The US Bureau of Economic Analysis (BEA) released its Gross State Product (GSP) data for 2015 on June 14, 2016.
Usgovernmentspending.com has updated its individual state GSPs for 2015 and projected nominal and real GSP through 2020 for each state using the projected national GDP numbers from Table 10.1 in the Historical Tables for the Federal FY2016 Budget and the historical GDP data series from the BEA as a baseline.
As before we have projected individual state GSPs out to 2021 by applying a factor to reflect each state's deviation from the national growth rate. (E.g. In 2014 the national real GDP expanded by 2.4 percent. But North Dakota grew by 6.3 percent, a deviation of nearly 4 percent. The deviation is reduced by 40 percent for each year after 2014, making the assumption that each state will slowly revert to the national norm.)
Usgovernmentspending.com displays individual state data going back to 1957, but BEA has nominal GSP data going back to only 1963, and real GSP data going back to 1987. Also the 1987-1997 real GSP data is in 1997 dollars, not 2009 dollars like the 1997-present data, and the pre-1997 data is based on a different model than post 1997 data. For the pre-1997 data we have factored it to remove any "bumps" over the 1997 transition.
Because usgovernmentspending.com needs GSP data to provide e.g., spending as a percent of GDP, we have extended the two BEA GSP data series back to 1957. We have assumed that the rate of change of GSP prior to 1963 is the same as the national GDP and we have assumed that the rate of change of real GSP prior to 1987 is the same as the nation real GDP growth rate.
Click here to view a complete list of US states and their 2015 GSP growth rates.
Usgovernmentspending.com has updated its individual state GSPs for 2015 and projected nominal and real GSP through 2020 for each state using the projected national GDP numbers from Table 10.1 in the Historical Tables for the Federal FY2016 Budget and the historical GDP data series from the BEA as a baseline.
As before we have projected individual state GSPs out to 2021 by applying a factor to reflect each state's deviation from the national growth rate. (E.g. In 2014 the national real GDP expanded by 2.4 percent. But North Dakota grew by 6.3 percent, a deviation of nearly 4 percent. The deviation is reduced by 40 percent for each year after 2014, making the assumption that each state will slowly revert to the national norm.)
Usgovernmentspending.com displays individual state data going back to 1957, but BEA has nominal GSP data going back to only 1963, and real GSP data going back to 1987. Also the 1987-1997 real GSP data is in 1997 dollars, not 2009 dollars like the 1997-present data, and the pre-1997 data is based on a different model than post 1997 data. For the pre-1997 data we have factored it to remove any "bumps" over the 1997 transition.
Because usgovernmentspending.com needs GSP data to provide e.g., spending as a percent of GDP, we have extended the two BEA GSP data series back to 1957. We have assumed that the rate of change of GSP prior to 1963 is the same as the national GDP and we have assumed that the rate of change of real GSP prior to 1987 is the same as the nation real GDP growth rate.
Click here to view a complete list of US states and their 2015 GSP growth rates.
No comments:
Post a Comment
If you have a question or a comment, email to chrischantrill@gmail.com.
Note: Only a member of this blog may post a comment.