This morning, Scioto Analysis released Genuine Progress Indicator (GPI) calculations for 2019 for the state of Ohio, providing the most comprehensive economic activity estimate for that year to date. Results show that GPI grew 0.9% from 2018 to 2019, Ohio’s slowest growth rate in three years, and about a third of the growth rate suggested by Gross Domestic Product (GDP) estimates made by the Bureau of Economic Analysis.
“While GSP measurements only estimate the value of traded goods, GPI calculations we make also include the cost of environmental damage and the value of goods such as unpaid housework to the state economy,” said Scioto Analysis Principal Rob Moore.
While total economic indicators were up 1.6%, environmental damage was up 3%, driven by increased nonrenewable depletion and carbon emissions. Social indicators were also up 0.8%, driven by increased value of housework and parenting and higher education.
The report also includes recommendations for improvement of the Genuine Progress Indicator, an indicator that four states (Hawaii, Maryland, Vermont, and Washington) have statutorily endorsed. These recommendations include calculating value of government expenditures and net exports and medical costs associated with food insecurity.
Detailed estimates of the Genuine Progress Indicator’s 26 indicators are included in Appendix B of the report.