Archive for the 'Gross Domestic Product by State' Category

Finance and Insurance Led Growth Across States in the Fourth Quarter

Real gross domestic product (GDP) increased in every state and the District of Columbia in the fourth 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 3.4 percent in Texas to 0.1 percent in Kansas and Mississippi. Finance and insurance; retail trade; and professional, scientific, and technical services were the leading contributors to U.S. economic growth in the fourth quarter.

gdp-state-q4-2016

  • Texas was the fastest growing economy (3.4 percent), followed by Utah and Washington which grew 3.2 percent and 3.1 percent, respectively.
  • Finance and insurance grew 6.3 percent nationally, and was the leading contributor to real GDP growth in 24 states.
  • Retail trade grew 5.7 percent nationally, contributing to real GDP growth in every state.
  • Professional, scientific, and technical services grew 3.6 percent nationally, contributing to real GDP growth in 47 states and the District of Columbia.
  • Mining grew 5.2 percent nationally after six consecutive quarters of decline, and was the largest contributor to real GDP growth in West Virginia, North Dakota, and Oklahoma.

For more information, read the full report.

Retail Trade Led Growth Across States in the Third Quarter

Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the third quarter of 2015, according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis. Overall, U.S. real GDP by state growth slowed to an annual rate of 1.9 percent in the third quarter of 2015 after increasing 3.8 percent in the second quarter. Retail trade; health care and social assistance; and agriculture, forestry, fishing, and hunting were the leading contributors to real U.S. economic growth in the third quarter.

GDP by State 0302

  • Retail trade grew 7.1 percent in the third quarter of 2015. This industry contributed 0.41 percentage point to U.S. real GDP growth and contributed to growth in 49 states and the District of Columbia. Nevada was the lone exception.
  • Health care and social assistance grew 5.5 percent in the third quarter of 2015. This industry contributed 0.39 percentage point to U.S. real GDP growth and contributed to growth in 49 states and the District of Columbia. North Dakota was the lone exception.
  • Agriculture, forestry, fishing, and hunting grew 37.5 percent in the third quarter of 2015. This industry contributed 0.36 percentage point to real GDP growth for the nation and contributed 6.91 percentage points to real GDP growth in South Dakota, 5.41 percentage points to growth in Kansas, and 4.79 percentage points to growth in Nebraska.

For more information, read the full report.

Second Quarter Growth in Service Industries Widespread Across States

Real gross domestic product (GDP) increased in 46 states and the District of Columbia in the second quarter of 2015. Overall, U.S. real GDP by state grew at an annual rate of 3.8 percent in the second quarter of 2015 after increasing 0.7 percent in the first quarter of 2015. Finance and insurance; professional, scientific, and technical services; and wholesale trade were the leading contributors to real U.S. economic growth in the second quarter.

GDP by State 1210

  • Finance and insurance grew 12.4 percent in the second quarter of 2015. This industry was the leading contributor to growth in 28 states and contributed 3.32 percentage points to real GDP growth in Delaware, 2.42 percentage points to growth in South Dakota, and 2.16 percentage points to growth in New York.
  • Professional, scientific, and technical services grew 7.6 percent in the second quarter of 2015. This industry contributed 0.52 percentage point to real GDP growth for the nation and contributed to growth in all 50 states and the District of Columbia.
  • Wholesale trade grew 8.4 percent in the second quarter of 2015. This industry contributed 0.50 percentage point to real GDP growth and was the leading contributor to growth in Arkansas, Kentucky, and Indiana.

For more information, read the full report.


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