The first ever state-by-state data released by the US Department of Commerce has found that the boom in shale drilling has failed to boost the consumer spending for Pennsylvania. While the natives of North Dakota were found to be making great business out of the state’s booming oil fields and spending as they have never did before.
A new study, released by the US Bureau of Economic Analysis on Thursday, showed wide variation in spending by consumers since the recession ended in 2009.
While the growth in Pennsylvania consumer spending was found barely ahead of the national average at 11 percent, the consumer spending in North Dakota grew 11.5 percent in 2012.
Spending in North Dakota rose 28 percent between 2009 and 2012. Oklahoma’s consumer spending increased 16 percent.
The spending figure reported in North Dakota is faster than any other state in the nation. North Dakota is famous for its huge oil production. It produces more than a million barrels of oil per day.
Pennsylvania’s growth of consumer spending is at spectrum’s other end, the study said.
The spending by Pennsylvania consumers overall grew between 2.5 and 3.2 percent. These figures made Pennsylvania the lowest performing state along with Connecticut, Mississippi, New Hampshire, Wyoming, Wisconsin, West Virginia and Vermont.
Mark Price, an economist with the Keystone Research Center in Harrisburg, said that the figures are not surprising for Pennsylvania.
“Despite the attention shale drilling gets, it accounts for less than a percent of all non-farm jobs. It is going to have less of an economic impact than in rural states like North Dakota,” Price said.
The figures clearly indicate that Pennsylvania residents are lazybones when it comes to assessing their wallets or credit cards. Moreover, the state ranked the second-highest of five categories measuring per capita consumer spending. The study showed that the average per capita spending for residents of Pennsylvania residents is from USD 36,974 and USD 39,109.
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