State GDP and Personal Income in Q3 2024
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State real GDP growth rates in 2024:3 ranged from North Dakota’s -2.3% to Arkansas’s 6.9%. A large distribution of growth in agriculture output played an important role in distributing growth across the states, with farm losses hurting states in the Great Plains, while boosting output in some others, most notably Arkansas, Mississippi, Alabama, and Vermont. Growth was more evenly distributed in less agricultural states; among the largest Texas was on the high side, with a 4.2% growth rate, while New York lagged with a 1.8% figure.
The distribution of personal income was comparable to that of GDP, with North Dakota’s -0.7% rate of decline at the bottom and Arkansas’s 5.4% on top. Again, developments on the farms contributed to the outliers. Dividends, rent, and interest fell in every state (and DC), while the dispersion in transfer income was fairly modest, though the aggregate income figures for New York, California, and Texas were all aided by faster-than average growth in this category.
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.
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