The U.S. Bureau of Economic Analysis (BEA) has released data indicating that real personal consumption expenditures (PCE) increased in 42 states and the District of Columbia during 2022. The changes ranged from a rise of 5.7% in Alaska to a decline of 3.2% in New Hampshire.
Conversely, real personal income saw a decrease in 45 states and the District of Columbia, with North Dakota experiencing the largest increase at 3.0%, while Rhode Island faced the most significant decline at 8.9%.
The BEA's regional estimates adjust current-dollar figures by regional price parity (RPP) and the national PCE price index, which rose by 6.5% nationally in 2022.
For real PCE, the nation saw an overall increase of 2.5%. Alaska led with a growth rate of 5.7%, followed by Nebraska at 5.0%. In contrast, New Hampshire experienced a decrease of 3.2%.
Real personal income across the nation declined by 4.2%. North Dakota recorded a growth rate of 3.0%, while Delaware followed with an increase of 1.6%. Rhode Island reported an income drop of 8.9%.
Regional price parities reflect price level differences across states for all consumption goods and services, including housing rents.
California had one of the highest RPPs at 112.5, along with Hawaii and Washington, while Arkansas registered one of the lowest RPPs at 86.6.
Metropolitan area statistics on real personal income are available through tables provided by BEA.
These estimates incorporate updates to regional accounts using new data sources for more comprehensive insights into economic conditions across different regions.
The next release from BEA is scheduled for December 12, 2024.