Mining up 286 Leads the Nation in Growth
Arkansas’ economy continued to see robust growth in the second quarter of 2017 as the state’s non-durable manufacturing sector led a near across-the-board expansion in every part of the Natural State, according to data released Tuesday (Nov. 21) by the U.S. Bureau of Economic Analysis (BEA).
Although not as impressive as the revised 4.8% and 4% real Gross Domestic Product (GDP) growth in the fourth quarter of 2016 and first quarter of this year, respectively, the state’s economic growth of 3.5% still ranks Arkansas as the 14th fastest-growing state with $126.6 billion in current-dollar output. That represents about 1.7% of the total U.S. current-dollar GDP growth of $19.1 trillion in the second quarter.
In his analysis of the second quarter GDP data on his Arkansas Economist blog, University of Arkansas at Little Rock economist Michael Pakko said the composition of growth in the second quarter was similar for Arkansas and the U.S.
Pakko, director of UALR’s Arkansas Economic Development Institute, said sectors contributing to the higher growth rate in Arkansas included nondurable goods manufacturing and wholesale trade at 0.59% and 0.53%, respectively. Those two sectors were also the largest contributors to the overall growth rate in Arkansas, together accounting for more than a full percentage point.