State-Level GDP in the First Quarter of 2022

Facebooktwitterpinterestlinkedinmail

Real gross domestic product (GDP) decreased in 46 states and the District of Columbia in the first quarter of 2022. New Hampshire, Vermont, Massachusetts, and Michigan saw modest GDP growth. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 1.2 percent increase in New Hampshire to 9.7 percent decline in Wyoming.

Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, decreased 1.6 percent in the first quarter of 2022, after a solid increase of 6.9 percent in the previous quarter. Nondurable goods manufacturing, retail trade, and finance and insurance were the leading contributors to the decrease in real GDP across the country.

Regionally, real GDP growth decreased in all the regions between the last quarter of 2021 and the first quarter of 2022. The percent change in real GDP ranged from 0.2 percent decrease in the New England states (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont) to 2.5 percent decrease in the Southwest region (Arizona, New Mexico, Oklahoma, and Texas).

Overall, eight out of 21 industry groups contributed to the decrease in real GDP. Mining, quarrying, and oil and gas extraction; nondurable goods manufacturing; and retail trade were the leading contributors the decrease in real GDP in the first quarter of 2022.

At the state level, government and government enterprises was the leading contributor to the increase in Massachusetts and New Hampshire, the state with the largest increase in real GDP. Agriculture, forestry, fishing, and hunting was the leading contributor to the increase in Vermont, the state with the second-largest increase. Utilities was the leading contributor to the increase in Michigan, the fourth state with an increase.



Tags: , , ,

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: