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Gross Domestic Product by State and Personal Income by State, First Quarter 2023

June 30, 2023

Real gross domestic product increased in all 50 states and the District of Columbia in the first quarter of 2023, with the percent change in real GDP ranging from 12.4 percent in North Dakota to 0.1 percent in Rhode Island and Alabama.

Real-GDP-Percent-Change-at-Annual-Rate

In the first quarter of 2023, as real GDP for the nation grew at an annual rate of 2.0 percent, real GDP increased in 14 of the 23 industry groups for which the Bureau of Economic Analysis prepares quarterly state estimates.

  • Agriculture, forestry, fishing, and hunting increased in 33 states and was the leading contributor to growth in 13 states including North Dakota, Nebraska, South Dakota, Kansas, and Montana, the 5 states with the largest increases in real GDP.
     
  • Finance and insurance decreased in all 50 states and the District of Columbia. This industry was the leading offset to growth in Rhode Island, one of the states with the smallest increase in real GDP.

Personal income, in current dollars, increased in 48 states and the District of Columbia in the first quarter, with the percent change ranging from 11.4 percent in Maine to –1.0 percent in Indiana.

Personal-income-percent-change-at-annual-rate

In the first quarter of 2023, current-dollar personal income for the nation grew at an annual rate of 5.1 percent. Nationally, earnings, property income (dividends, interest, and rent), and transfer receipts all contributed to the increase in personal income.

  • Transfer receipts increased in 45 states and the District of Columbia, growing 6.1 percent nationally. The percent change in transfer receipts ranged from 38.5 percent in Maine to –31.1 percent in Massachusetts. Transfer receipts was the leading contributor to growth in personal income in Maine, the state with the largest increase in personal income in the first quarter.
     
  • Property income increased in all 50 states and the District of Columbia, growing 6.0 percent nationally. The percent change ranged from 9.2 percent in Idaho to 3.4 percent in Kansas.
     
  • Earnings increased in all 50 states and the District of Columbia, growing 4.6 percent nationally. The percent change in earnings ranged from 12.4 percent in North Dakota to 0.1 percent in Arkansas.

For more information, read the full release.