November 7, 2019
Real GDP in the 3rd quarter of 2019 increased for all 50 states and the District of Columbia. According to the U.S. Bureau of Economic Analysis (BEA), “the percent change in real GDP in the second quarter ranged from 4.7 percent in Texas to 0.5 percent in Hawaii.”
The BEA also noted that, “professional, scientific, and technical services; government; real estate and rental and leasing; and mining were the leading contributors to the increase in real GDP nationally. Mining increased 23.5 percent for the nation and was the leading contributor to the increases in Texas, Wyoming, Alaska, and New Mexico—the fastest growing states.”
The following highlights were made by the BEA
- Nationally, Professional, Scientific, and Technical Services increased 7.4 percent.
- Government contributed to growth in 50 states by increasing 3.1%, while real estate and rental and leasing increased 2.6 percent for the nation contributing to growth in all 49 states and the District of Columbia.
- For the nation, real GDP for wholesale trade fell 6.7%. This industry subtracted from growth in all 50 states and the District of Columbia, thereby being the leading contributor to the three slowest growing states: Hawaii, Maine, and New Jersey.
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