2023 State-Degree GDP Knowledge | Eye On Housing

Actual gross home product (GDP) elevated in 49 states and the District of Columbia in 2023 based on the U.S. Bureau of Financial Evaluation (BEA). Delaware is the one state to report an financial contraction final yr. The % change in actual GDP ranged from a 5.9 % enhance in North Dakota to a 1.2 % decline in Delaware.

Nationwide, development in actual GDP (measured on a seasonally adjusted annual fee foundation) elevated 2.5 % in 2023, which is stronger than the 2022 stage of 1.9 %. Retail commerce; skilled, scientific, and technical companies; and well being care and social help have been the main contributors to the rise in actual GDP throughout the nation.

Regionally, actual GDP development elevated in all areas between 2022 and 2023. The % change in actual GDP ranged from a powerful 5.1 % enhance within the Southwest area (Arizona, New Mexico, Oklahoma, and Texas) to a 1.2 % enhance within the Nice Lakes area (Illinois, Indiana, Michigan, Ohio, and Wisconsin).

On the state stage, seven states, together with North Dakota, Texas, Wyoming, Alaska, Oklahoma, Nebraska, and Florida, posted actual GDP will increase of over 5.0 %. However, the District of Columbia, Georgia, Mississippi, New York, and Wisconsin grew lower than 1.0 % in 2023 in comparison with 2022. Delaware posted a 1.2 % annual decline in 2023. The mining business was the main contributor to development in seven states together with North Dakota, Texas, Wyoming, Alaska, and Oklahoma, the states with the first-, second-, third-, fourth-, and fifth-largest will increase in actual GDP, respectively. Retail commerce elevated in all 50 states and the District of Columbia. This business was the main contributor to development in Florida which posted a 5.0 % enhance in actual GDP. However, finance and insurance coverage decreased in 43 states and the District of Columbia. The business was the main contributor to the decline in Delaware.