Idaho's business economy continues to surprise many experts and a new economic report published in the Idaho Press-Tribune will raise some more eyebrows.
A dramatic increase in manufacturing productivity led nearly every section of Idaho's economy in 2006, which placed Idaho in the top spot in the nation for growth in the value of goods and services produced.
The U.S. Bureau of Economic Analysis reported on June 7, 2007 that Idaho's gross state product, adjusted for inflation, increased 7.4% in 2006 - more that double the national rate of 3.4%
Other states posting annual gross state product gains of more than 6% include:
- Utah at 7.2%
- Arizona at 6.8%
- Oklahoma at 6.7%
- New Mexico at 6.2%
The report reinforced Idaho's top ranking in real gross state product growth since 2003 when the country was recovering from the recession. From 2003 to 2006, Idaho's gross state product adjusted for inflation grew by more than 24%.
Economic diversity is Idaho's real strength. Real Estate, retail trade, construction, agriculture, manufacturing, mining, technology and services continue to flourish in Idaho. Idaho's economy is the envy of the country and the diversification in the state is laying a solid foundation for continued economic growth in 2007 and for years to come.
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