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EMBARGOED UNTIL RELEASE AT 10:00 a.m. EST, Tuesday, December 5, 2023

BEA 23—58

Gross Domestic Product by State, 2nd Quarter 2023 and Comprehensive Update

Real gross domestic product (GDP) increased in 44 states and the District of Columbia in the second quarter of 2023, with the percent change ranging from 8.7 percent in Wyoming to –1.9 percent in Vermont (table 1), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA).

Current-dollar GDP increased in 46 states and the District of Columbia in the second quarter, with the percent change ranging from 8.3 percent in Kansas to –4.3 percent in North Dakota.

Real GDP

In the second quarter of 2023, while real GDP for the nation increased at an annual rate of 2.1 percent, real GDP increased in 14 of the 23 industry groups for which BEA prepares quarterly state estimates (table 2). Utilities; professional, scientific, and technical services; durable-goods manufacturing; and mining were the leading contributors to the increase in real GDP nationally.

Utilities increased in all 50 states and the District of Columbia and was the leading contributor to growth in 22 states.
Professional, scientific, and technical services increased in all 50 states and the District of Columbia and was the leading contributor to growth in 2 states.
Durable-goods manufacturing increased in 48 states and was the leading contributor to growth in Michigan.
Mining increased in 43 states and was the leading contributor to growth in 8 states, including Wyoming, the state with the largest increase in real GDP.
Accommodation and food services decreased in 49 states and the District of Columbia and was the leading contributor to the decrease in Vermont, the state with the largest decline in real GDP.
Agriculture, forestry, fishing, and hunting increased in 25 states and was the leading contributor to growth in 6 states, including Kansas and Nebraska, the states with the second- and third-largest increases in real GDP, respectively. The industry was also the leading contributor to the decrease in Mississippi, the state with second-largest decline in real GDP.

Update of State Statistics

Today, BEA released the initial results of the 2023 comprehensive update of quarterly GDP by state. The estimates for the first quarter of 2018 through the first quarter of 2023 were revised. These updates incorporate new and revised source data that are more complete and more detailed than previously available as well as the results of the comprehensive updates of BEA’s National Economic Accounts, Industry Economic Accounts, annual GDP by state accounts, and state personal income accounts that were published earlier.

As part of this first-ever synchronization of the national, industry, and state comprehensive updates, updated annual state GDP estimates for 2017–2022 were released September 29 with state personal income. Release of the state quarterly GDP estimates was moved from September 29 to today as part of the scheduling for this historic comprehensive update.

GDP by state for the third quarter of 2023, along with state personal income, will be released on December 22.

Next release: December 22, 2023, at 10:00 a.m. EST
Gross Domestic Product by State and Personal Income by State, 3rd Quarter 2023

Full Release & Tables (PDF)

Tables Only (Excel)

Highlights (PDF)

Interactive Tables

Clifford Woodruff

301-278-9234

GDPbyState@bea.gov

Media

Connie O’Connell

301-278-9003

Connie.OConnell@bea.gov

Resources

Stay informed about BEA developments by reading The BEA Wire, signing up for BEA's email subscription service, or following @BEA_News on X, formerly known as Twitter.
Historical time series for these estimates can be accessed in BEA's Interactive Data Application.
Access BEA data by registering for BEA's Data Application Programming Interface.
For more on BEA's statistics, see our online journal, the Survey of Current Business.
For upcoming economic indicators, see BEA's news release schedule.
BEA Regional Facts (BEARFACTS) is a narrative summary of personal income, per capita personal income, components of income, and gross domestic product for counties, metropolitan statistical areas, and states.
For complete information on the sources and methods used to estimate gross domestic product by state, see BEA's gross domestic product by state methodology.

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, BEA’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.” They are 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

Quarter-to-quarter percent changes are calculated from unrounded data and are annualized. Annualized growth rates show the rate of change that would have occurred had the pattern been repeated over four quarters (1 year). Annualized rates of change can be calculated as follows: (((level of later quarter / level of earlier quarter)^4)-1)*100. Quarterly estimates are expressed at seasonally adjusted annual rates unless otherwise specified. Quarter-to-quarter dollar changes are differences between published estimates.

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

Quantities and prices. Quantities, or “real” measures, are expressed as index numbers with a specified reference year equal to 100 (currently 2017). Quantity indexes are calculated using a Fisher chain-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 quantity index by the current dollar value in the reference year 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 23 North American Industry Classification System-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.

BEA regions

BEA groups all 50 states and the District of Columbia into 8 distinct regions for purposes of presentation and analysis as follows:
New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont)
Mideast (Delaware, District of Columbia, Maryland, New Jersey, New York, and Pennsylvania)
Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin)
Plains (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota)
Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia)
Southwest (Arizona, New Mexico, Oklahoma, and Texas)
Rocky Mountain (Colorado, Idaho, Montana, Utah, and Wyoming)
Far West (Alaska, California, Hawaii, Nevada, Oregon, and Washington)

Uses of GDP by state statistics

GDP by state statistics provide a framework for analyzing current economic conditions in each state and can serve as a basis for decision-making. For example:

Federal government agencies use the statistics in forecasting models to project energy and water use. The statistics are also used as a basis for allocating funds and determining matching grants to states.
State governments use the statistics to project tax revenues and the need for public services.
Academic regional economists use the statistics for applied research.
Businesses, trade associations, and labor organizations use the statistics for market research.