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EMBARGOED UNTIL RELEASE AT 10:00 a.m. EDT, Friday, September 27, 2024

BEA 24—45

Gross Domestic Product by State and Personal Income by State, 2nd Quarter 2024

Real gross domestic product 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 (table 1).

Current-dollar gross domestic product (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 (table 1).

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 (table 3).

Real GDP

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 (table 2). Nondurable-goods manufacturing, finance and insurance, and health care and social assistance were the leading contributors to growth in real GDP nationally (table 2).

Agriculture, forestry, fishing, and hunting, which increased in 29 states, was the leading contributor to growth in 11 states including Idaho, Kansas, and Nebraska, the states with the fastest increases in real GDP. In contrast, this industry was the leading offset to growth in 10 states including North Dakota, the slowest growing state.
Nondurable-goods manufacturing, which increased in all 50 states and the District of Columbia, was the leading contributor to growth in 12 states including Utah, the state with the fourth-fastest increase in real GDP.
Mining, which declined in 33 states, was the leading contributor to the decrease in real GDP in Alaska, the only state with a decline in real GDP.

Personal income

In the second quarter of 2024, current-dollar personal income increased $315.6 billion, or 5.3 percent at an annual rate (table 3). Nationally, earnings, transfer receipts, and property income (dividends, interest, and rent) all contributed to the increase in personal income (chart 1).

Chart 1. Change in Personal Income and Select Components, 2024:Q2

Earnings increased in all 50 states and the District of Columbia, while growing 6.3 percent nationally. The percent change in earnings ranged from 8.3 percent in Idaho to 2.1 percent in North Dakota. Earnings increased in 22 of the 24 industries for which BEA prepares quarterly estimates and was the largest contributor to growth in personal income in all 50 states and the District of Columbia (tables 4 and 5).

In South Carolina, the state with the fastest growth in personal income, durable-goods manufacturing was the leading contributor to the increase in earnings.
In Utah, the state with the second-fastest growth in personal income, professional, scientific, and technical services was the leading contributor to the increase in earnings.
In Nebraska, the state with the third-fastest growth in personal income, farm earnings was the leading contributor to the increase. In contrast, farm earnings was the leading contributor to the decline in earnings in North Dakota, the state with the slowest growth in personal income.

Transfer receipts increased in 49 states and the District of Columbia, while growing 6.1 percent nationally. The percent change in transfer receipts ranged from 14.9 percent in California to –0.5 percent in Massachusetts (table 4).

The increase in transfer receipts in California was due in part to an increase in Medicaid benefits, which increased 47.8 percent due to program expansion.

Property income increased in all 50 states and the District of Columbia, while growing 1.5 percent nationally. The percent change ranged from 2.4 percent in Wyoming to 1.0 percent in Nebraska and Mississippi (table 4).

Update of state statistics

The estimates for the second quarter of 2024 incorporate the results of BEA's annual updates of GDP and personal income by state that are also being released today. The annual estimates of GDP and personal income by state from 2019 to 2023 and quarterly estimates of GDP and personal income by state from the first quarter of 2019 through the first quarter of 2024 were revised. This update incorporates new and revised source data that are more complete and more detailed than previously available, updates to seasonal factors, and aligns the states with the annual update of the National Income and Product Accounts and the GDP by industry statistics released on September 26, 2024. Our online journal, the Survey of Current Business, will publish an article in November describing the results.

BEA released new estimates of per capita personal income for the second quarter of 2024, along with revised estimates for the first quarter of 2019 through the first quarter of 2024. BEA used U.S. Census Bureau population figures to calculate per capita personal income estimates for the first quarter of 2020 through the second quarter of 2024. For earlier estimates, BEA continues to use intercensal population statistics that it developed based on Census Bureau methodology. See “Note on Per Capita Personal Income and Population."

Starting in September 2025, BEA will begin to regularly publish quarterly GDP and personal income by state along with annual personal consumption expenditures by state together in a single news release, providing a fuller picture of the economies of all states and the District of Columbia. The combined news release will replace the publication of two separate releases issued on different days.

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Next release: December 20, 2024, at 10:00 a.m. EST
Gross Domestic Product by State and Personal Income by State, 3rd Quarter 2024

Full Release & Tables (PDF)

Tables Only (Excel)

Interactive Tables

Technical (GDP)

Clifford Woodruff

301-278-9234

GDPbyState@bea.gov

Technical (Income)

Matthew von Kerczek

(301) 278-9250

REIS@bea.gov

Media

Connie O’Connell

301-278-9003

Connie.OConnell@bea.gov

Resources

Stay informed about BEA developments by reading The BEA Wire, signing up for BEA's email subscription service, or following @BEA_News on X.
Historical time series for these estimates can be accessed in BEA's Interactive Data Application.
Access BEA data by registering for BEA's Data Application Programming Interface.
For more on BEA's statistics, see our online journal, the Survey of Current Business.
For upcoming economic indicators, see BEA's news release schedule.
BEA Regional Facts (BEARFACTS) is a narrative summary of personal income, per capita personal income, components of income, and gross domestic product for counties, metropolitan statistical areas, and states.
For complete information on the sources and methods used to estimate gross domestic product and personal income by state, see BEA's gross domestic product by state and state personal income and employment methodologies.

Definitions

Gross domestic product (GDP) by state is the market value of goods and services produced by the labor and property located in a state. GDP by state is the state counterpart of the nation's GDP, the Bureau's featured and most comprehensive measure of U.S. economic activity.

Current-dollar statistics are valued in the prices of the period when the transactions occurred—that is, at “market value.” They are also referred to as “nominal GDP” or “current-price GDP.”

Real values are inflation-adjusted statistics—that is, these exclude the effects of price changes.

Contributions to growth are an industry’s contribution to the state’s overall percent change in real GDP. The contributions are additive and can be summed to the state’s overall percent change.

Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.

Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes).

State personal income differs slightly from the estimate of U.S. personal income in the National Income and Product Accounts because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In BEA’s state statistics, estimates of personal income for the United States is the sum of the state estimates and the estimate for the District of Columbia.

Per capita personal income is calculated as the total personal income of the residents of a state divided by the population of the state. In computing per capita personal income, BEA uses mid-quarter population estimates based on unpublished U.S. Census Bureau data.

Earnings by place of work is the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income. BEA’s industry estimates are presented on an earnings by place-of-work basis.

Net earnings by place of residence is earnings by place of work less contributions for government social insurance plus an adjustment to convert earnings by place of work to a place-of-residence basis. BEA presents net earnings on an all-industry level.

Property income is rental income of persons, personal dividend income, and personal interest income.

Personal current transfer receipts are benefits received by persons from federal, state, and local governments and from businesses for which no current services are performed. They include retirement and disability insurance benefits (mainly social security), medical benefits (mainly Medicare and Medicaid), income maintenance benefits, unemployment insurance compensation, veterans’ benefits, and federal education and training assistance.

Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes).

Statistical conventions

Quarter-to-quarter percent changes are calculated from unrounded data and are annualized. Annualized growth rates show the rate of change that would have occurred had the pattern been repeated over four quarters (1 year). Annualized rates of change can be calculated as follows: (((level of later quarter / level of earlier quarter)^4)-1)*100. Quarterly estimates are expressed at seasonally adjusted annual rates unless otherwise specified. Quarter-to-quarter dollar changes are differences between published estimates.

Seasonal adjustment and annual rates. Quarterly values are expressed at seasonally adjusted annual rates. For details, see the FAQ "Why does BEA publish estimates at annual rates?" on the BEA website.

Quantities and prices. Quantities, or “real” measures, are expressed as index numbers with a specified reference year equal to 100 (currently 2017). Quantity indexes are calculated using a Fisher chain-weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the quantity index by the current dollar value in the reference year and then dividing by 100. Percent changes calculated from chained-dollar levels and quantity indexes are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive, because the relative weights for a given period differ from those of the reference year.

Chained-dollar values of GDP by state are derived by applying national chain-type price indexes to the current dollar values of GDP by state for the 23 North American Industry Classification System-based industry sectors. The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by state and real GDP by state at more aggregated industry levels. Real GDP by state may reflect a substantial volume of output that is sold to other states and countries. To the extent that a state's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the states produce. However, real GDP by state does not capture geographic differences in the prices of goods and services that are produced and sold locally.

BEA regions

BEA groups all 50 states and the District of Columbia into eight distinct regions for purposes of presentation and analysis as follows:

New England (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont)
Mideast (Delaware, District of Columbia, Maryland, New Jersey, New York, and Pennsylvania)
Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin)
Plains (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota)
Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia)
Southwest (Arizona, New Mexico, Oklahoma, and Texas)
Rocky Mountain (Colorado, Idaho, Montana, Utah, and Wyoming)
Far West (Alaska, California, Hawaii, Nevada, Oregon, and Washington)

Uses of GDP and personal income by state statistics

GDP and personal income by state statistics provide a framework for analyzing current economic conditions in each state and can serve as a basis for decision-making. For example:

Federal government agencies use the statistics in forecasting models to project energy and water use. The statistics are also used as a basis for allocating funds and determining matching grants to states.
State governments use the statistics to project tax revenues and the need for public services.
Academic regional economists use the statistics for applied research.
Businesses, trade associations, and labor organizations use the statistics for market research.