Driven by gains in durable goods manufacturing, retail trade, and finance and insurance, U.S. real GDP grew 2.6 percent in 2010 following a 2.5 drop in 2009.
The Bureau of Economic Analysis also reported yesterday that GDP grew in 48 states and Washington, D.C. North Dakota lead the nation in percent change (7.1). New York (5.1), Indiana (4.6), Massachusetts (4.2) and West Virginia (4.0) trailed behind. California ranked near the bottom with a modest 1.8 percent increase.
The Golden State saw the biggest growth in the durable-goods manufacturing and information sectors (0.76 and 0.53 percent, respectively). Sectors that suffered during this period include non-durable goods manufacturing (-0.35) and construction (-0.20).