WASHINGTON
,
December 27, 2023
(press release)
–
Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2023, with the percent change ranging from 9.7 percent in Kansas to 0.7 percent in Arkansas (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 12.8 percent in Texas to 4.1 percent in Arkansas (table 1). Current-dollar personal income increased in 49 states and the District of Columbia in the third quarter of 2023, with the percent change ranging from 5.2 percent in Texas to 0.0 percent in Arkansas (table 3). Real GDP Agriculture, forestry, fishing, and hunting, which decreased nationally and in 33 states, was the leading contributor to growth in Kansas and Nebraska, the states with the largest and third-largest increases in real GDP. In contrast, this industry was the leading offset to growth in Arkansas and Mississippi, the states with the smallest increases in real GDP. Earnings increased in all 50 states and the District of Columbia, while growing 5.9 percent nationally. The percent change in earnings ranged from 8.3 percent in Texas to 1.3 percent in North Dakota (table 4). Property income increased in all 50 states and the District of Columbia, while growing 1.5 percent nationally. The percent change ranged from 3.0 percent in Texas to 0.1 percent in Iowa. Transfer receipts decreased in 47 states and the District of Columbia, while declining 2.5 percent nationally. The decrease in transfer receipts was due to declines in Medicaid payments, other personal current transfer receipts, and state unemployment insurance compensation partially offset by increases in Medicare and social security payments. The percent change in transfer receipts ranged from 4.4 percent in New York to –7.0 percent in Rhode Island and New Mexico (table 4). Update of state statistics BEA also released new estimates of per capita personal income for the third 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 third quarter of 2023. For earlier estimates, BEA used intercensal population statistics that it developed based on Census methodology. See “Note on Per Capita Personal Income and Population.” * * * Next release: March 29, 2024, 10:00 a.m. EDT
In the third quarter of 2023, real GDP for the nation grew at an annual rate of 4.9 percent. Real GDP also increased in 15 of the 23 industry groups for which BEA prepares quarterly state estimates (table 2).
Retail trade was the leading contributor to growth in 39 states, including Texas and Idaho, the states with the second- and fourth-largest increases in real GDP.
Nondurable-goods manufacturing was the leading contributor to growth in three states, including Louisiana, the state with the fifth-largest increase in real GDP.
Personal income
In the third quarter of 2023, current-dollar personal income increased $195.3 billion, or 3.5 percent at an annual rate (table 3). Increases in earnings and property income (dividends, interest, and rent) were partially offset by a decrease in transfer receipts (chart 1).
Today, BEA also released revised quarterly estimates of personal income by state for the first and second quarters 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 December 21, 2023.
Gross Domestic Product by State and Personal Income by State, 4th Quarter 2023 and Preliminary 2023
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