The US economy is the largest in the world on a GDP basis, accounting for nearly one quarter of global economic output. Inflation-adjusted US GDP currently stands at $18.9 trillion, a staggering sum. However, evaluating our massive and diverse domestic economy as a total obscures important regional distinctions.
Our upcoming monthly webinar will feature a deeper look at the economic landscape of one area in particular: the Central Region. For this webinar, we will define the Central Region to include Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Wisconsin, and Wyoming.
GDP for this region currently stands at $2.6 trillion, roughly 13.8% of the US total. Importantly, activity here is expanding at an accelerating pace. This webinar will cover current economic trends in the Central Region, as well as ITR’s forecast for growth. We will also discuss the relative outperformers within this geography. For example, although it is relatively small, North Dakota's economy, up 4.1% year over year, currently boasts the highest growth rate in the region.
The 11 Central Region states offer some enticing growth opportunities as well as pockets of concern. Did you know that Wyoming and South Dakota rank first and second in the country, respectively, in our evaluation of overall tax climate? Despite that fact, Wyoming ranks last in the country in terms of the rate of job creation.
Did you know that South Dakota is one of only two US states with a birth rate above the replacement rate? Or that Minnesota has one of the US' three most-educated populations, as measured by high school or equivalent education level?
The session will also cover a variety of construction, industrial, and consumer trends. Join us to learn more about population shifts, the labor market, and labor rates. Identifying these areas of opportunity and risk will enable you to make timely decisions for your business and to plan your efforts in the Central Region with confidence.
Lauren Saidel-Baker, CFA