After years of rapid post-recession economic growth, the U.S. economy has begun to cool off. The nation’s GDP rose by 1.5% in 2016, slower than the 2.6% increase in 2015 and 2.2% increase in 2014.
Many of the economic trends notable throughout the nation since the Great Recession have reversed in recent years. While growth in the U.S. mining sector outpaced nearly every other industry in the three years ending 2014, mining activity declined in 2016, detracting from GDP growth more than any other sector.
Meanwhile, the information services sector led the country’s GDP growth after relatively lackluster growth in 2011, 2012, and 2014. Most states with large information sectors experienced positive economic growth in 2016, while states that are largely dependent on the mining sector did not.
To determine the states with the fastest growing and fastest shrinking economies, 24/7 Wall St. reviewed 2016 real GDP growth rates for all 50 states with data from the Bureau of Economic Analysis. While GDP rose more than 2% in 11 states nationwide in 2016, the economy of seven states contracted.
These are the fastest growing (and shrinking) states economies.