Louisiana has posted the highest GDP growth ever recorded this year.
The Gross Domestic Product (GDP) figure of $249.7 million released by the Bureau of Economic Analysis for the second quarter of 2018 represents the highest figure on record for Louisiana.
Earlier this month, the Bureau, a division of the U.S. Department of Commerce, released a report listing the growth in GDP for all states for the second quarter of 2018. That report shows a growth rate for Louisiana of 4.3 percent. The national average is 4.2 percent.
The value of the goods and services produced in the United States is the gross domestic product. This figure also is measured for each individual state. In either case, the percent that it grows or shrinks from one quarter, or year, to another, is a way to gauge how the national, or state, economy is doing. Economists around the world also keep track of America’s GDP.
The quarter in second place for Louisiana’s GDP growth was the first quarter of 2018, the bureau’s website indicates.
“Louisiana’s economy is continuing to recover, but we are making tremendous strides,” Gov. John Bel Edwards said. “This latest report represents the highest our GDP has been since the state began recording this information. We are not out of the woods, but after reviewing this data, we have to acknowledge that Louisiana is on a much better path than it has been. Thanks to a bipartisan budget agreement and the fact that the state is now handling its finances more responsibly, I’m confident this trend will continue. It’s critically important for us to continue working together to make meaningful investments in programs that promote job creation and economic growth to continue moving Louisiana forward.”
This latest report places Louisiana as the nation’s 12th fastest-growing economy.