Missouri Economy Growth Lags Behind National Average
COLUMBIA - The Federal Commerce Department released new data Wednesday that said Missouri's economy grew at a slower pace than the nation's last year. The state's economy in 2011 grew by 0.04 percent, adjusted for inflation, compared to the national average of 1.5 percent.
The report measured growth rate in terms of real GDP. Missouri's rate placed it 43rd among all states in economic growth, which made it Missouri's third consecutive year where the economy lagged behind the nation as a whole.
The report said nearly every sector of the state's $250 billion economy either shrank or grew at a slower rate than the national average. The health care industry, and administrative and waste services were Missouri's only economic sectors to be ahead of the national rate.
Two large industries in the state, construction and manufacturing, both lagged behind the national growth rate.
This report contrasts the fact that the state's unemployment rate is still below the national average, and has been since May of last year. The state is also doing well in recent reports on exports and job creation this year.