Gross Domestic Product by State: First Quarter 2018

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South Dakota rocking in 3rd place at 3.1%

https://www.bea.gov/newsreleases/regional/gdp_state/qgdpstate_newsrelease.htm

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Gross Domestic Product by State: First Quarter 2018

Washington Had the Fastest Growth in the First Quarter

Real gross domestic product (GDP) increased in 48 states and the District of Columbia in the first quarter of 2018, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the first quarter ranged from 3.6 percent in Washington to -0.6 percent in North Dakota (table 1).

Real estate and rental and leasing along with information services were the leading contributors to the increase in real GDP nationally and in Washington, the fastest growing state (table 2). North Dakota was the only state with a decrease in first quarter real GDP. Mining and construction subtracted the most from growth in this state.

Other highlights

• Real estate and rental and leasing increased 3.3 percent nationally (GDP by Industry table 1)–the eleventh consecutive quarter of growth. This industry contributed to growth in 47 states and the District of Columbia.
• Information services increased 6.8 percent nationally. In addition to Washington, this industry was the leading contributor to the increase in real GDP in Colorado and contributed to growth in every other state and the District of Columbia.
• Nondurable goods manufacturing increased 3.8 percent nationally. This industry contributed to growth in 46 states and the District of Columbia.
• Durable goods manufacturing increased 3.2 percent nationally–the eighth consecutive quarter of growth. This industry was the leading contributor to the increases in real GDP in the Great Lakes states of Indiana, Michigan, and Wisconsin.
• Mining increased 5.5 percent nationally–the sixth consecutive quarter of growth. This industry was the leading contributor to the increases in real GDP in Texas and West Virginia.
• Agriculture, forestry, fishing, and hunting decreased 4.6 percent nationally. Although this industry declined nationally, it was the leading contributor to the increases in real GDP in South Dakota and Wyoming, which were among the fastest growing states.

Comprehensive Update to Gross Domestic Product by State

Statistics from the comprehensive update of gross domestic product (GDP) by state along with quarterly GDP by state for the second quarter of 2018 will be released on November 14. The comprehensive update will be fully consistent with the comprehensive update of the national income and product accounts, which will be released on July 27, and the comprehensive update of the industry economic accounts, which will be released on November 1.

 

 

Next release — November 14, 2018 at 8:30 A.M. EDT for: Gross Domestic Product by State: Second Quarter 2018

 

 

Additional Information

Resources

• Stay informed about BEA developments by reading the BEA blog, 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 (API).
• For more on BEA's statistics, see our monthly online journal, the Survey of Current Business.
• BEA's news release schedule.

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." 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.

Statistical Conventions

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

Rankings. Rankings are based on unrounded statistics.

Quantities and prices. Quantities, or "real" measures, are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity indexes are calculated using a Fisher-chained 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 published quantity index by the current dollar value in the reference year (2009) 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 21 NAICS-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.

Relation of Gross Domestic Product (GDP) by State for the U.S. to GDP in the National Accounts. An industry's GDP by state, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes—that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, the measurement of income earned, usually referred to as gross domestic income (GDI), does not always equal the measurement of what is spent (GDP). The difference is referred to as the "statistical discrepancy."

GDP by state for the U.S. differs from the GDP in the national income and product accounts (NIPAs) and thus from the Industry Economic Accounts' GDP by industry, because GDP by state for the U.S. excludes federal military and civilian activity located overseas, which cannot be attributed to a particular state.

 

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Wisconsin is weak.