State GDP and Personal Income in Q2 2024
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State real GDP growth rates in 2024:2 ranged from Alaska’s -1.1% to Idaho’s 5.9%. There was an odd distribution of agricultural output growth, with pronounced gains in Vermont, Wisconsin, Kansas, Nebraska, New Mexico, and Wyoming, but sharp losses in North Dakota, Arkansas, and Mississippi. Elsewhere, New York’s numbers were swelled substantially by a surge in finance. The industrial Midwest benefitted by increases in durable goods output. As expected, Pennsylvania has become the sixth state with an annual rate of nominal GDP above $1 trillion (with the annual revisions, the Keystone state went above that mark in the first quarter). California’s GDP is now estimated to be higher than $4 trillion, at an annual rate. The five currently above that threshold are California, Texas, New York, Florida, and Illinois; Ohio is the only other state with nominal GDP above $900 billion; New Jersey, Georgia, North Carolina and Washington are above the $800 billion mark.
Idaho also led in personal income growth, with an 8.3% rate of increase. North Dakota was last at 2.1%. The above-noted distribution of agricultural output growth also appeared in the income numbers, with the indicated high farm output growth states seeing important growth in farm income, and the others unusually large declines in income from that sector. Transfer income growth was, as usual, dispersed, but probably less so than has usually been the cast; a drop in Massachusetts, virtually no change in Texas, and double-digit growth rates in Iowa, South Dakota, and California being of some note.
Charles Steindel
AuthorMore 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.