Keynote speaker and Moody's Analytics economist Steve Cochrane tells CNN that the United States' economic growth slowed sharply in 2011, coming in at half of the previous year's rate.
“Real gross domestic product by state grew 1.5% last year, after increasing 3.1% in 2010, according to a U.S. Bureau of Economic Analysis report. It mirrored the slowdown in the national economy,” said Cochrane.
“Manufacturing, information and professional services were the leading contributors to growth across the nation. Dragging down the economies were utilities and real estate rental and leasing, mainly because of weakness in the commercial space and declines in broker commissions.”
Though economic growth slowed overall, some state’s economies, like California and Nevada, grew faster than the year before.
“The Plains states also showed surprisingly anaemic growth, mainly because agriculture prices have remained steady after several years of increases,” said Cochrane.