Dan Gearino reported Wednesday in The Columbus Dispatch figures from the U.S. Commerce Department Bureau of Economic Analysis. Ohio's GDP (the total value of goods and services produced in Ohio) dropped from $388 billion in 2007 to $386 billion in 2008, a decline of 0.7%. The comparable per-capita figures were $33,829 in 2007 and $33,568 in 2008. The national per-capita GDP is $37,899.
While this causes Ohio to rank 45th among the 50 States and the District of Columbia in GDP change, the difference may not be as bad as it seems. Ohio also has, by national standards, a relatively low cost of living. We have to keep in mind that natural resources, which are the beginning point of all industrial activity, are not infinite. If we suffer a slight drop, but build the conditions for sustainable economic activity in the future, we will be doing ourselves a favor on the long run.
One other thing, well worth noting: The State that showed the greatest gain in GDP was North Dakota (7.3%), which far outpaced second-place Wyoming (4.4%). You don't suppose the fact that North Dakota has a State bank that operates largely outside the Federal Reserve (and therefore not as vulnerable to the Fed's manipulations) would have something to do with that, do you?