Real* Professional and Business Services
Gross Domestic Product Growth
State vs Nationwide Average: 2010-2022 and 2022
Real* Professional and Business Services
Gross Domestic Product Growth
U.S.:
2010-2022 = 5.40%
2022 = 9.64%
Borrowing from an approach that sometimes appears in the finance sections of the popular press, LSGL analysis is a handy and versatile way to compare, portray and classify the patterns of real professional and business services gross domestic product growth across all 51 states. In finance, this technique is used for comparing and assessing the market performance of individual securities or across industry sectors. For example, the performance of the 30 stocks contained within Dow are compared with one another over the past week in contrast to their performance over the past month using the Dow's respective averages as the points of reference.
Here in this United States Regional Economic Analysis Project report, we adopt this approach to gauge and compare the real professional and business services gross domestic product growth of all 51 states over the latest available year (2022) against the backdrop of their growth over the long term period (2010-2022). In so doing we classify their growth and performance into 4 broad categories: Leading, Slipping, Gaining and Lagging.
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Real* Professional and Business Services
Gross Domestic Product Growth
State vs Nationwide Average: 2010-2022 and 2022
Real* Professional and Business Services
Gross Domestic Product Growth
U.S.:
2010-2022 = 5.40%
2022 = 9.64%
This figure displays the 51 states of the United States as dots on a scattergram, with the vertical axis representing the average annual real professional and business services gross domestic product growth rate over the long-term period (2010-2022), and the horizontal axis representing the real professional and business services gross domestic product growth rate for the near-term (2022).
This figure sets apart those states whose long-term real professional and business services gross domestic product growth exceeded the nationwide average of 5.40%, by portraying them in the top two quadrants demarcated at 5.40% on the vertical axis. State whose long-term average annual real professional and business services gross domestic product growth rate trailed the nationwide average (5.40%) are distributed in the bottom two quadrants. In all, 24 states surpassed the nationwide average over 2010-2022, while 27 states fell below.
Similarly, the two quadrants on the right of this figure present the positions of the 26 states whose most recent (2022) real professional and business services gross domestic product growth rate exceeded the nationwide average (9.64%). The two quadrants on the left feature those 25 states whose real professional and business services gross domestic product growth over 2022 trailed the nationwide average.
Accordingly, each quadrant portrays the performance of all 51 states corresponding with their long-term (2010-2022) and near-term (2022) performance relative to their respective nationwide averages of 5.40% over 2010-2022 and 9.64% over 2022:
Leading states () (top-right quadrant)...are states whose average annual real professional and business services gross domestic product growth rate surpassed the nationwide average both long-term (5.40%) and near-term (9.64%).
Slipping states () (top-left quadrant)...are states whose long-term average annual real professional and business services gross domestic product growth rate exceeded the nationwide average (5.40%), but whose near-term growth has "slipped" by falling below the the United States average (9.64%).
Gaining states () (bottom-right quadrant)...are states whose long-term average annual real professional and business services gross domestic product growth rate fell below the nationwide average (5.40%), but whose near-term growth has "gained" by registering above the average (9.64%) nationwide.
Lagging states () (bottom-left quadrant)...are states whose average annual real professional and business services gross domestic product growth rate fell under the nationwide average both long-term (5.40%) and near-term (9.64%).
   
 
Summary of United States' 51 State Totals
 
Short Term Average
 
 
Below
(9.64%)
Above
(9.64%)
 
Long
Term
Average
Above
(5.40%)
6
18
24
Below
(5.40%)
19
8
27
 
25
26
51
 
   
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Leading States
2022 vs. 2010-2022 Averages
Leading States
white dot
U.S.:
2010-2022 = 5.40%
2022 = 9.64%
Turning attention to the top-right quadrant from the discussion above, this figure features the distribution of the United States states classified as Leading. These states surpassed the United States' average annual real professional and business services gross domestic product growth both long-term (2010-2022 = 5.40%) as well as near-term (2022 = 9.64%). Each is identified by its corresponding ranking based on it's average annual real professional and business services gross domestic product growth rate over 2010-2022.
Of the United States' 51 states, 18 (35%) are classified within the Leading () category. Those states ranked by their long-term average include:
Page 4 of 9
Slipping States
2022 vs. 2010-2022 Averages
Slipping States
U.S.:
2010-2022 = 5.40%
2022 = 9.64%
This figure depicts the distribution of the 6 United States states classified as Slipping (top-left quadrant), in that their long-term average annual real professional and business services gross domestic product growth rate outpaced the average nationwide (2010-2022 = 5.40%), while they trailed the nationwide average near-term (2022 = 9.64%). Again, each state is identified by it's corresponding ranking based on its average annual real professional and business services gross domestic product growth rate over 2010-2022.
Only 6 (12%) of the United States' 51 states are classified as Slipping (). Those states ranked by their long-term average include:
Page 5 of 9
Gaining States
2022 vs. 2010-2022 Averages
Gaining States
white dot
U.S.:
2010-2022 = 5.40%
2022 = 9.64%
This figure shows the distribution of the 8 United States states classified as Gaining (bottom-right quadrant), in that their long-term average annual real professional and business services gross domestic product growth rate posted below the average nationwide (2010-2022 = 5.40%), while they outpaced the United States' average near-term (2022 = 9.64%). Again, each state is identified by its corresponding ranking based on its average annual real professional and business services gross domestic product growth rate over 2010-2022.
Of the United States' 51 states, 16% (8) are featured as Gaining (). Those states ranked by their long-term average include:
Page 6 of 9
Lagging States
2022 vs. 2010-2022 Averages
Lagging States
white dot
U.S.:
2010-2022 = 5.40%
2022 = 9.64%
This figure depicts the distributions of the 19 United States states classified as Lagging (bottom-left quadrant). These states trailed the nationwide average annual real professional and business services gross domestic product growth both long-term (2010-2022 = 5.40%) as well as near-term (2022 = 9.64%). Again, each state is identified by its corresponding ranking based on it's average annual real professional and business services gross domestic product growth rate over 2010-2022.
37% of the United States' states, 19 of 51, are characterized here as Lagging (). Those states ranked by their long-term average include:
Page 7 of 9
   
 
United States
Real* Professional and Business Services Gross Domestic Product Growth
State vs. Nationwide Average
 
2010-2022
 
2022
 
 
Leading States
 
16
6.04
 
7
13.61
18,473
 
11
6.32
 
8
13.35
76,693
 
9
6.51
 
10
12.61
193,794
 
17
6.03
 
19
11.08
98,808
 
22
5.87
 
9
12.80
42,377
 
24
5.43
 
24
10.11
16,511
 
20
5.94
 
3
15.86
23,130
 
21
5.91
 
13
11.97
9,815
 
13
6.15
 
15
11.88
5,654
 
4
6.88
 
6
14.36
95,375
 
15
6.09
 
5
14.86
3,866
 
18
6.00
 
26
9.91
31,893
 
3
6.97
 
1
19.28
4,672
 
8
6.51
 
18
11.39
57,158
 
5
6.62
 
11
12.13
284,503
 
1
7.44
 
12
12.04
28,490
 
10
6.46
 
2
18.74
5,011
 
6
6.56
 
20
10.77
82,793
Slipping States
 
14
6.14
 
41
7.53
529,228
 
12
6.28
 
29
9.33
12,141
 
19
5.97
 
50
5.60
132,042
 
23
5.48
 
37
8.45
24,134
 
7
6.56
 
51
-6.25
14,895
 
2
6.97
 
43
6.76
37,452
Gaining States
 
25
5.36
 
21
10.69
54,388
 
48
3.43
 
14
11.97
39,487
 
36
4.48
 
16
11.66
147,693
 
30
4.87
 
22
10.69
22,809
 
33
4.61
 
23
10.39
14,470
 
34
4.52
 
25
9.96
125,486
 
45
3.79
 
17
11.46
7,087
 
27
5.06
 
4
15.78
2,791
Lagging States
 
41
4.23
 
40
7.91
27,530
 
51
1.34
 
49
6.04
3,568
 
40
4.24
 
48
6.43
10,057
 
44
3.84
 
38
8.44
39,791
 
49
3.29
 
39
8.34
8,561
 
50
3.05
 
33
8.80
24,488
 
42
4.11
 
32
8.91
71,290
 
32
4.74
 
28
9.47
83,521
 
26
5.15
 
34
8.68
59,999
 
46
3.61
 
47
6.50
9,970
 
38
4.34
 
35
8.56
50,676
 
47
3.60
 
30
9.25
13,987
 
31
4.81
 
27
9.55
268,467
 
39
4.30
 
42
6.88
93,104
 
37
4.38
 
45
6.65
20,645
 
35
4.51
 
31
9.10
126,550
 
29
4.91
 
46
6.64
9,478
 
43
4.04
 
44
6.65
125,318
 
28
5.03
 
36
8.49
40,252
 
 
 
 
 
 
 
 
 
5.40
 
9.64
3,330,371
April 2023
REAP_PI_SA1900N_511200_LSGL
 
   
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