Federal Reserve Bank of San Francisco

Economic Research

Western Economic Developments September 1997

Date of Publication: 1997-09-01

1997-09-01

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Executive Summary

  • The District had the five fastest-growing states in the nation over the past twelve months.
  • The Intermountain states of Nevada, Arizona, and Utah were the three fastest-growing states over this year-long period. In recent months, job growth in Nevada continued at a torrid 6 percent average annual pace, and Utah continued to post about a 4 percent gain. However, employment growth in Arizona slowed this summer.
  • Washington now is the fourth-fastest growing state in the nation, owing largely to a pickup in aerospace industry employment.
  • Oregons economy continued to expand rapidly, albeit slightly slower than in 1996.
  • In the first half of 1997, exports from the District continued to grow rapidly, with a pickup in aircraft exports from Washington state largely offsetting slowed growth in California exports of high-tech products to Asia.