Gross Domestic Product by State: Third Quarter 2018

Date: February 27, 2019

Real GDP in the 3rd quarter of 2018 increased for 49 states and the District of Columbia. According to the U.S. Bureau of Economic Analysis (BEA), “The percent change in real GDP in the third quarter ranged from 5.8 percent in Washington to 0.0 percent in West Virginia.”

The BEA also noted that, “Wholesale trade, information services, finance and insurance, and retail trade were the leading contributors to the increase in real GDP nationally. Information services and retail trade were the leading contributors to the increase in real GDP in Washington, the fastest growing state.”

The following highlights were made by the BEA

  • Nationally, wholesale trade, information services, finance and insurance, and retail trade increased 7.4 percent, 7.6 percent, 5.5 percent, and 6.3 percent, respectively. Wholesale trade contributed to growth in 49 states, while information services, finance and insurance, and retail trade contributed to growth in all 50 states and the District of Columbia.
  • Finance and insurance was the leading contributor to growth in Utah, which was also the second fastest growing state.
  • Information services was the leading contributor to increase in Arizona, the third fastest growing state.
  • For the nation, real GDP for mining was virtually unchanged from the second quarter. This industry subtracted from growth in Wyoming, Alaska, and West Virginia–the three slowest growing states.

 

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2019-02-27T22:06:59+00:00