“Real gross domestic product (GDP): increased at an annual rate of 3.1 percent in the third quarter of 2024, according to the ‘third’ estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.0 percent. Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected accelerations in exports, consumer spending, and federal government spending. The personal consumption expenditures (PCE) price index increased 1.5 percent.”
“Personal income increased $71.1 billion (0.3 percent at a monthly rate) in November. Disposable personal income (DPI), personal income less personal current taxes, increased $61.1 billion (0.3 percent) and personal consumption expenditures (PCE) increased $81.3 billion (0.4 percent). The PCE price index increased 0.1 percent. Real DPI increased 0.2 percent in November and real PCE increased 0.3 percent; goods increased 0.7 percent and services increased 0.1 percent.”
“Gross Domestic Product by State and Personal Income by State, 3rd Quarter 2024,” U.S. Bureau of Financial Evaluation (BEA)
Actual gross home product elevated in 46 states and the District of Columbia within the third quarter of 2024, with the p.c change starting from 6.9 p.c at an annual fee in Arkansas to –2.3 p.c in North Dakota, in response to statistics launched right this moment by the U.S. Bureau of Financial Evaluation (desk 1).
Present-dollar gross home product (GDP) elevated in 49 states and the District of Columbia, with the p.c change starting from 8.9 p.c at an annual fee in Arkansas to –2.6 p.c in North Dakota (desk 1).
Private revenue, in present {dollars}, elevated in 49 states and the District of Columbia, with the p.c change starting from 5.4 p.c at an annual fee in Arkansas to –0.7 p.c in North Dakota (desk 3).
Actual GDP
Within the third quarter of 2024, actual GDP for the nation grew at an annual fee of three.1 p.c. Actual GDP elevated in 16 of the 23 business teams for which BEA prepares quarterly state estimates. Retail commerce, well being care and social help, and data had been the main contributors to progress in actual GDP nationally (desk 2).
- Agriculture, forestry, fishing, and looking, which elevated in 25 states, was the main contributor to progress in 5 states together with Arkansas, Alabama, and Mississippi, the states with the biggest will increase in actual GDP. In distinction, this business was the main offset to progress in 14 states together with North Dakota, Nebraska, South Dakota, and Montana, the one states with declines in actual GDP.
- Retail commerce, which elevated in all 50 states and the District of Columbia, was the main contributor to progress in 39 states together with Idaho, the state with the fourth-largest enhance in actual GDP.
- Mining, which elevated in 17 states, was the main contributor to progress in West Virginia, the fifth-largest rising state.
Private Revenue
Within the third quarter of 2024, current-dollar private revenue elevated $191.4 billion, or 3.2 p.c at an annual fee (desk 3). Nationally, will increase in earnings and switch receipts had been partially offset by a lower in property revenue (dividends, curiosity, and hire) (chart 1).
Earnings elevated in 49 states and the District of Columbia, whereas rising 3.8 p.c nationally. The p.c change in earnings ranged from 10.5 p.c in Arkansas to –1.9 p.c in North Dakota. Earnings elevated in 17 of the 24 industries for which BEA prepares quarterly estimates and was the biggest contributor to progress in private revenue in 47 states and the District of Columbia (tables 4 and 5).
- Farm earnings, which elevated in 33 states, was the main contributor to the rise in Arkansas, Alabama, Delaware, and Mississippi, the 4 states with the biggest progress in private revenue. In distinction, a lower in farm earnings was the main offset to progress in North Dakota, the one state with a lower in private revenue.
- In North Carolina, the state with the fifth-largest progress in private revenue, skilled, scientific, and technical providers was the main contributor to the rise in earnings.
- In Texas, the state with the sixth-largest progress in private revenue, finance and insurance coverage was the main contributor to the rise in earnings.
Switch receipts elevated in all 50 states and the District of Columbia, whereas rising 5.2 p.c nationally. The p.c change in switch receipts ranged from 7.8 p.c in South Dakota to 1.6 p.c in New Mexico (desk 4). The rise in switch receipts in South Dakota was due partly to a rise in Medicaid advantages, which elevated 22.0 p.c.
Property revenue decreased in all 50 states and the District of Columbia, whereas declining 0.7 p.c nationally. The p.c change ranged from –0.2 p.c in West Virginia to –1.3 p.c in Arkansas, Nebraska, and South Dakota (desk 4).
The Replace of state statistics (an reason)
At this time, BEA additionally launched revised quarterly estimates of non-public revenue by state for the primary and second quarters of 2024. This replace incorporates new and revised supply information which are extra full and extra detailed than beforehand obtainable and aligns the states with the nationwide estimates from the Nationwide Revenue and Product Accounts launched on December 19, 2024.
BEA additionally launched new estimates of per capita private revenue for the third quarter of 2024, together with revised estimates for the primary quarter of 2024 by means of the second quarter of 2024. BEA used U.S. Census Bureau inhabitants figures to calculate per capita private revenue estimates for the primary quarter of 2020 by means of the third quarter of 2024. For earlier estimates, BEA continues to make use of intercensal inhabitants statistics that it developed based mostly on Census Bureau methodology. See “Note on Per Capita Personal Income and Population.”
