Gross Domestic Product by State and Personal Income by State ...

EMBARGOED UNTIL RELEASE AT 10:00 a.m. EDT, Friday, September 30, 2022

Technical: Clifford Woodruff (GDP)

Media:

Matthew von Kerczek (Income)

Connie O¡¯Connell

301-278-9234

301-278-9250

301-278-9003

BEA 22¨C48

GDPbyState@

REIS@

Connie.OConnell@

Gross Domestic Product by State and Personal Income by State,

2nd Quarter 2022

Real gross domestic product (GDP) decreased in 40 states and the District of Columbia in the second quarter of 2022,

with the percent change in real GDP ranging from 1.8 percent in Texas to ¨C4.8 percent in Wyoming (table 1), according

to statistics released today by the U.S. Bureau of Economic Analysis (BEA).

Current-dollar GDP increased in all 50 states and the District of Columbia in the second quarter, with the percent change

ranging from 30.5 percent in North Dakota to 0.7 percent in Connecticut.

Personal income increased in all 50 states and the District of Columbia in the second quarter, with the percent change

ranging from 10.9 percent in North Dakota to 2.2 percent in Connecticut (table 3).

Page 1 of 7

Joint Release Provides Fuller Picture of State Economies

Today marks the first time BEA has published quarterly statistics for state GDP and state personal income

together, providing a fuller picture of state economies. BEA will now produce a single news release for

state GDP and personal income each quarter, ending the publication of two separate releases on different

days.

GDP

In the second quarter of 2022, as real GDP for the nation decreased at an annual rate of 0.6 percent, real GDP decreased

in 8 of the 23 industry groups for which BEA prepares quarterly state estimates (table 2). Construction; nondurablegoods manufacturing; and wholesale trade were the leading contributors to the decrease in real GDP nationally.

?

The construction industry was the leading contributor to the decrease in Wyoming, the state with the largest

decrease at 4.8 percent, and in 10 other states.

?

The finance and insurance industry was the leading contributor to the decrease in Connecticut, the state with

the second-largest decrease at 4.7 percent, and in one other state.

?

The durable-goods manufacturing industry was the leading contributor to the decrease in Indiana, the state with

the third-largest decrease at 3.3 percent, and in two other states.

?

The mining industry was the leading contributor to the 1.8 percent increase in Texas, the state with the largest

increase in real GDP.

Personal income

In the second quarter of 2022, state personal income increased at an annual rate of 5.8 percent across all 50 states and

the District of Columbia. Increases in earnings and property income (dividends, interest, and rent) contributed to

personal income growth in all states and the District of Columbia, while transfer receipts increased in 35 states (table 4).

Page 2 of 7

Earnings increased in all states and the District of Columbia, increasing 6.3 percent nationally in the second quarter

(table 4). The percent change in earnings ranged from 14.1 percent in North Dakota to 2.1 percent in Connecticut.

Earnings increased in 19 of the 24 industries for which BEA prepares quarterly estimates (table 6). Professional,

scientific, and technical services; health care and social assistance; and farms were the leading contributors to the

overall growth in earnings.

?

In North Dakota and South Dakota, the states with the largest and second-largest increases in personal income,

increases in earnings in farms was the leading contributor to the increase in personal income in the second

quarter (table 5).

?

In Texas, the state with the third-largest increase in personal income, the increase in earnings in mining was the

leading contributor.

Property income increased in all states and the District of Columbia, increasing 8.7 percent nationally. The percent

change ranged from 12.9 percent in Idaho to 4.8 percent in Kansas (table 4).

Transfer receipts increased in 35 states, increasing 1.5 percent nationally. The percent change in transfer receipts

ranged from 10.4 percent in New York to ¨C4.1 percent in Massachusetts.

Annual Update of State Statistics

The estimates for the second quarter of 2022 incorporate the results of BEA's annual updates of GDP by state and

personal income by state that were also released today. The annual estimates of GDP by state and personal income by

state for 2017 to 2021 and quarterly estimates of GDP by state and personal income by state for the first quarter of 2017

Page 3 of 7

through the first quarter of 2022 were revised. The updates incorporate new and revised source data that are more

complete and more detailed than previously available, updates to seasonal factors, and the results of the September

2022 annual updates of the National Income and Product Accounts and GDP by industry statistics. Our online journal,

the Survey of Current Business, will contain an article in November describing the results.

BEA also released new estimates of per capita personal income for the second quarter of 2022, along with revised

estimates for the first quarter of 2017 through the first quarter of 2022 and annual estimates for 2017 through 2021.

BEA used U.S. Census Bureau (Census) population figures to calculate per capita personal income estimates for the

second quarter of 2020 through the second quarter of 2022 and for annual 2020 and 2021 per capita personal income

estimates. For earlier estimates, BEA continues to use intercensal population statistics that it developed based on

Census' methodology. See Note on Per Capita Personal Income and Population.

Next release: December 23, 2022, 10:00 a.m. EST

Gross Domestic Product and Personal Income by State, 3rd Quarter 2022

Page 4 of 7

Additional Information

Resources

?

?

?

?

?

?

?

?

The full economic effects of the COVID¨C19

pandemic cannot be quantified in these statistics,

because the impacts are generally embedded in

source data and cannot be separately identified.

For more Information about COVID¨C19 impacts,

refer to ¡°Federal Recovery Programs and BEA

Statistics¡± on our website.

Stay informed about BEA developments by

reading The BEA Wire, signing up for BEA¡¯s email

subscription service, or following BEA on Twitter

@BEA_News.

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¡ªthat is, at ¡°market

value.¡± They are also referred to as ¡°nominal GDP¡± or

¡°current-price GDP.¡±

Real values are inflation-adjusted statistics¡ªthat 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 midquarter 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

Page 5 of 7

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download