By the Numbers: Almost All U.S. States and the District of Columbia See Increase in GDP and Incomes
Retail Trade Leading Contributor to Growth by Industry
Last week, the Commerce Department’s Bureau of Economic Analysis announced that GDP and personal income increased in almost every U.S. state according to the latest data from their report on Gross Domestic Product by State and Personal Income by State, 3rd Quarter, 2024.
Real gross domestic product increased in 46 states and the District of Columbia. The nation’s GDP grew at an annual rate of 3.1 percent in the third quarter and has grown by 12.6% under the Biden-Harris Administration.
In addition, Americans continue to make and spend more. Incomes increased in 49 states and the District of Columbia, with the biggest increases seen in Alabama, Arkansas, and Mississippi. Thanks to rising incomes, consumer spending increased by 3.7 percent, in the third quarter, the most since early 2023.
By industry, real GDP increased in 16 of the 23 industry groups, with retail trade and health care as the leading contributors to growth nationally. Retail trade, which increased in all 50 states and the District of Columbia, was the leading contributor to growth in 39 states.
Earlier this month, the U.S. Labor Department’s Bureau of Labor Statistics reported that the U.S. economy added over 227,000 new jobs in November – exceeding expectations. A record 16 million jobs have been created under the Biden-Harris Administration.
For more information, see our latest blog on the November Jobs Report.
By the Numbers is a blog series that showcases how economic data from the Commerce Department and other Federal agencies impact the American economy.
