International Financial Law Prof Blog

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

Monday, January 13, 2020

Gross Domestic Product by State, Third Quarter 2019

Texas Was the Fastest Growing State in the Third Quarter

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the third quarter of 2019, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the third quarter ranged from 4.0 percent in Texas to 0.0 percent in Delaware (table 1).

Percent Change in Real GDP by State, 2019:Q2-2019:Q3

Nondurable goods manufacturing; retail trade; and professional, scientific, and technical services were the leading contributors to the increase in real GDP nationally (table 2).

  • Nondurable goods manufacturing increased 10.1 percent for the nation and contributed to growth in all 50 states. This industry was the leading contributor to growth in Texas, the fastest growing state (GDP by Industry table 1).
  • Retail trade increased 8.2 percent for the nation and contributed to growth in all 50 states and the District of Columbia.
  • Professional, scientific, and technical services increased 5.6 percent for the nation and contributed to growth in all 50 states and the District of Columbia.

In contrast, finance and insurance decreased 5.3 percent for the nation, subtracting from growth in all 50 states and the District of Columbia. This industry was the leading contributor to slow growth in New York and in Delaware–the slowest growing state.

https://lawprofessors.typepad.com/intfinlaw/2020/01/gross-domestic-product-by-state-third-quarter-2019.html

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