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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Wednesday, November 14, 2018

BEA 18-62

Gross Domestic Product by State, 2nd quarter 2018

Texas Had the Fastest Growth in the Second Quarter

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the second quarter of 2018, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the second quarter ranged from 6.0 percent in Texas to 2.5 percent in Delaware (table 1).

Percent change in real gdp by state, 2018:q1 - 2018:q2

Information services; real estate and rental and leasing; professional, scientific, and technical services; and durable goods manufacturing were the leading contributors to the increase in real GDP nationally (table 2). Texas, the fastest growing state, was led by growth in mining and durable goods manufacturing.

Other highlights

Nationally, information services; real estate and rental and leasing; and professional, scientific, and technical services increased 13.4 percent, 5.3 percent, and 9.3 percent, respectively (GDP by Industry table 1). All three industries contributed to growth in every state and the District of Columbia.
Durable goods manufacturing increased 7.3 percent. This industry was the leading contributor to growth in Michigan and Missouri–the second and third fastest growing states.
Mining increased 11.7 percent. In addition to Texas, this industry was the leading contributor to the increases in Alaska, North Dakota, and Oklahoma.
Agriculture, forestry, fishing, and hunting increased 8.5 percent rebounding from a decline in the first quarter. This industry was the leading contributor to the increases in South Dakota, Montana, and Minnesota.

Comprehensive Update of GDP by State

The estimates of 2018:Q2 GDP by state incorporate the results of BEA's comprehensive update of GDP by state also released today. The update revised North American Industry Classification System (NAICS) estimates of GDP by state for 1997 to 2017 and quarterly NAICS estimates for 2005:Q1 to 2018:Q1. The update incorporates source data that are more complete and detailed than previously available, and the results of the 2018 comprehensive updates of the National Income and Product Accounts, Industry Economic Accounts, and State Personal Income Accounts. In addition, the update includes industry definitions consistent with the 2012 NAICS.

Next release: January 29, 2019 at 8:30 A.M. EST — Gross Domestic Product by State, Third Quarter 2018

Full Release & Tables (PDF)

Release Highlights (PDF)

Release Tables Only (Excel)

Todd Siebeneck

(301) 278-9705

gdpbystate@bea.gov

Catherine Wang

(301) 278-9670

gdpbystate@bea.gov

News Media

Jeannine Aversa

(301) 278-9003

Jeannine.Aversa@bea.gov

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Definitions

Gross domestic product (GDP) by state is the market value of goods and services produced by the labor and property located in a state. GDP by state is the state counterpart of the Nation's GDP, the Bureau's featured and most comprehensive measure of U.S. economic activity.

Current-dollar statistics are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal GDP" or "current-price GDP."

Real values are inflation-adjusted statistics—that is, these exclude the effects of price changes.

Contributions to growth are an industry's contribution to the state's overall percent change in real GDP. The contributions are additive and can be summed to the state's overall percent change.

Statistical Conventions

Seasonal adjustment and annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR). For details, see the FAQ "Why does BEA publish estimates at annual rates?"

Quantities and prices. Quantities, or "real" measures, are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). "Real" dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from chained-dollar levels and quantity indexes are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year.

Chained-dollar values of GDP by state are derived by applying national chain-type price indexes to the current dollar values of GDP by state for the 21 NAICS-based industry sectors. The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by state and real GDP by state at more aggregated industry levels. Real GDP by state may reflect a substantial volume of output that is sold to other states and countries. To the extent that a state's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the states produce. However, real GDP by state does not capture geographic differences in the prices of goods and services that are produced and sold locally.

Relation of Gross Domestic Product (GDP) by State for the U.S. to GDP in the National Accounts. An industry's GDP by state, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes—that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, the measurement of income earned, usually referred to as gross domestic income (GDI), does not always equal the measurement of what is spent (GDP). The difference is referred to as the "statistical discrepancy."

GDP by state for the U.S. differs from the GDP in the national income and product accounts (NIPAs) and thus from the Industry Economic Accounts' GDP by industry, because GDP by state for the U.S. excludes federal military and civilian activity located overseas, which cannot be attributed to a particular state.

List of News Release Tables

Table 1. Percent Change in Real Gross Domestic Product (GDP) by State and Region, 2017:Q1–2018:Q2

Table 2. Contributions to Percent Change in Real Gross Domestic Product (GDP) by State and Region, 2018:Q1–2018:Q2

Table 3. Current-Dollar Gross Domestic Product (GDP) by State and Region, 2017:Q1–2018:Q2