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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Friday, January 10, 2020

BEA 20—03

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.

Next release: April 7, 2020 at 8:30 A.M. EDT — Gross Domestic Product by State, Fourth Quarter and Year 2019 (Preliminary)

Full Release & Tables (PDF)

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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.

List of News Release Tables

Table 1. Percent Change in Real Gross Domestic Product (GDP) by State and Region, 2018:Q1–2019:Q3

Table 2. Contributions to Percent Change in Real Gross Domestic Product (GDP) by State and Region, 2019:Q2–2019:Q3

Table 3. Current-Dollar Gross Domestic Product (GDP) by State and Region, 2018:Q1–2019:Q3