Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the fourth quarter of 2023, with the percentage change ranging from 6.7 percent in Nevada to 0.2 percent in Nebraska (table 1), according to published statistics today by the US Bureau of Economic Analysis (BEA). GDP in current dollars increased in 49 states and the District of Columbia. By 2023Real, or inflation-adjusted, GDP also increased in 49 states and the District of Columbia.
personal incomein current dollars, increased in all 50 states and the District of Columbia in the fourth quarter of 2023, with the percentage change ranging from 6.7 percent in Nevada to 0.8 percent in Iowa and North Dakota ( table 4). By 2023Personal income in current dollars also increased in all 50 states and the District of Columbia.
Quarterly GDP
In the fourth quarter of 2023, the nation's real GDP 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 (table 2). Non-durable goods manufacturing, retail trade and durable goods manufacturing were the main contributors to real GDP growth at the national level.
- Construction, which increased in 45 states and the District of Columbia, was the leading contributor to growth in three states, including Nevada, the state with the largest increase in real GDP.
- Agriculture, forestry, fishing and hunting, which increased nationally and in 32 states, were the largest contributors to growth in Idaho, the state with the second-largest increase in real GDP. In contrast, this industry was the main 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.
annual GDP
In 2023, the nation's real GDP grew at an annual rate of 2.5 percent, with the percentage change ranging from 5.9 percent in North Dakota to โ1.2 percent in Delaware. Real GDP increased in 17 of the 23 industry groups for which BEA prepares preliminary annual state estimates (table 3). Retail trade; services professionals, scientists and technicals; and health care and social assistance were the main contributors to real GDP growth at the national level.
- Mining increased in 43 states. This industry contributed the most to growth in seven states, including North Dakota, Texas, Wyoming, Alaska and Oklahoma, the states with the first, second, third, fourth and fifth largest increases in real GDP, respectively. .
- Retail trade increased in all 50 states and the District of Columbia. This industry contributed the most to growth in 23 states, including Florida, the state with the seventh-largest increase in real GDP.
- Health care and social assistance increased in 49 states and the District of Columbia. This industry contributed the most to growth in 6 states.
- Finances and insurance declined in 43 states and the District of Columbia. The industry contributed the most to the decline in Delaware.
Quarterly personal income
In the fourth quarter of 2023, personal income in current dollars increased by $229.4 billion, or 4.0 percent at an annual rate (Table 4). Increases in income and property income (dividends, interest and rents) were partially offset by a decrease in transfer income (chart 1).
Profits increased in 48 states and the District of Columbia, while it grew 4.6 percent nationally (table 5). The percentage change in income ranged from 8.5 percent in Nevada to โ0.8 percent in North Dakota.
- Profits increased in 20 of the 24 sectors for which BEA prepares quarterly estimates (table 6).
- Construction revenue increased in 48 states and the District of Columbia. This industry contributed the most to personal income growth in Nevada and Idaho, the states with the largest and third largest increases in personal income, respectively.
- In South Carolina, the state with the second-largest increase in personal income, income growth in the construction and professional, scientific and technical services industries were the largest contributors to personal income growth.
- Declines in farm income were the main offsets to growth in Iowa and North Dakota, the states with the smallest increases in personal income.
Property income increased in all 50 states and the District of Columbia, while it grew 6.7 percent nationally. The percentage change ranged from 8.8 percent in Florida to 4.7 percent in Iowa and Mississippi (Table 5).
Transfer receipts decreased in 32 states and the District of Columbia, while it decreased 0.7 percent nationally. The percentage change in transfer revenue ranged from 8.1 percent in Mississippi to โ5.0 percent in Arizona (Table 5).
Annual personal income
In 2023, the nation's personal income increased at an annual rate of 5.2 percent, with the percentage change ranging from 7.0 percent in Florida to 3.4 percent in Indiana.
At the national level, increases in income, property income, and transfer income contributed to the increase in personal income (chart 2).
Profits increased in all 50 states and the District of Columbia, while it grew 5.6 percent nationally. The percentage change in income ranged from 8.5 percent in Alaska to 4.0 percent in Mississippi (Table 7).
- Profits increased in 21 of the 24 industries for which BEA prepares annual estimates (Table 8).
- In Florida, the state with the largest increase in personal income, income growth in the professional, scientific and technical services and health care and social assistance industries were the largest contributors to the increase in personal income.
- In Utah and Wyoming, the states with the second and third largest increases in personal income, revenue growth in state and local governments was the largest contributor to personal income growth.
Property income increased in all 50 states and the District of Columbia, while it grew 6.3 percent nationally. The percentage change ranged from 9.0 percent in Idaho to 2.7 percent in Iowa (Table 7).
Transfer receipts increased in 45 states and the District of Columbia, while it grew 2.5 percent nationally. The percentage change in transfer income ranged from 7.3 percent in the District of Columbia to โ8.9 percent in Alaska (Table 7).
State statistics update.
Today, BEA also released revised quarterly estimates of personal income by state for the first quarter of 2023 through the third quarter of 2023. This update incorporates new and revised source data that is more complete and detailed than previously available and aligns the states with the National Estimates of the National Income and Product Accounts published on March 28, 2024.
BEA also released new per capita personal income estimates for the fourth quarter of 2023, along with revised estimates for the first quarter of 2020 through the third quarter of 2023. BEA used population figures from the US Census Bureau ( Census) to calculate per capita personal income. estimates for the first quarter of 2020 through the fourth quarter of 2023. BEA also used the new census population figures to update annual per capita personal income statistics from 2020 to 2022 and to produce new per capita personal income statistics for 2023 For previous estimates, BEA continues to use intercensal population statistics that it developed based on Census methodology. See "Note on per capita personal income and population.โ
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Next release: June 28, 2024 at 10:00 am EDT
Gross Domestic Product by state and personal income by state, 1st quarter of 2024
