Real gross domestic product (GDP)
decreased in 40 states and the District of Columbia in the second
quarter of 2022, with the percent change in real GDP ranging from 1.8
percent in Texas to –4.8 percent in Wyoming (table 1), according to
statistics released today by the U.S. Bureau of Economic Analysis (BEA).
Current-dollar GDP increased in all 50 states and
the District of Columbia in the second quarter, with the percent change
ranging from 30.5 percent in North Dakota to 0.7 percent in Connecticut.
Personal income increased in all 50 states and the
District of Columbia in the second quarter, with the percent change
ranging from 10.9 percent in North Dakota to 2.2 percent in Connecticut
(table 3).
Joint Release Provides Fuller Picture of State Economies
Today marks the first time BEA has published quarterly statistics for
state GDP and state personal income together, providing a fuller
picture of state economies. BEA will now produce a single news release
for state GDP and personal income each quarter, ending the publication
of two separate releases on different days.
GDP
In the second quarter of 2022, as real GDP for the nation decreased
at an annual rate of 0.6 percent, real GDP decreased in 8 of the 23
industry groups for which BEA prepares quarterly state estimates (table
2). Construction; nondurable-goods manufacturing; and wholesale trade
were the leading contributors to the decrease in real GDP nationally.
- The construction industry was the leading contributor to the
decrease in Wyoming, the state with the largest decrease at 4.8 percent,
and in 10 other states.
- The finance and insurance industry was the leading contributor to
the decrease in Connecticut, the state with the second-largest decrease
at 4.7 percent, and in one other state.
- The durable-goods manufacturing industry was the leading
contributor to the decrease in Indiana, the state with the third-largest
decrease at 3.3 percent, and in two other states.
- The mining industry was the leading contributor to the 1.8 percent
increase in Texas, the state with the largest increase in real GDP.
Personal income
In the second quarter of 2022, state personal income
increased at an annual rate of 5.8 percent across all 50 states and the
District of Columbia. Increases in earnings and property income
(dividends, interest, and rent) contributed to personal income growth in
all states and the District of Columbia, while transfer receipts
increased in 35 states (table 4).
Earnings increased in all states and the District of
Columbia, increasing 6.3 percent nationally in the second quarter
(table 4). The percent change in earnings ranged from 14.1 percent in
North Dakota to 2.1 percent in Connecticut.
Earnings increased in 19 of the 24 industries for which BEA prepares
quarterly estimates (table 6). Professional, scientific, and technical
services; health care and social assistance; and farms were the leading
contributors to the overall growth in earnings.
- In North Dakota and South Dakota, the states with the largest
and second-largest increases in personal income, increases in earnings
in farms was the leading contributor to the increase in personal income
in the second quarter (table 5).
- In Texas, the state with the third-largest increase in personal
income, the increase in earnings in mining was the leading contributor.
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