State GDP and Personal Income in Q4 2022
State real GDP growth in 2022:Q4 ranged from Texas’s 7.0 percent annual rate to declines in South Dakota, Nebraska, and Iowa. States in the West and South grew more rapidly, while agricultural states, as well as some older industrial states in the Middle West and Northeast, were weaker. Once again, states with large fossil fuel production sectors did well, with both West Virginia and Wyoming joining the oil producers in the top ranks.
State personal income growth rates ranged from Massachusetts’ 15.3 percent to Colorado’s 2.5 percent decline. The Massachusetts number was an artifact of a 76.1 percent rate of increase in transfers, while Colorado saw a 38.5 percent rate of decline in that area (a correction for a freak surge in the third quarter). Growth of “net earnings” (employee compensation plus proprietors’ income) was evener, though Nevada saw a double-digit rate of gain there (Oregon was nearly as strong) while South Dakota eked out a 1.0 percent growth rate.
Charles SteindelAuthorMore in Author Profile »
Charles Steindel has been editor of Business Economics, the journal of the National Association for Business Economics, since 2016. From 2014 to 2021 he was Resident Scholar at the Anisfield School of Business, Ramapo College of New Jersey. From 2010 to 2014 he was the first Chief Economist of the New Jersey Department of the Treasury, with responsibilities for economic and revenue projections and analysis of state economic policy. He came to the Treasury after a long career at the Federal Reserve Bank of New York, where he played a major role in forecasting and policy advice and rose to the rank of Senior Vice-President. He has served in leadership positions in a number of professional organizations. In 2011 he received the William F. Butler Award from the New York Association for Business Economics, is a fellow of NABE and of the Money Marketeers of New York University, and has received several awards for articles published in Business Economics. In 2017 he delivered Ramapo College's Sebastian J. Raciti Memorial Lecture. He is a member of the panel for the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters and of the Committee on Research in Income and Wealth. He has published papers in a range of areas, and is the author of Economic Indicators for Professionals: Putting the Statistics into Perspective. He received his bachelor's degree from Emory University, his Ph.D. from the Massachusetts Institute of Technology, and is a National Association for Business Economics Certified Business EconomistTM.