Gross Domestic Product (GDP) increased in 48 states and the District of Columbia in the fourth quarter of 2019, with Texas making the most gains for the year and Washington reporting the fastest growth in the fourth quarter, according to recently published data by the Bureau of Economic Analysis (BEA).
Real GDP increased in all 50 states and the District of Columbia in 2019, the BEA’s “Gross Domestic Product by State: 4th Quarter and Annual 2019” report found. The percent change in real GDP ranged from 4.4 percent in Texas to 0.6 percent in Nebraska.
In addition to releasing statistics for 2019, Q4 and annual statistics for 2010, the agency says it plans to release revised annual state per capita real GDP for 2010-2018, which will incorporate revisions in Census state population estimates.
The greatest percentage change between the third and fourth quarters of 2019 was found in Washington and Utah (3.4 percent), followed by Arizona (3.3 percent) and Texas (2.9).
The lowest percent change was West Virginia of -0.1 percent.
In the fourth quarter, retail trade was the leading contributor to the increase in real GDP in Washington, the BEA found, whereas government was the leading contributor to growth in Utah, and the finance and insurance sector was the leading contributor of growth in Arizona.
Nationally, retail trade, finance and insurance, government and utilities contributed to GDP growth in the fourth quarter. Retail trade increased 7.4 percent, finance and insurance increased 5.1 percent, government increased 2.7 percent, and utilities increased 23.3 percent. All contributed to growth in nearly all 50 states and the District of Columbia in the last quarter of 2019.
Nationally, and overall for the year of 2019, professional, scientific, and technical services; finance and insurance; and information services were the leading contributors to the increase in real GDP. Mining was the leading contributor to the increase in real GDP in Texas, the fastest growing state in 2019. In the second quarter of 2019, Texas’ growth rate was double that of the nation’s.
For annual 2019 data, professional, scientific, and technical services contributed to growth in 48 states and the District of Columbia. This industry was also the leading contributor to growth in Utah in 2019 overall, which was the third fastest growing state.
Information services contributed to growth in 48 states and the District of Columbia, which was also the leading contributor to growth in Washington, the second fastest growing state in 2019.
This article was first published by The Center Square.