International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Sunday, May 5, 2019

BEA News: Gross Domestic Product by State, 4th quarter 2018 and annual 2018

Quarterly GDP by state in 2018:Q4

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the fourth quarter of 2018, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the fourth quarter ranged from 6.6 percent in Texas to 0.0 percent in Delaware (table 1).

Percent Change in Real GDP by State, 2018:Q3-2018-Q4

Wholesale trade, mining, and information services were the leading contributors to the increase in real GDP nationally (table 2). Mining and wholesale trade were the leading contributors to the increase in real GDP in Texas, the fastest growing state.

Other highlights

  • Wholesale trade increased 9.1 percent nationally and contributed to growth in all 50 states (GDP by Industry table 1).
  • Mining increased 38.0 percent nationally and contributed to growth in 49 states. In addition to Texas, this industry was the leading contributor to the increase in real GDP in Wyoming, Oklahoma, Alaska, and New Mexico–the second through fifth fastest growing states.
  • Information services increased 8.9 percent nationally and contributed to growth in every state and the District of Columbia.

Annual GDP by state in 2018

Real GDP increased in 49 states and the District of Columbia in 2018. The percent change in real GDP ranged from 5.7 percent in Washington to -0.3 percent in Alaska (table 4).

Percent Change in Real GDP by State, 2017-2018

Information services; professional, scientific, and technical services; and durable goods manufacturing were the leading contributors to national economic growth in 2018. Information services and retail trade were the leading contributors to the increase in real GDP in Washington, the fastest growing state (table 5).

Other highlights

  • In addition to Washington, information services was the leading contributor to the increase in real GDP in four additional states, including California.
  • Professional, scientific, and technical services was the leading contributor to the increase in real GDP in Utah, the second fastest growing state.
  • Durable goods manufacturing was the leading contributor to the increase in real GDP in Idaho, the third fastest growing state.

Updates to Gross Domestic Product by State

Today, BEA also released revised quarterly estimates for 2015:Q1 to 2018:Q3 and annual statistics for 2015-2017. Updates are made each year about this time to incorporate new and revised state source data.

https://lawprofessors.typepad.com/intfinlaw/2019/05/bea-news-gross-domestic-product-by-state-4th-quarter-2018-and-annual-2018.html

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