- The quarterly GDP by state prototype statistics for 2005-2013 provide a more complete picture of economic growth across states as they evolve from quarter to quarter.
- The quarterly GDP by state statistics are released for 21 industry sectors and are released in both current dollars and inflation-adjusted chained (2009) dollars.
- Nondurable-goods manufacturing was the largest contributor to U.S. real GDP by state growth in the fourth quarter of 2013. This industry was the leading contributor to real GDP growth in 31 states in the fourth quarter.
- Professional, scientific, and technical services was the second largest contributor to U.S. real GDP growth in the third and fourth quarters of 2013. This industry contributed to the growth in 49 states and the District of Columbia in the fourth quarter of 2013.
- Wholesale trade contributed to real GDP growth in 48 states and the District of Columbia in the fourth quarter of 2013.
- Construction subtracted from real GDP growth in 47 states and the District of Columbia in the fourth quarter of 2013.
Tags: BEA, Bureau of Economic Analysis, GDP by state
The estimates of Gross Domestic Product for the U.S. Virgin Islands show that real GDP, adjusted to remove price changes, decreased 5.4 percent in 2013. This was the third consecutive decline following decreases of 13.8 percent in 2012 and 7.5 percent in 2011.
The 2013 decline in the Virgin Islands economy reflected decreases in exports of goods and in consumer spending. The decrease in exports of goods reflected the decline of the petroleum refining industry that for many years had played a dominant role in the economy. The Hovensa oil refinery, one of the world’s largest oil refineries, shut down operations on St. Croix in early 2012.
The decrease in consumer spending reflected decreases in spending on nondurable goods and on services.
Excluding the imports, exports, and inventory investment of the petroleum refining industry, GDP would have increased 0.6 percent in 2013, reflecting growth in tourism services and in exports of rum. Visitor arrivals increased 2.2 percent; exports of rum increased approximately 22 percent.
BEA’s annual gross domestic product by state report provides a crucial look into the health of states’ economies. Soon businesses, consumers, and policymakers will get a sneak peak at a more timely and frequent version of the report.
On August 20, we will release a quarterly look at state economic performance broken out by industry for the years 2005-2013. Like its annual cousin, this prototype quarterly GDP by state report will be conceptually consistent with BEA’s national data on economic output, allowing for comparisons across geographies and time.
In addition to the economic activity of each state, these quarterly statistics will provide more information on how states’ industries are faring. For instance, according to our most recent annual report on state economic growth, released on June 11, non-durable goods manufacturing contributed 2.65 percentage points to overall growth in Louisiana. Using quarterly data, one can investigate whether this increase in activity was sustained over all four quarters.
We are releasing these statistics for review and comment by data users. After getting their feedback, the goal is to start producing quarterly GDP by state statistics on a regular basis in 2015. Quarterly GDP by state statistics will provide a first read on state-level activity for a quarter within five to six months after the close of that quarter.
Quarterly GDP by state statistics can also build a clearer picture of the overall U.S. economy. By providing an earlier indication of what states are experiencing in terms of economic activity, these statistics can provide more insight into the geographic pattern of national economic performance.
For example, using quarterly GDP by state statistics, one can investigate whether key industries in some states were showing declines even before the national downturn that began in late 2007.
These new estimates are just one way that BEA is innovating to better measure the 21st Century economy. On August 7, we released prototype estimates of consumer spending by state. Earlier this year, we introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas and new quarterly statistics on GDP broken out by industry. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”