Oregon GDP growth ranked third in U.S.

Oregon’s 2012 GDP (real gross domestic product) growth came in at nearly 4 percent (3.95%), an increase ranking the state third in the nation, according to data released Thursday by the U.S. Bureau of Economic Analysis.

“Our steady GDP growth over the last three years shows that Oregon’s economy is headed in the right direction as we continue to work hard to increase the wages and job opportunities for Oregonians,” said Business Oregon Director Tim McCabe.

Oregon’s GDP growth has been among the top four largest in the nation over the past three years, and was ranked only behind North Dakota and Texas in 2012.

The growth continues to point to the importance of the manufacturing sector, whose 11.4% growth was the largest of Oregon’s industries.

Oregon continues to be a very competitive state for manufacturing, where businesses small and large are producing goods that drive this growth, with the high-tech sector leading the way, officials said.

The competitiveness is affirmed by not only by the increase in GDP, but also analysis such as The American Institute for Economic Research ranking Oregon No, 1 in the nation for manufacturing, saying there’s no state more efficient to produce goods than Oregon.

In addition to competitiveness of business costs, companies are looking at workforce quality when making expansion decisions, and innovative programs like Oregon’s Career Readiness Certificate and Certified Work Ready Communities will increase that competitiveness in coming years.

BEA Release: http://www.bea.gov/newsreleases/regional/gdp_state/2013/gsp0613.htm