NEWS RELEASE: Q3 2022 Gross Domestic Product by State and Personal Income by State

 

Gross Domestic Product by State and Personal Income by State, 3rd Quarter 2022

Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the third quarter of 2022, with the percent change in real GDP ranging from 8.7 percent in Alaska to –0.7 percent in Mississippi (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 third quarter, with the percent change ranging from 10.4 percent in Oregon to 2.3 percent in North Dakota.

Personal income increased in all 50 states and the District of Columbia in the third quarter, with the percent change ranging from 14.2 percent in Colorado to 1.4 percent in Kentucky (table 4).

GDP

In the third quarter of 2022, as real GDP for the nation increased at an annual rate of 3.2 percent, real GDP increased in 16 of the 23 industry groups for which BEA prepares quarterly state estimates (table 2). Information services; professional, scientific, and technical services; and mining were the leading contributors to the increase in real GDP nationally.

• The mining industry was the leading contributor to the increases in real GDP in Alaska, Texas, Oklahoma, Wyoming, North Dakota, and New Mexico, the six states with the largest increases in real GDP, and in West Virginia, the state with the eighth-largest increase in real GDP.
• The information services industry increased in all 50 states and the District of Columbia (table 3). This industry was the leading contributor to the increase in 14 states.
• Professional, scientific, and technical services increased in 48 states and the District of Columbia and was the leading contributor to the increase in 5 states and the District of Columbia.
• The construction industry was the leading contributor to the decrease in Mississippi and Indiana, two of three states with decreases in real GDP. This industry also moderated increases in real GDP in 47 states and the District of Columbia.

Personal income

In the third quarter of 2022, state personal income increased at an annual rate of 5.3 percent across all 50 states and the District of Columbia.

Nationally, increases in earnings, property income (dividends, interest, and rent), and transfer receipts all contributed to the increase in personal income (chart 1).

Transfer receipts increased in 28 states, increasing 1.0 percent nationally. The percent change in transfer receipts ranged from 79.7 percent in Colorado to –7.9 percent in Kentucky (table 5).

Although transfer receipts had minimal impact nationally, it was the leading contributor to increases in personal income in Colorado, Maine, New Mexico, and Idaho, the states with the largest increases in personal income. Temporary state refundable tax credits in these states and other states resulted in above-average increases in transfer receipts in the third quarter.¹

Earnings increased in all 50 states and the District of Columbia, increasing 6.5 percent nationally. The percent change in earnings ranged from 8.5 percent in Texas to 3.2 percent in Indiana.

Earnings increased in 22 of the 24 industries for which BEA prepares quarterly estimates (table 6). Health care and social assistance; professional, scientific, and technical services; and state and local government were the leading contributors to the overall growth in earnings.

• In Florida, the state with the fifth-largest increase in personal income, the increase in earnings in health care and social assistance was the leading contributor to the increase in personal income in the third quarter (table 5).
• In Texas, the state with the sixth-largest increase in personal income, the increase in earnings in professional, scientific, and technical services was the leading contributor.

Property income increased in all 50 states and the District of Columbia, increasing 5.5 percent nationally. The percent change ranged from 8.1 percent in Idaho to 3.0 percent in Kansas (table 4).

Update of state statistics

Today, BEA also released revised quarterly estimates of personal income by state for the first quarter of 2022 through the second quarter of 2022. 

✓ The updates incorporate new and revised source data that are more complete and more detailed than previously available and to align the states with revised national estimates from the National Income and Product Accounts released on December 22, 2022.

✓ BEA also released new estimates of per capita personal income for the third quarter of 2022, along with revised estimates for the first quarter of 2022 through the second quarter of 2022. BEA used U.S. Census Bureau (Census) population figures to calculate per capita personal income estimates for the second quarter of 2020 through the third quarter of 2022.

✓ For earlier estimates, BEA continues to use intercensal population statistics that it developed based on Census' methodology. See "Note on Per Capita Personal Income and Population."

 

Next release: March 31, 2023, 10:00 a.m. EDT
Gross Domestic Product by State and Personal Income by State, 4th Quarter and Year 2022 (Preliminary)

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1. See “How are state refundable tax credits recorded in the National Income and Product Accounts (NIPAs)?” on the BEA website.