Maryland?s economic growth slowed in 2007, as the state?s gross domestic product increased 2 percent, down from 2.3 percent growth in 2006.
Maryland?s GDP, the total market value of all final goods and services produced within the state, was about $222.5 billion in 2007, up from about $218.2 billion in 2006, according to estimates released Thursday by the Bureau of Economic Analysis. The state?s growth rate in 2007 ranked 24th in the nation.
GDP growth slowed in 36 states in 2007, with declines in construction, finance and insurance restraining growth in many states.
Utah ranked first in the nation in terms of economic growth, as state GDP increased 5.3 percent in 2007. Delaware ranked last, as state GDP decreased 1.6 percent in 2007.
Maryland?s per capita real GDP was $39,596 in 2007, ranking 14th in the nation and 4 percent above the national average of $38,020. Delaware was first with per capita real GDP of $56,496, and Mississippi was last with per capita real GDP of $24,477.
Nationally, real economic growth slowed from 3.1 percent in 2006 to 2 percent in 2007.
