October 11, 2021
The U.S. Bureau of Economic Analysis indicated that, “State personal consumption expenditures (PCE) decreased 2.6% in 2020 after increasing 3.7% in 2019.” In addition, the PCE percentage change across cross all 50 states and the District of Columbia ranged from 1.2% in Idaho and Utah to –5.8% in the District of Columbia.
Expenditure growth in on food services and accommodations, recreation services, and health care were the main contributors to the decrease in national PCE in 2020, which fell by 20.5% 28.6% and 6.1%, respectively.
However, spending on housing and utilities increased 3.8% and was the leading contributor to the increases in Idaho, Utah, and Montana. PCE rose in only four states, Idaho, Utah, Montana, and Arkansas.
It was further stated by the BEA that, “across all states and the District of Columbia, per capita PCE was $42,635. Per capita PCE by state ranged from a high of $52,001 in Massachusetts to a low of $32,358 in Mississippi. Per capita PCE in the District of Columbia was $65,169.”
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