09/27/2024 | Press release | Distributed by Public on 09/27/2024 08:02
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).
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).
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).
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).
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).
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).
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.
* * *
Next release: December 20, 2024, at 10:00 a.m. EST
Gross Domestic Product by State and Personal Income by State, 3rd Quarter 2024