Ohio’s GDP growth was nearly identical to the national growth rate of 2.2 percent, and it led the Great Lakes region, which includes Illinois, Indiana, Michigan and Wisconsin.
Manufacturing was the largest contributor to growth in the Great Lakes region and contributed to growth in 41 states.
In Ohio, non-durable and durable goods manufacturing contributed 0.67 percentage points to Ohio’s total GDP from 2013 to 2014. That was more than twice the growth in the next strongest sector, mining, which added 0.27 percentage points to GDP growth last year.
“We saw a lot of growth,” said Rick Little, chairman of the Dayton Region Manufacturers Association and president of Kettering-based Starwin Industries. “From what I’ve heard from everybody around town … people are very positive about the economy.
“Whenever I talk to machine tool salesmen, they say they’re seeing a lot of orders,” Little said. “That tells me companies are willing to spend money on capital expenses to grow the business.”
Mining, construction and the wholesale and retail trades also boosted Ohio’s numbers, the BEA reported. Meanwhile, agriculture and forestry, utilities and information services saw growth slow significantly.
Ohio’s 2014 GDP represents four consecutive years of positive economic growth, but still lags the best year for growth this decade when the state’s GDP rose by 2.9 percent in 2011, government data shows.
The fastest-growing state GDP last year belonged to North Dakota, which saw its economy grow by 6.3 percent, thanks largely to the oil and gas fracking boom. Texas came in second at 5.2 percent growth, followed by Wyoming and West Virginia — both at 5.1 percent.
Nationally, GDP increased in 48 of 50 states. The GDPs in Alaska and Mississippi declined slightly last year.
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