This graphic shows real GDP growth across U.S. regions in 2023, based on data from the Bureau of Economic Analysis.
related posts
58 sats \ 4 replies \ @Undisciplined 5 Jun
The exodus from California is causing quite a boom in the Southwest.
reply
21 sats \ 1 reply \ @0xbitcoiner OP 5 Jun
I've looked at the report and most of the growth in this area comes from mining, quarrying, and oil and gas extraction (1.73) and real estate and rental and leasing (0.72)
https://www.bea.gov/sites/default/files/2024-03/stgdppi4q23-a2023.pdf
reply
21 sats \ 0 replies \ @Undisciplined 5 Jun
Sure, but the people who do those jobs and buy that real estate have to come from somewhere. In the case of the Southwest, they're largely coming from CA.
A better way to say it, is that the change from normal migration patterns is the influx of Californians. Until fairly recently, people tended to move to California, rather than away from it.
reply
21 sats \ 1 reply \ @0xbitcoiner OP 5 Jun
Is the exodus so great as to cause this growth at Southwest? Do you have any data to back this up?
reply
58 sats \ 0 replies \ @Undisciplined 5 Jun
The migration data I use professionally isn't updated to the current year, so I'm largely going off of a combination of articles I've read in passing and anecdotal evidence from house hunting in that region.
The state reports at Cato's Freedom in the 50 States have their recent migration trends. CA lost 2.2% of it's population to migration from 2020-2022, while AZ gained 2.5% and TX gained 1.6%.
The Sunbelt, which includes the Southwest, has basically been the recipient of high migration since air-conditioning was invented, so this is building on a long-term trend.
reply
0 sats \ 2 replies \ @Satosora 5 Jun
South is doing very good.
Not surprised the midwest is struggling.
reply
10 sats \ 1 reply \ @0xbitcoiner OP 5 Jun
why aren't you surprised that the midwest is struggling?
reply
11 sats \ 0 replies \ @Satosora 5 Jun
Midwest always grows slow and struggles slow.
Just the way of life there.
reply