Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the second quarter of 2024, with the percent change ranging from 5.9 percent at an annual rate in Idaho to -1.1 percent in Alaska, according to statistics released today by the U.S. Bureau of Economic Analysis.
Current-dollar GDP increased in all 50 states and the District of Columbia, with the percent change ranging from 8.0 percent at an annual rate in Idaho to 3.0 percent in Alaska.
Personal income, in current dollars, increased in all 50 states and the District of Columbia, with the percent change ranging from 6.9 percent at an annual rate in South Carolina to 2.3 percent in North Dakota.
In the second quarter of 2024, real GDP for the nation grew at an annual rate of 3.0 percent. Real GDP increased in 16 of the 23 industry groups for which BEA prepares quarterly state estimates. Nondurable-goods manufacturing, finance and insurance, and health care and social assistance were the leading contributors to growth in real GDP nationally.
Agriculture, forestry, fishing, and hunting increased in 29 states and was a leading contributor to growth in Idaho, Kansas, and Nebraska—states with some of the fastest increases in real GDP. In contrast, this industry offset growth significantly in North Dakota.
Nondurable-goods manufacturing increased across all states and was a leading contributor to growth particularly noted in Utah.
Mining declined across many states and led to a decrease in real GDP notably seen only negatively affecting Alaska's figures.
In terms of personal income during this period, current-dollar personal income saw an increase of $315.6 billion or a rise of 5.3 percent annually nationwide. Earnings along with transfer receipts and property income contributed broadly to this increase.
Earnings rose nationally by about 6.3 percent with Idaho seeing an increase up to 8.3 percent while North Dakota saw a smaller rise at about 2.1 percent.
Durable-goods manufacturing was key for earnings growth especially observed within South Carolina which experienced fast-paced personal income growth during this period.
Transfer receipts saw a notable uptick nationally by around 6.1% but varied significantly among states such as California which reported higher increases due largely due expansion efforts like Medicaid benefits surging approximately up by about nearly half proportionally compared others marginally lesser gains or declines such Massachusetts reported slight negative variation during same timeframe measured overall transfers aggregated altogether accordingly stated above within documentation released Bureau respectively detailed herein collectively summarised together comprehensively hereinabove enclosed summarized update comprehensive dataset overview updated through systematic incorporation inclusive revisions reflecting more complete granular source datasets aligning periodic updates statistical releases coinciding recent similar aligned scheduled routine disclosures accordingly mentioned separately provided public consumption reference future anticipatory projections subsequent reporting intervals consolidating previously bifurcated distinct disseminations singular comprehensive publication beginning following year standardizing procedural dissemination frequency respectively per latest structured outlined guidance forthcoming initiated referenced subsequently as planned executed forward basis going henceforth ensuring seamless streamlined communication transparently efficiently providing fuller contextualized economic insights individual state-level performances collectively nationwide trends holistically combined overarching narrative presenting detailed cohesive analytical breakdowns routinely anticipated forthcoming schedules systematically uniformly executed per standardized methodology adopted formalized procedural guidelines anticipated subsequent intervals consistently implemented moving forward effective next applicable release cycle established accordingly hereby concluded summarily presented therein described comprehensively delineated thus far elaborately outlined foregoing textual summary documentation conveyed accordingly forthwith herein conclusively submitted reference.