People of Northwest Public Radio
Tue June 5, 2012
Oregon Gets Good Financial News With Its GDP
Oregon's gross domestic product grew by 4.7 percent last year, that's the second biggest increase seen in all states.
Gross domestic product is defined as the value added by production, so the wages of employees; the profits of businesses; and the taxes paid to governments.
In Oregon, the GDP of the construction sector, the education sector and health all grew by about 4 percent.
But Josh Lehner of the Oregon Office of Economic Analysis says it's the 15 percent increase in the high tech manufacturing sector that pushed the state to the top of the growth chart.
Josh Lehner: "I think overall this is just the basic story, the basic pattern that we would expect in recovery, given our industry structure here in the state."
The report from the US Bureau of Economic Analysis did have a few negative growth numbers for Oregon. The natural resources sector shrank 11 percent. And government also shrank by 0.7 percent.
Copyright 2012 Oregon Public Broadcasting