Despite the housing recovery, it was the stalwart oil and gas industry that drove the economies of the fastest-growing states, including Texas, last year.
Texas’ real gross domestic product — the total value of all economic activity adjusted for inflation — increased 4.8 percent in 2012, according to new statistics from the U.S. Bureau of Economic Analysis. The state ranked No. 2 nationally.
North Dakota was No. 1 with a 13.4 percent increase in its real GDP for 2012 — also led largely by energy exploration and production. (The BEA said energy also was a major contributor to the West Virginia economy, which was among the top 10 states.)
U.S. real GDP grew 2.5 percent last year, compared with 1.6 percent in 2011. Connecticut was the only state to see a decrease (down 0.1 percent).
Nationally, the biggest economic drivers were durable-goods manufacturing, finance/insurance and wholesale trade.
Regionally, the Southwest, which includes Texas, grew the fastest (4.1 percent). The Great Lakes region was the only region where growth decelerated from 2011.
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