June 28, 2024
Real gross domestic product increased in 39 states and the District of Columbia in the first quarter of 2024, with the percent change ranging from 5.0 percent at an annual rate in Idaho to –4.2 percent in South Dakota.
In the first quarter of 2024, real GDP for the nation grew at an annual rate of 1.4 percent. Real GDP increased in 15 of the 23 industry groups for which BEA prepares quarterly state estimates.
- Construction, which increased in 46 states and the District of Columbia, was the leading contributor to growth in 10 states including Idaho and Nevada, the states with the first- and second-largest increases in real GDP.
- Agriculture, forestry, fishing, and hunting, which increased in 34 states, was the leading contributor to growth in 6 states including Oklahoma, the state with the third-largest increase in real GDP. In contrast, this industry was the leading offset to growth in 9 states including South Dakota, North Dakota, Kansas, Iowa, Nebraska, and Illinois, the states with the largest decreases in real GDP.
Personal income, in current dollars, increased in all 50 states and the District of Columbia, with the percent change ranging from 9.5 percent at an annual rate in South Carolina to 0.6 percent in North Dakota.
In the first quarter of 2024, current-dollar personal income increased $396.6 billion, or 7.0 percent at an annual rate. Nationally, earnings, transfer receipts, and property income (dividends, interest, and rent), all contributed to the increase in personal income.
- Transfer receipts increased in all 50 states and the District of Columbia, while growing 16.8 percent nationally. The percent change in transfer receipts ranged from 24.8 percent in Utah to 6.7 percent in Mississippi. Transfer receipts was the largest contributor to growth in personal income in 20 states, including South Carolina, the state that led the nation in personal income growth.
- Earnings increased in 47 states and the District of Columbia, while growing 4.7 percent nationally. The percent change in earnings ranged from 7.2 percent in Alabama and Delaware to –4.5 percent in North Dakota.
- Property income increased in all 50 states and the District of Columbia, while growing 6.0 percent nationally. The percent change ranged from 9.2 percent in Texas to 3.6 percent in Illinois.
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