26 July 2017

BEA News: Gross Domestic Product by State, Q1 2017

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Wednesday, July 26, 2017
Gross Domestic Product by State: First Quarter of 2017
Real Estate and Rental and Leasing Led Growth Across States in the First Quarter
Real gross domestic product (GDP) increased in 43 states and the District of Columbia in the first quarter of 2017, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis.
The full text of the release on BEA's Web site can be found at www.bea.gov/newsreleases/regional/gdp_state/qgsp_newsrelease.htm 
Real GDP by state growth in the first quarter ranged from 3.9 percent in Texas to -4.0 percent in Nebraska (table 1 and chart 1).
Arizona > 0.9%

Overall growth in real GDP slowed in the first quarter from the fourth quarter of 2016



Real estate and rental and leasing; mining; and durable-goods manufacturing were the leading contributors to U.S. economic growth in the first quarter (table 2).
Overall growth in real GDP slowed in the first quarter from the fourth quarter of 2016, with finance and insurance, retail trade, and agriculture, forestry, fishing, and hunting leading the deceleration in real GDP.

Highlights

  • Real estate and rental and leasing grew 2.7 percent nationally in the first quarter of 2017. This industry contributed to growth in 44 states. The largest contributions to growth occurred in Virginia and Maryland; these states grew 2.0 percent and 2.1 percent, respectively.
  • Mining grew 21.6 percent nationally. This industry contributed to growth in 48 states. It was the leading contributor to growth in Texas, West Virginia, and New Mexico–the three fastest growing states–which grew 3.9 percent, 3.0 percent, and 2.8 percent, respectively.
  • Durable-goods manufacturing grew 4.4 percent nationally. This industry contributed to growth in 47 states and the District of Columbia. The largest contributions to growth occurred in Michigan and Kentucky; these states grew 1.5 percent and 1.8 percent, respectively.
  • Finance and insurance declined 2.1 percent nationally. This industry subtracted from growth in 45 states and the District of Columbia. The largest subtractions occurred in Delaware and Utah; these states grew 0.3 percent and 1.9 percent, respectively.
  • Retail trade declined 3.6 percent nationally. This industry subtracted from growth in every state. The largest subtractions occurred in Oklahoma and West Virginia; these states grew 1.9 percent and 3.0 percent, respectively.
  • Agriculture, forestry, fishing, and hunting declined 39.8 percent nationally. This industry subtracted from growth in 39 states. The largest subtractions occurred in South Dakota, Iowa, and Nebraska, the states with the largest declines in real GDP. Real GDP in these states declined 3.8 percent, 3.2 percent, and 4.0 percent, respectively.
Upcoming Update of the Gross Domestic Product by State Accounts

Updated statistics of gross domestic product (GDP) by state, covering the first quarter of 2014 through the first quarter of 2017, will be released along with quarterly GDP by state for the second quarter of 2017 on November 21. The update will be fully consistent with the annual update of the national income and product accounts, which will be released on July 28, and the annual update of the industry economic accounts, which will be released on November 2.

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