Bureau of Economic Analysis

State personal income grew 0.9 percent on average in the first quarter of 2015, after growing 1.1 percent in the fourth quarter of 2014, according to estimates released today by the U.S. Bureau of Economic Analysis. Personal income grew in 46 states and growth accelerated in 15 of those states. The fastest growth, 1.3 percent, was in Florida. Personal income fell in four states, with the largest decline, 1.2 percent, in Iowa.

Each summer, the Bureau of Economic Analysis updates its Gross Domestic Product estimates to incorporate sources of data previously unavailable and make improvements in methodology –– all with the goal of providing the most accurate measure of the U.S. economy’s performance.

Preliminary statistics on people’s incomes by state in the first quarter of 2015 will be released Monday, June 22 by the U.S. Bureau of Economic Analysis (BEA).

These state personal income statistics will provide BEA’s first look at state economies for the January-March quarter of 2015 and serve as a basis for government and business decision making. For example:

The U.S. current-account deficit – a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers) – increased to $113.3 billion (preliminary) in the first quarter of 2015 from $103.1 billion (revised) in the fourth quarter of 2014. As a percentage of U.S. GDP, the deficit increased to 2.6 percent from 2.3…

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On July 30, the Bureau of Economic Analysis will release its annual update of the national income and product accounts (NIPAs) in conjunction with the advance estimate for the second quarter of 2015. As is usual for annual NIPA revisions, the revised estimates will incorporate newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated.

This year’s annual…

Real GDP increased in 48 states and the District of Columbia in 2014. Leading industry contributors were professional, scientific, and technical services; nondurable goods manufacturing; and real estate and rental and leasing. Professional, scientific, and technical services was the largest contributor to U.S. real GDP by state growth in 2014. This industry contributed to real GDP growth in 46 states and the District of Columbia.

A lot of work goes into measuring a $17 trillion economy. And, at the Bureau of Economic Analysis it’s a process that never really stops.

In addition to calculating Gross Domestic Product, a key economic indicator of how the U.S. economy is faring, BEA also produces thousands of related data points each month that flow from our GDP reports and give us rich detail about consumer spending, business investment and government activity.…

Real gross domestic product (GDP) increased in 48 states and the District of Columbia in 2014, according to new statistics released today by the Bureau of Economic Analysis (BEA). Professional, scientific, and technical services; nondurable goods manufacturing; and real estate and rental and leasing were the leading contributors to real U.S. economic growth. U.S. real GDP grew 2.2 percent in 2014 after increasing 1.9 percent in 2013.

Statistics on the 2014 economic performance of all 50 states and the District of Columbia, will be released Wednesday, June 10 at 8:30 a.m. EDT by the U.S. Bureau of Economic Analysis.