Posts Tagged 'GDP by state'

Advance GDP by State Statistics: Widespread But Slower Growth in 2013

GDPbyState_6_11_14

  • Real GDP increased in 49 states in 2013. Leading industry contributors were nondurable-goods manufacturing; real estate and rental and leasing; and agriculture, forestry, fishing, and hunting.
  • Nondurable-goods manufacturing was the largest contributor to U.S. real GDP by state growth in 2013. This industry was the leading contributor to real GDP growth in 10 states, contributing 2.65 percentage points to growth in Louisiana and 1.19 percentage points to growth in Texas.
  • Real estate was the leading contributor to growth in the New England region and contributed 0.50 percentage point or more to growth in North Dakota, Nevada, and Massachusetts.
  • Agriculture, forestry, fishing, and hunting contributed to real GDP growth in 49 states and the District of Columbia.
  • In North Dakota, the fastest growing state in 2013, mining contributed 3.61 percentage points to the state’s 9.7 percent growth in real GDP.
  • In contrast, government subtracted from real GDP growth in six of eight BEA regions, 39 states, and the District of Columbia in 2013.
  • Alaska was the only state where real GDP decreased in 2013, primarily due to a decline in mining.
  • Per capita real GDP ranged from a high of $70,113 in Alaska to a low of $32,421 in Mississippi. Per capita real GDP for the U.S. was $49,115.

Read the full report.

BEA Readies 2014 Rollout of New Economic Statistics

BEA is releasing several new statistical products this year, part of an ongoing effort to better measure the dynamic U.S. economy and give businesses, policymakers and ordinary Americans additional tools to make informed decisions. Each report will be released at 8:30 a.m. eastern time on the date indicated.

REAL PERSONAL INCOME FOR STATE AND METROPOLITAN AREAS
• Annual report covers 2012 back to 2008
• Release date: April 24
• Report provides statistics on people’s incomes adjusted for inflation and broken out by state and metro area
• Adjusting regional personal income data for differences in the cost of consumer goods and services provides insight into the relative purchasing power of consumers in different states and metro areas
• BEA has previously released prototype statistics of this kind. This year, for the first time, BEA will start releasing annual reports on a regular basis

QUARTERLY GDP BY INDUSTRY
• Quarterly report covers the fourth quarter of 2013 back to the first quarter of 2005. Report also provides annual statistics for 2013
• Release date: April 25
• Statistics show how much how much economic activity is generated by different industries and how much individual industries contributed to overall U.S. economic growth
• For the first time, BEA is releasing GDP by industry statistics on a quarterly basis. Previously, these statistics were available only annually
• Quarterly statistics will provide a more timely snapshot of how individual industries are faring and can serve as a better barometer for potential turning points in the U.S. economy

PERSONAL CONSUMPTION EXPENDITURES BY STATE
• Annual report covers 2012 back to 1997
• Release date: Aug. 7
• Prototype statistic, meaning refinements in methodology may be made before this becomes a regular BEA product
• BEA, for the first time, will produce annual statistics on consumer spending broken out by state. Currently, BEA provides consumer spending figures only on the national level
• These statistics will offer for the first time a detailed look at consumer behavior in each of the country’s 50 states. Report will provide a gauge of how consumers in different states are faring, offering a richer picture of economic activity across entire United States

QUARTERLY GDP BY STATE
• Quarterly report covers the fourth quarter of 2013 back to the first quarter of 2007
• Release date: Aug. 20
• Prototype statistic, meaning refinements in methodology may be made before this becomes a regular BEA product
• BEA, for the first time, will produce quarterly statistics showing overall economic activity generated by each state as well as the main forces either supporting or restraining growth. Currently, BEA provides GDP-by-state statistics only at the national level
• These statistics will offer a more up-to-date picture of how states’ economies are faring and will provide a more detailed view of economic activity across the entire United States. The statistics will also serve as a better barometer for potential turning points for the overall U.S. economy

Widespread State Economic Growth in 2012

gdp_by_state_2012• Real gross domestic product (GDP) increased in 49 states and the District of Columbia in 2012. Leading industry contributors were durable-goods manufacturing, finance and insurance, and wholesale trade.

• Durable-goods manufacturing was the largest contributor to U.S. real GDP by state growth in 2012. This industry was the leading contributor to real GDP growth in 22 states, contributing 2.87 percentage points to growth in Oregon and 1.70 percentage points to growth in Indiana.

• Finance and insurance was the leading contributor to growth in the Mideast region and contributed 0.75 percentage point or more to real GDP growth in Utah, South Dakota, and Delaware.

• Wholesale trade contributed to real GDP growth in 48 states and the District of Columbia.

• In North Dakota, the fastest growing state in 2012, mining contributed 3.26 percentage points to real GDP growth.

• In contrast, agriculture, forestry, fishing, and hunting subtracted from real GDP growth in 6 of 8 BEA regions and in 35 states in 2012.

• Per capita real GDP ranged from a high of $61,183 in Delaware to a low of $28,944 in Mississippi. Per capita real GDP for the U.S. was $42,784.

To learn more about gross domestic product by state, read the full report.