Published June 6, 2012
Real gross domestic product grew 1.2% in South Carolina last year, down a percentage point from 2010 and just behind the national average of 1.5%, according to data released Tuesday by the U.S. Bureau of Economic Analysis.
Percent change in real GDP, 2011
(Image/U.S. Bureau of Economic Analysis)
Neighboring states North Carolina and Georgia posted GDP growth of 1.8% and 1.7%, respectively.
As a whole, the Southeast only grew 0.9% with Mississippi and Alabama actually seeing a 0.8% decline for each state. West Virginia had the third-highest growth for the year with a 4.5% increase. Among states that showed growth, South Carolina was among the lowest.
Durable-goods manufacturing was the largest contributor to growth in real GDP by state in 2011, the BEA said. This industry increased 7.9% in 2011, after increasing 17% in 2010. Professional, scientific and technical services and information services also were leading contributors to GDP growth. Professional, scientific and technical services increased 4.9% in 2011, matching its 2010 growth rate.
In contrast, several industries subtracted from real GDP growth in 2011. Real estate, rental and leasing subtracted the most, BEA reported.