Economics: Today and Tomorrow © 2012

"Sizing Up Your State's Economy"

Introduction
The Bureau of Economic Analysis, an agency of the U.S. Department of Commerce, interprets a huge volume of data to draw an accurate picture of the U.S. economy. The BEA's regional economic accounts provide estimates, analyses, and projections of personal income, population, and employment for regions, states, metropolitan areas, and counties. In addition, the BEA prepares estimates of gross state product—the total dollar value of all final goods, services, and structures produced in one year within a state's borders. Visit the BEA's Web site to find out how your state's economy compares to others around the nation.

Destination Title: Bureau of Economic Analysis Web site

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Directions
Start at the Bureau of Economic Analysis Web site.

• Under the "Regional" topic, click on "GDP by State".
• Choose "Interactive tables."
• Choose your state, leaving the other defaults as is.
• Click on "Download State/Region" button.
• Read through the site, taking notes as you go. You may click on other topics in this site such as "BEARFACTS" and "Personal Income and Per Capita Personal Income" to complete your research.

1			What was the latest total gross state product?
2			By what percent did the economy expand or decrease compared to the previous year?
3			What industry contributed the most to the GSP? Which industry contributed the least?
4			What is your area's current per capita personal income and what is its rank in the state? By what percentage did it rise or fall compared to the previous three years?
5			From the report on the gross state product, record the figures for the following industries: manufacturing durable goods, manufacturing nondurable goods, transportation and utilities, wholesale trade, retail trade, private industries, construction, services, government, and agriculture. Find the percentage that each of these industries represents in your state's gross state product. Whatever percentage is left unaccounted for, label "other." Write a comparison report describing your findings.