Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2023. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 12.4 percent in North Dakota to 0.1 percent in Alabama and Rhode Island.
Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, increased 2.0 percent in the first quarter of 2023, after an increase of 2.6 percent in the last quarter of 2022. Health care and social assistance; retail trade; and agriculture, forestry, fishing, and hunting were the leading contributors to the increase in real GDP across the country.
Regionally, real GDP growth increased in all the regions from the last quarter of 2022 to the first quarter of 2023. The percent change in real GDP ranged from 5.0 percent increase in the Plains region (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota) to 1.0 percent increase in the Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin) region.
Overall, 14 out of 21 industry groups contributed to the increase in real GDP. Agriculture, forestry, fishing and hunting; arts, entertainment, and recreation; and retail trade were the leading contributors to the increase in real GDP in the first quarter of 2023. On the other hand, finance and insurance industry group decreased in all 50 states and the District of Columbia.
At the state level, agriculture, forestry, fishing, and hunting was the leading contributor to growth in North Dakota (12.4 percent), Nebraska (12.3 percent), South Dakota (10.1 percent), Kansas (6.0 percent), and Montana (6.0 percent), the five states with the largest increases in real GDP. Finance and insurance industry was the leading offset to growth in Rhode Island (0.1 percent), one of the states with the smallest increase in real GDP.
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