Gross Domestic Product by State, 3rd quarter 2017
Finance and Insurance Led Growth Across States in the Third Quarter
Real gross domestic product (GDP) increased in every state and the District of Columbia in the third quarter of 2017, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth in the third quarter ranged from 5.7 percent in Delaware to 0.5 percent in South Dakota (table 1).
For the nation, 17 of 21 industry groups increased in the third quarter. Finance and insurance, durable goods manufacturing, and information services were the leading contributors to national economic growth (table 2).
- Finance and insurance increased 14.7 percent nationally and contributed to growth in every state and the District of Columbia.1 This industry was the leading contributor to growth in seven of the ten fastest growing states, including Delaware–the fastest growing state.
- Durable goods manufacturing increased 7.5 percent nationally–the sixth consecutive quarter of growth. This industry increased in 49 states and the District of Columbia, and was the leading contributor to growth in Oregon.
- Information services increased 9.0 percent nationally. This industry contributed to growth in every state and the District of Columbia, and was the leading contributor to growth in Washington.
- Mining increased 9.7 percent nationally–the fourth consecutive quarter of growth. Although this industry wasn't a leading contributor to growth for the nation, it was the leading contributor to growth in Texas–the second fastest growing state.
- Agriculture, forestry, fishing, and hunting declined 2.4 percent nationally–the fourth consecutive quarter of decline. This industry subtracted from growth in every state in the Plains region, most notably in South Dakota and Iowa.
Gross domestic product by state statistics for the fourth quarter of 2017 and annual statistics for 2017 will be released on May 4, 2018. At that time, BEA will also release revised statistics for the first quarter of 2014 through the third quarter of 2017. These statistics will incorporate newly available state-level source data.
Next release — May 4, 2018 at 8:30 A.M. EDT for: Gross Domestic Product by State: Fourth Quarter 2017 and Annual 2017 (preliminary)