Indiana’s economy appears to be among the strongest of all states as the nation continues to recover from the recession, according to a report on InsideINdianaBusiness.com.
Figures from the federal Bureau of Economic Analysis show Indiana’s Gross Domestic Product (GDP) grew 4.6% in 2010, compared to the national rate of 2.6%. That’s the third highest growth rate in the U.S., behind North Dakota and New York.
Indiana’s 2010 GDP growth outpaced all neighboring states, including Michigan, which is regarding the new figures as positive news. The Detroit Free Press reports Michigan’s 2.9% increase during the past year is being considered by economists as a clear sign the state’s deep recession is over.
Even though Indiana’s economic expansion is among the national pacesetters, there is still work to do as the recovery takes hold.
The state’s unemployment rate is hovering around 8%, although it has dropped below the national mark for the first time since June 2003. The May unemployment numbers are due June 17.