October 12, 2020
The U.S. Bureau of Economic Analysis indicated that, “State personal consumption expenditures (PCE) increased 3.9% in 2019, a deceleration from the 4.9% increase in 2018.” In addition, the PCE percentage change across all states ranged from 5.7% Utah to 1.8% in Vermont.
Expenditure growth in health care and housing and utilities were the main contributors to national PCE growth in 2019, which grew by 4.5% and 4.3%, respectively. Furthermore, spending on health care and on housing and utilities were contributors to PCE growth across all states and the District of Columbia.
In 2019, there was a decrease in gasoline and other energy goods expenditure by 4.0% and 0.3%, respectively. In every state, a decrease was recorded for spending on gasoline and other energy goods. Whereas, Vermont, the slowest growing state, experienced the largest decrease by 7.5% and was the leading contributor to slow growth.
It was further stated by the BEA that, “across all states and the District of Columbia, per capita PCE was $44,276 (table 4). Per capita PCE by state ranged from a high of $56,231 in Massachusetts to a low of $32,329 in Mississippi. Per capita PCE in the District of Columbia was $65,352.”
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