Michigan's economy grew slowest of any state from 2000-2010 -- by far
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America’s Fastest and Slowest Growing State Economies
Every state posted GDP growth between 2000 and 2010, according to the latest U.S Department of Commerce data, which was released earlier this week. The growth rates, however, were very wide. Michigan’s GDP grew a little over 2%. Wyoming’s nearly doubled. This wide range reflects the extent to which GDP improvement is good fortune much more than it is due to government planning or industrial policy. Factories close because of the worldwide economic slowdown while inclement weather can destroy crops.
The information shows how important the stability of just one or two industries in any state can be. Many of the states in the industrial Midwest lost manufacturing jobs, as would be expected. Most had slow population growth between 2000 and 2010 and a lack of economic expansion seems to have coincided with relatively low median income. States that lost major industries or where those industries were crippled were left with poorly paying jobs. The median incomes in Indiana, Georgia, Missouri, and Michigan are low and grew more slowly than wealthier states. The improvement over the ten year period amongst these states was usually strong.
Read more: America’s Fastest and Slowest Growing State Economies - 24/7 Wall St.
http://247wallst.com/2011/06/08/amer...#ixzz1PGro4sVm
Michigan's GDP grew by 2.3% over the decade... The next worst state performance was Ohio which grew by 14.5%.
