investing

6 states with best GDP growth since 2007

Alaska
Alaska © Scott J. Carson/Shutterstock.com
  • 2007 GDP: $44.5 billion
  • 2011 GDP: $51.2 billion
  • Growth: 15.04 percent

State government workers haven't had to worry about their jobs in Alaska.

"We didn't have to furlough any workers during the recession," says Alyssa Shanks, an economist with the state's Department of Labor and Workforce Development.

The main reason for Alaska's relatively calm economic conditions? Oil.

Specifically, moving oil. Between 2007 and 2011, the pipeline transportation industry made up about 22 percent of the state's $6.7 billion GDP growth -- the largest share of any industry in the state.

Alaska's state government, which gets more than 85 percent of its tax revenue from the oil industry, also contributed to Alaska's economic growth.

Sectors contributing majority of growth:

  • Government (federal civilian, military, state and local)
  • Oil pipelines
  • Real estate, rental and leasing

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