|
|
Gross Domestic Product by State and Personal Income by State, 1st Quarter 2024
Real gross domestic product increased in 39 states and the District of Columbia in the first quarter of 2024, with the percent change ranging from 5.0 percent at an annual rate in Idaho to –4.2 percent in South Dakota, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA) (table 1).
Current-dollar gross domestic product (GDP) increased in 45 states and the District of Columbia, with the percent change ranging from 7.8 percent at an annual rate in Delaware to –4.0 percent in North Dakota (table 1).
Personal income, in current dollars, increased in all 50 states and the District of Columbia, with the percent change ranging from 9.5 percent at an annual rate in South Carolina to 0.6 percent in North Dakota (table 3).
Personal income
In the first quarter of 2024, current-dollar personal income increased $396.6 billion, or 7.0 percent at an annual rate (table 3). Nationally, earnings, transfer receipts, and property income (dividends, interest, and rent), all contributed to the increase in personal income (chart 1).
Transfer receipts increased in all 50 states and the District of Columbia, while growing 16.8 percent nationally. The percent change in transfer receipts ranged from 24.8 percent in Utah to 6.7 percent in Mississippi (table 4).
Transfer receipts was the largest contributor to growth in personal income in 20 states, including South Carolina, the state that led the nation in personal income growth. The increase in transfer receipts in the first quarter of 2024 reflected a 3.2 percent cost-of-living adjustment for social security recipients, along with increases in refundable tax credits and Medicaid benefits.
Earnings increased in 47 states and the District of Columbia, while growing 4.7 percent nationally (table 4). The percent change in earnings ranged from 7.2 percent in Alabama and Delaware to –4.5 percent in North Dakota. Earnings increased in 21 of the 24 industries for which BEA prepares quarterly estimates (table 5). Earnings was the largest contributor to growth in personal income in 26 states and the District of Columbia.
- In Delaware, the state with the second-largest growth in personal income, real estate and rental and leasing and state and local government were the leading contributors to the increase in earnings.
- In Alabama, the state with the third-largest growth in personal income, farm earnings was the leading contributor to the increase in earnings. In contrast, farm earnings was the leading contributor to the decline in earnings in North Dakota, the state with the slowest growth in personal income.
Property income increased in all 50 states and the District of Columbia, while growing 6.0 percent nationally. The percent change ranged from 9.2 percent in Texas to 3.6 percent in Illinois (table 4).
Update of state statistics
Today, BEA also released revised quarterly estimates of personal income by state for the first quarter of 2023 through the fourth quarter of 2023. This update incorporates new and revised source data that are more complete and more detailed than previously available and aligns the states with the national estimates from the National Income and Product Accounts released on June 27, 2024.
BEA released new estimates of per capita personal income for the first quarter of 2024, along with revised estimates for the first quarter of 2023 through the fourth quarter of 2023. BEA used U.S. Census Bureau (Census) population figures to calculate per capita personal income estimates for the first quarter of 2020 through the first quarter of 2024. 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."
Revised annual estimates of GDP by state and personal income by state for 2019 through 2023 will be released on September 27, 2024. In addition, revised estimates for the first quarter of 2019 through the first quarter of 2024 and preliminary estimates for the second quarter of 2024 will be released.
* * *
Next release: September 27, 2024, at 10:00 a.m. EDT
--
No comments:
Post a Comment