There are many measures of the economy, but one economists are fond of is gross domestic product. What do the recently released the numbers for gross domestic product for 2011 for all states. N.C. State University economist Mike Walden highlights what these statistics show for North Carolina.<\/p>\n
\u201cWell first of all … a little background. Gross domestic product is the production of all goods and services in a region; here we\u2019re talking about states. Or another way of thinking about it is it\u2019s the aggregate income earned by individuals as well as companies.<\/p>\n
\u201cThe good news from these 2011 numbers that \u2026 were just released is that North Carolina\u2019s growth rate and GDP, that\u2019s gross domestic product, in 2011 was in the top 20 percent for all states. In fact, our growth rate here in North Carolina in gross domestic product was the highest for all of the states surrounding us except for Tennessee — and Tennessee beat us only by one-tenth of one percentage point.<\/p>\n
\u201cSo this shows that North Carolina\u2019s economy actually did relatively well compared to other states in 2011.<\/p>\n
\u201cNow many might say, \u2018Well, how come our unemployment rate didn\u2019t plunge?\u2019 Well, you have to remember that production of products as well as services can come not just from employed people but it can come from also using machinery and technology. So there\u2019s not always a one-to-one correspondence between growth and aggregate production and growth in employment.<\/p>\n
\u201cNevertheless, this is a good number. This is something to be encouraged about, and we certainly hope it will continue into 2012.\u201d<\/p>\n","protected":false,"raw":"There are many measures of the economy, but one economists are fond of is gross domestic product. What do the recently released the numbers for gross domestic product for 2011 for all states. N.C. State University economist Mike Walden highlights what these statistics show for North Carolina.\n\n\u201cWell first of all ... a little background. Gross domestic product is the production of all goods and services in a region; here we\u2019re talking about states. Or another way of thinking about it is it\u2019s the aggregate income earned by individuals as well as companies.\n\n\u201cThe good news from these 2011 numbers that \u2026 were just released is that North Carolina\u2019s growth rate and GDP, that\u2019s gross domestic product, in 2011 was in the top 20 percent for all states. In fact, our growth rate here in North Carolina in gross domestic product was the highest for all of the states surrounding us except for Tennessee -- and Tennessee beat us only by one-tenth of one percentage point.\n\n\u201cSo this shows that North Carolina\u2019s economy actually did relatively well compared to other states in 2011.\n\n\u201cNow many might say, \u2018Well, how come our unemployment rate didn\u2019t plunge?\u2019 Well, you have to remember that production of products as well as services can come not just from employed people but it can come from also using machinery and technology. So there\u2019s not always a one-to-one correspondence between growth and aggregate production and growth in employment.\n\n\u201cNevertheless, this is a good number. This is something to be encouraged about, and we certainly hope it will continue into 2012.\u201d"},"excerpt":{"rendered":"
There are many measures of the economy, but one economists are fond of is gross domestic product. What do the recently released the numbers for gross domestic product for 2011 for all states. N.C. State University economist Mike Walden highlights what these statistics show for North Carolina.<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"source":"","ncst_custom_author":"","ncst_show_custom_author":false,"ncst_dynamicHeaderBlockName":"","ncst_dynamicHeaderData":"","ncst_content_audit_freq":"","ncst_content_audit_date":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[59],"tags":[],"_ncst_magazine_issue":[],"coauthors":[],"displayCategory":null,"acf":[],"_links":{"self":[{"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/posts\/16564"}],"collection":[{"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/comments?post=16564"}],"version-history":[{"count":0,"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/posts\/16564\/revisions"}],"wp:attachment":[{"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/media?parent=16564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/categories?post=16564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/tags?post=16564"},{"taxonomy":"_ncst_magazine_issue","embeddable":true,"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/_ncst_magazine_issue?post=16564"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/cals.ncsu.edu\/wp-json\/wp\/v2\/coauthors?post=16564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}