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Economy in Brief

State GDP and Personal Income
by Charles Steindel  September 30, 2022

State real GDP growth ranged widely in 2022: Q2. 40 states saw declines, with Wyoming’s -4.8 percent rate the lowest. However, there were also a number of increases, led by Tezas’s 1.8 percent. The diversity can be best illustrated by noting that Connecticut, a state will very little in common with Wyoming, saw a comparable decline (-4.7 percent). Moreover, West Virginia, like Wyoming heavily dependent on coal production, had a 1.4 percent growth rate. Some of the price increases were also interesting: North Dakota’s current-dollar GDP rose at a spectacular 30.5 percent rate, while its real output fell at a 0.7 percent rate, meaning that the state’s GDP deflator rose at a rate above 31 percent—obviously, a reflection of the spring surge in oil prices.

Looking at industry contributions, major sources of declines were construction, nondurable goods manufacturing, and wholesale trade (all three down in every state). A large pickup in accommodations and food services was arithmetically responsible for Hawaii being one of the few states with a real GDP increase.

State personal income and GDP are now reported in the same release. Q2 growth rates ranged from 10.9 percent in North Dakota (oil prices again at work) to Connecticut’s 2.2 percent.

Viewpoint commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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