The Oregon Economy is one of the fastest growing economies in the nation. With important and growing industries in manufacturing, apparel, and green technologies, Oregon has a solid base in vital markets that will continue to be of great value to the economy moving forward.
Oregon Total GSP
Total gross state product is the sum of all products sold and distributed in Oregon during a year. This is usually used to indicate the size of the economy, which includes all private sector transactions along with government spending such as school spending, infrastructure spending, and health care spending. Although the economy took a slight dip during the recession, the economy has been increasing steadily over the last few years.
GSP growth measures how much total GSP has increases from one year to the next. This measure shows the state of the economy as opposed to the size. The state of the economy is a vital factor because it shows, especially after coming out of a recession, how fast the economy is recovering. In this regard, Oregon had the 2nd highest growth rate of all states in 2011. This shows that the Oregon economy has been one of the fastest economies to start to recover from the recession, and is in great position to improve in the future. This prospect for growth will help make Oregon more competitive and could sway more companies and high skilled workers to relocate or expand into Oregon.
GSP Per Capita
GSP per capita shows how much GSP the state has per person. This statistic is used to show the efficiency of the economy. This is an equalizer in terms of big states and small states, and can show how effective the economy is at maximizing its labor force and machinery to produce more output per person. As of 2011, the Oregon GSP per capita was ranked 11th in the nation. This shows that, per person, Oregon has an above average efficiency but has room for improvement in this respect. The trend has also moved upwards and recently overtook Washington which historically has had a larger GSP per capita than Oregon.