January 13, 2020
Real GDP in the third quarter of 2019 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 4.0% in Texas to 0.0% in Delaware.”
The leading contributors to growth in real GDP were nondurable goods manufacturing; retail trade; and professional, scientific, and technical services. Nondurable goods manufacturing climbed 10.1% for the nation and contributed to growth in all 50 states, thereby being the leading contributor to growth in Texas, the fastest growing state.
Retail trade contributed to growth in 50 states by increasing 8.2%, while Professional, Scientific, and Technical Services rose 5.6%.
For the nation, real GDP for finance and insurance fell 5.3%. This industry subtracted from growth in all 50 states and the District of Columbia, thereby being the leading contributor to the two slowest growing states: New York and Delaware.
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