Finance and Insurance Led Growth Across States in the Fourth Quarter

Real gross domestic product (GDP) increased in every state and the District of Columbia in the fourth quarter of 2016, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth ranged from 3.4 percent in Texas to 0.1 percent in Kansas and Mississippi. Finance and insurance; retail trade; and professional, scientific, and technical services were the leading contributors to U.S. economic growth in the fourth quarter.

• Texas was the fastest growing economy (3.4 percent), followed by Utah and Washington which grew 3.2 percent and 3.1 percent, respectively.
• Finance and insurance grew 6.3 percent nationally, and was the leading contributor to real GDP growth in 24 states.
• Retail trade grew 5.7 percent nationally, contributing to real GDP growth in every state.
• Professional, scientific, and technical services grew 3.6 percent nationally, contributing to real GDP growth in 47 states and the District of Columbia.
• Mining grew 5.2 percent nationally after six consecutive quarters of decline, and was the largest contributor to real GDP growth in West Virginia, North Dakota, and Oklahoma.

For more information, read the full report.