Actual gross home product (GDP) elevated in 45 states and the District of Columbia within the third quarter of 2024 in comparison with the second quarter of 2024 in keeping with the U.S. Bureau of Financial Evaluation (BEA). Iowa reported no change throughout this time. The % change in actual GDP ranged from a 6.9 % enhance at an annual charge in Arkansas to a 2.3 % decline in North Dakota.
Nationwide, development in actual GDP (measured on a seasonally adjusted annual charge foundation) elevated 3.1 % within the third quarter of 2024, which is roughly the identical because the second quarter degree of three.0 %. Retail commerce, well being care and social help, and data have been the main contributors to the rise in actual GDP throughout the nation.
Regionally, actual GDP development elevated in all eight areas between the second and the third quarter. The % change in actual GDP ranged from a 3.9 % enhance within the Southwest area (Arizona, New Mexico, Oklahoma, and Texas) to a 1.4 % enhance within the Plains area (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota).
On the state degree, Arkansas posted the best GDP development charge (6.9 %) adopted by Alabama (6.0 %) and Mississippi (5.1 %). However, three out of the seven states that makes up and Plains area, South Dakota (-0.8 %), Nebraska (-1.4 %), and North Dakota (-2.3 %) together with Montana (-0.1 %) posted an financial contraction within the third quarter of 2024.
The agriculture, forestry, fishing, and looking trade elevated in 25 states, was the main contributor to development in 5 states together with Arkansas, Alabama, and Mississippi, the states with the most important will increase in actual GDP. In distinction, this trade was the main offset to development in 14 states together with North Dakota, Nebraska, South Dakota, and Montana, the one states with declines in actual GDP.
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