before and about 4% since 2006, when the state’s economy totaled just under $45 billion. (Those figures are all adjusted for inflation.) Manufacturing accounted for a big chunk of the decrease last year.
Rhode Island’s per-capita GDP fell to $40,996 last year, down from $41,750 in 2008 and $42,405 in 2006. That put the state’s GDP per resident at No. 25 among the 50 states, down from No. 20 back in 2006, while Massachusetts moved up two spots from No. 7 to No. 5. Delaware and Mississippi were #1 and #50, respectively, all four years.
Rhode Island was one of 38 states where the economy shrank last year, and far from the worst-hit despite its high unemployment rate. The average decrease was 2.1%, and among other jobless leaders, Nevada’s economy shrank 6.4% and Michigan’s 5.2%.
Here’s the map for state-by-state GDP changes last year: