Real gross domestic product (GDP) increased in 48 states and the District of Columbia in the third quarter of 2016, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth ranged from 7.1 percent in South Dakota to –0.1 percent in New Mexico. Finance and insurance; wholesale trade; and information were the leading contributors to U.S. economic growth in the third quarter.
- Finance and insurance grew 9.0 percent in the third quarter of 2016. This industry contributed to growth in every state and the District of Columbia. This industry contributed 2.50 percentage points to the 4.4 percent growth in Delaware, and 1.69 percentage point to the 7.1 percent growth in South Dakota—the fastest growing state.
- Wholesale trade grew 8.3 percent. This industry contributed to growth in every state and the District of Columbia and contributed 0.94 percentage point to the 3.9 percent growth in New Hampshire.
- Information grew 8.6 percent. This industry contributed to growth in every state and the District of Columbia and contributed 0.98 percentage point to the 3.6 percent growth in New York.
For more information, read the full report.