03 October 2024

NEWS RELEASE: BEA News: Personal Consumption Expenditures by State, 2023

 


US Department of Commerce Bureau of Economic Analysis

BEA News: Personal Consumption Expenditures by State, 2023

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Personal consumption expenditures (PCE) increased in all 50 states and the District of Columbia in 2023. The percent change ranged from 8.1 percent in Florida to 4.7 percent in Iowa. Nationally, current-dollar PCE increased 6.4 percent in 2023 after increasing 9.8 percent in 2022.

The full text of the release can be found at www.bea.gov/news/2024/personal-consumption-expenditures-state-2023.

the District of Columbia in 2023, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change ranged from 8.1 percent in Florida to 4.7 percent in Iowa. Nationally, current-dollar PCE increased 6.4 percent in 2023 after increasing 9.8 percent in 2022 (table 1).

Personal Consumption Expenditures by State: Percent Change, 2022-2023

PCE by state highlights

Consumer spending on health care, housing and utilities, and food services and accommodations were the largest contributors to the increase nationally (table 3).

  • Health care increased 8.6 percent nationally and was the largest contributor to growth in 33 states (table 2).
  • Housing and utilities increased 7.5 percent nationally and was the largest contributor to growth in 16 states, including Florida and Arizona, the states with the largest increases in PCE.
  • Food services and accommodations increased 10.4 percent nationally but was not the largest contributor to growth in any state or the District of Columbia.
  • Gasoline and other energy goods decreased 9.2 percent nationally and was the largest subtraction to growth in 49 states and the District of Columbia, including Iowa, the state with the smallest increase in PCE.

Across all states and the District of Columbia, per capita PCE increased to $56,202 in 2023 from $53,082 in 2022. Per capita PCE by state ranged from a high of $69,101 in Massachusetts to a low of $42,131 in Mississippi. Per capita PCE in the District of Columbia was $92,037 (table 4).

Per Capita Personal Consumption Expenditures by State, 2023

Annual update of PCE by state

Today, BEA also released revised estimates of PCE by state for 2019 through 2022. This update incorporates new and revised source data that are more complete and more detailed than previously available and aligns the states with the annual update of the National Income and Product Accounts released on September 26, 2024, and the state personal income statistics released on September 27, 2024. Our online journal, the Survey of Current Business, will publish an article in November describing the results.

Regional Economic Accounts news releases will no longer include a separate "Release Highlights" document as part of the releases’ "Related Materials." Information previously included in Highlights will continue to be available in the news releases and on BEA's website.

BEA used U.S. Census Bureau population figures to calculate per capita PCE estimates for 2020 through 2023. For earlier estimates, BEA continues to use intercensal population statistics that it developed based on Census Bureau methodology. See “Note on Per Capita Personal Consumption Expenditures and Population.”

Starting on September 26, 2025, BEA will begin to regularly publish quarterly gross domestic product and personal income by state along with annual PCE by state together in a single news release, providing a fuller picture of the economies of all states and the District of Columbia. The combined news release will replace the publication of two separate releases issued on different days.

 

Next release: September 26, 2025, at 10:00 a.m. EDT
Gross Domestic Product by State and Personal Income by State, 2nd Quarter 2025 and
Personal Consumption Expenditures by State, 2024

============

No comments:

Fury in Russia at 'serious escalation' of Ukraine missile move | BBC News

  'Kyiv Stands': Sullivan says U.S. role in defending Ukraine defines Biden's legacy