Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the fourth quarter of 2023, with the percent change ranging from 6.7 percent in Nevada to 0.2 percent in Nebraska.
In the fourth quarter of 2023, real GDP for the nation grew at an annual rate of 3.4 percent. Real GDP increased in 18 of the 23 industry groups for which BEA prepares quarterly state estimates.
- Construction, which increased in 45 states and the District of Columbia, was the leading contributor to growth in 3 states including Nevada, the state with the largest increase in real GDP.
- Agriculture, forestry, fishing, and hunting, which increased nationally and in 32 states, was the leading contributor to growth in Idaho, the state with the second-largest increase in real GDP. In contrast, this industry was the leading offset to growth in Nebraska and Kansas, the states with the smallest increases in real GDP.
- Retail trade, which increased in all 50 states and the District of Columbia, was the leading contributor to growth in 14 states including Utah, the state with the third-largest increase in real GDP.
Personal income, in current dollars, increased in all 50 states and the District of Columbia in the fourth quarter of 2023, with the percent change ranging from 6.7 percent in Nevada to 0.8 percent in Iowa and North Dakota.
In the fourth quarter of 2023, personal income for the nation increased at an annual rate of 4.0 percent. Nationally, increases in earnings and property income (dividends, interest, and rent) were partially offset by a decrease in transfer receipts.
- Earnings increased in 48 states and the District of Columbia, while growing 4.6 percent nationally. The percent change in earnings ranged from 8.5 percent in Nevada to –0.8 percent in North Dakota.
- Property income increased in all 50 states and the District of Columbia, while growing 6.7 percent nationally. The percent change ranged from 8.8 percent in Florida to 4.7 percent in Iowa and Mississippi.
- Transfer receipts decreased in 32 states and the District of Columbia, while declining 0.7 percent nationally. The percent change in transfer receipts ranged from 8.1 percent in Mississippi to –5.0 percent in Arizona.
For more information, read full release.