What a difference a year of low oil prices makes.
In the second quarter, the U.S.’s hottest growth areas traveled toward the coasts where service-oriented sectors like finance and professional services dominate, away from the mining-focused heartland.
Back in 2014, the Plains and Southwest regions boasted some of the fastest-growing states: energy-rich states like North Dakota, Oklahoma and Texas. But the downturn in the oil industry has pushed momentum towards the coasts: New England and the Mideast, the Southeast and the Far West regions saw many of their states outpace the nationwide average of 3.8% GDP growth in the second quarter, thanks to the growth in service sectors.
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