Personal Income Change by Component, by State and Region, 2022:Q12022:Q2, Table 5. Debt as percentage of GDP by state U.S. 2020 | Statista Net earnings by place of residence is earnings by place of work less contributions for government social insurance plus an adjustment to convert earnings by place of work to a place-of-residence basis. Unsurprisingly, the four richest states in terms of median household income are also among the states with the highest PCI: District of Columbia, Maryland, Massachusetts, and New Jersey. [Online]. Chained-dollar values are not additive, because the relative weights for a given period differ from those of the reference year. The GDP per Capita in Canada is equivalent to 348 percent of the world's average. Rest assured, these partnerships will not affect your fees when using a money transfer provider, and we guarantee all affiliate providers are trusted and regulated. GDP growth by state statistics show that Texas had one of highest growth rates in the USA entering the year 2022. USD. Real Gross Domestic Product: Real Estate and Rental and Leasing (NAICS 53) in the United States. Profit from the additional features of your individual account. Professional, scientific, and technical services; health care and social assistance; and farms were the leading contributors to the overall growth in earnings. We'd love to know what you think about MoneyTransfers.com. "Real gross domestic product (GDP) of the United States in 2022, by state (in billion chained 2012 U.S. List of sovereign states in Europe by GDP (PPP) per capita, Map of sovereign states in Europe by projected 2022 GDP (PPP) per capita based on international dollars, Table of sovereign states in Europe by GDP (PPP) per capita, List of European countries by GDP (nominal) per capita, List of European countries by GNI (PPP) per capita, List of sovereign states in Europe by net average wage, List of countries by GDP (nominal) per capita, List of countries by GDP (PPP) per capita, "IMF WEO October 2022 Edition GDP (PPP) per capita international dollars", "IMF WEO October 2022 Edition GDP (PPP) per capita - international dollars", "IMF WEO October 2021 Edition GDP (PPP) per capita - international dollars", https://en.wikipedia.org/w/index.php?title=List_of_sovereign_states_in_Europe_by_GDP_(PPP)_per_capita&oldid=1162507145, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 4.0, This page was last edited on 29 June 2023, at 15:58. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita. New Yorks finance and insurance industry is the largest in the state as well as the USA, with a GDP of $425 billion. In addition to these two global enterprises, California is the most populous state in the US, which is the biggest factor for its gigantic GDP. Popular Destinations for Sending Money Abroad. India is expected to have the largest increase in global market cap share from a little under 3% in 2022 to 8% in 2050, and 12% in 2075 reflecting a favorable demographic outlook and rapid growth in GDP per capita, Goldman Sachs economists Kevin Daly and Tadas Gedminas write in the team's report. If you are an admin, please authenticate by logging in again. California and New York also have high median incomes and have the highest and third-highest GDPs of $3.120 billion and $1.705 billion. Although transfer receipts had minimal impact nationally, it was the leading contributor to increases in personal income in Colorado, Maine, New Mexico, and Idaho, the states with the largest increases in personal income. These are two different ways of viewing GDP in a country. China's share will rise from 10% to . The WTO's Global Trade Outlook and Statistics report, revealed that exports grew 41 per cent to $599bn in 2022, accounting for 2.4 per cent of the global merchandise exports share while imports . The GDP of a state refers to the overall production and distribution of goods in a state. 50 Richest European Cities By GDP Per Capita [2023 Ranking] 1. Earnings by place of work is the sum of wages and salaries, supplements to wages and salaries, and proprietors' income. BEA groups all 50 states and the District of Columbia into 8 distinct regions for purposes of presentation and analysis as follows: Current-dollar GDP increased in all 50 states and the District of Columbia in the second quarter, with the percent change ranging from 30.5 percent in North Dakota to 0.7 percent in Connecticut. In quite a few other sectors, Wyoming has the 50th or the smallest GDP in the USA. The percent change ranged from 8.1 percent in Idaho to 3.0 percent in Kansas (table 4). The expenditure method of determining GDP is the exact opposite way of calculating gross domestic product for a particular state. The Lone Star State has the largest mining, quarrying, and oil and gas extraction industry, in the USA. Bureau of Economic Analysis - Interactive Database. In the simplest of terms, growth in the GDP means growth in the economy. The description is composed by our . Additionally, overall economic well-being significantly affects per capita income. Whats interesting is that Mount Rushmore State is 46th in both GDP and population in the US but has the 14th largest agriculture, forestry, fishing, and hunting industry in the country. Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin) State personal income differs slightly from the estimate of U.S. personal income in the National Income and Product Accounts because of differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability of source data. Mississippi has the lowest PCI of $39,368. The very last entry on our gross domestic product by state rankings is also the least populated state in the USA. After reviewing the GDP of each state and having a closer look at the top and bottom five states in the country, we can see that economic growth is evident everywhere in the US. Manufacturing is the second-largest industry with $421 billion, while government enterprises contribute $392 billion. Federal government agencies use the statistics in forecasting models to project energy and water use. Per Capita Income by State 2023 DC $133,587 New Jersey $117,868 Massachusetts $115,964 Connecticut $115,337 Maryland $114,236 California $111,622 Hawaii $107,348 Virginia $106,023 New York $105,304 Washington $103,669 New Hampshire $101,292 Colorado $100,933 Alaska $98,811 Minnesota $96,814 Illinois $95,115 Utah $94,452 Rhode Island $92,427 In, BEA. Of course, GDP is not the only viable indicator of economic health, and there are other means of measuring the financial well-being of any country. GDP growth by state statistics show that Texas had one of highest growth rates in the USA entering the year 2022. The mining industry was the leading contributor to the 1.8 percent increase in Texas, the state with the largest increase in real GDP. The updates incorporate new and revised source data that are more complete and more detailed than previously available and to align the states with revised national estimates from the National Income and Product Accounts released on December 22, 2022. In almost all other sectors, South Dakota is among the bottom five. Map of sovereign states in Europe by projected 2022 GDP (PPP) per capita based on international dollars. BEA also released new estimates of per capita personal income for the second quarter of 2022, along with revised estimates for the first quarter of 2017 through the first quarter of 2022 and annual estimates for 2017 through 2021. According to the U.S. Bureau of Economic Analysis the real GDP for the U.S. as a whole increased at an annual rate of 2.6%. National accounts. Real GDP by state U.S. 2022 | Statista BEA also released new estimates of per capita personal income for the third quarter of 2022, along with revised estimates for the first quarter of 2022 through the second quarter of 2022. Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the fourth quarter of 2021, as real GDP for the nation increased at an annual rate of 6.9 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. Here are the 10 states with the highest GDP per capita: Enter your email below, and you'll receive this table's data in your inbox momentarily. This is according to WalletHub's analysis. The Gross Domestic Product per capita in the United States was last recorded at 61855.52 US dollars in 2021. Canada GDP per capita 2022 Data - 2023 Forecast - TRADING ECONOMICS While Florida is in the fourth spot in GDP contribution by state, its economy is very diverse and has multiple successful industries. For earlier estimates, BEA continues to use intercensal population statistics that it developed based on Census' methodology. March 31, 2023. It has the second-best agriculture, forestry, fishing, and hunting industry in the USA, with a current GDP of $14 billion, only exceeded by California. While it is second to last in most sectors, Americas Icebox has the 10th biggest mining, quarrying, and oil and gas extraction industry in the US, with a GDP of $12 billion. You will find that GDP values are listed as dollar amounts because it is a monetary representation of how much a state either brought in or spent quarterly. Quantities, or "real" measures, are expressed as index numbers with a specified reference year equal to 100 (currently 2012). statistic alerts) please log in with your personal account. Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia) Information and professional, scientific, and technical services are the fourth and fifth largest industries in California, contributing $352 billion and $347 billion, respectively. Gross domestic product (GDP) by state is the market value of goods and services produced by the labor and property located in a state. Other big sectors in New York include real estate and professional scientific and technical services, with $248 billion and $179 billion in contributions to the states GDP. $10,000 - 15,000 $15,000 - $20,000 $20,000 - $30,000 $30,000 - $45,000 $45,000 - $60,000 $60,000 - $90,000 $90,000 - $130,000 PPP takes into account the relative cost of living, rather than using only exchange rates, therefore providing a more accurate picture of the real differences in income. The construction industry was the leading contributor to the decrease in Wyoming, the state with the largest decrease at 4.8 percent, and in 10 other states. The latest statistics show that the New York-Newark-Jersey City metropolitan area has the highest GDP of $1.809 trillion. Below are some details about the states with the highest GDP in the US. The figures are not adjusted for inflation and are shown in millions of current dollars: As the data indicates, there have been no changes in the rankings in the previous two quarters, though, a few states went up or down for one or two spots compared to 2021. Then you can access your favorite statistics via the star in the header. Transportation and warehousing is also a big sector in Alaska, contributing $9.1 billion to its GDP. For details, see the FAQ "Why does BEA publish estimates at annual rates?" ", Next release: March 31, 2023, 10:00 a.m. EDT Furthermore, the data on GDP ranking by state also indicates North Carolina took Washingtons place and joined the top ten in 2022, while Oklahoma changed places with Iowa for the 30th position. The finance and insurance industry was the leading contributor to the decrease in Connecticut, the state with the second-largest decrease at 4.7 percent, and in one other state. Visualizing U.S. Note on Per Capita Personal Income and Population. .mw-parser-output .citation{word-wrap:break-word}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}^e estimate. As of the second quarter of 2022, the Southeast region of the country accounts for the largest share of its GDP, with $5.461 trillion, while the Rocky Mountains region for the smallest share of $858 billion. The state with the lowest gross domestic product in the USA is Vermont, with $39.538 billion. Gross Domestic Product per capita in the European Union in 2022, by member state (in Euros) GDP per capita in Euros Luxembourg Ireland Denmark Netherlands Sweden Austria Finland. See "Note on Per Capita Personal Income and Population. While it is second to last in most sectors, Americas Icebox has the 10th biggest mining, quarrying, and oil and gas extraction industry in the US, with a GDP of $12 billion. Personal current transfer receipts are benefits received by persons from federal, state, and local governments and from businesses for which no current services are performed. FRED: Download, graph, and track economic data. The growth rate in China in 2022 is forecast to be slightly lower than in 2018-19, just before the outbreak of the COVID-19 pandemic, while in Japan the growth in GPD per capita is forecast to be somewhat higher in 2022 than in 2018-19. Please see our latest releases for current estimates and contact information. Mideast (Delaware, District of Columbia, Maryland, New Jersey, New York, and Pennsylvania) Real GDP increased in most states and the District of Columbia in Q4 of 2022. In Texas, the state with the third-largest increase in personal income, the increase in earnings in mining was the leading contributor. However, the value should still be relatively similar, if not identical. Gross Domestic Product and Personal Income by State, 3rd Quarter 2022. Accessed June 30, 2023. https://www.statista.com/statistics/248053/us-real-gross-domestic-product-gdp-by-state/, BEA. The percent change in transfer receipts ranged from 79.7 percent in Colorado to 7.9 percent in Kentucky (table 5). Values calculated by Statista using population data from the U.S. Census found here. A decade later, shes utilizing her educational background in English and knack for research to craft website content on crypto and ensure readers are fully informed. Real GDP by state is an inflation-adjusted measure of each state's gross product that is based on national prices for the goods and services produced within the state. GDP and personal income by state statistics provide a framework for analyzing current economic conditions in each state and can serve as a basis for decisionmaking. Nationally, increases in earnings, property income (dividends, interest, and rent), and transfer receipts all contributed to the increase in personal income (chart 1). Floridas accommodation and food services industry is second-best in the country, only inferior to Califonias, and its GDP reached $62 billion in the second quarter of 2022. See How are state refundable tax credits recorded in the National Income and Product Accounts (NIPAs)? on the BEA website. The state of Wyoming is financially very similar to Alaska in many respects. In BEA's state statistics, estimates of personal income for the United States is the sum of the state estimates and the estimate for the District of Columbia. This page provides . GDP and GDP per capita; PDF | CSV Updated: 18-Oct-2022; GVA by kind of economic activity; PDF | CSV Updated: 18-Oct-2022; Education. The statistics are also used as a basis for allocating funds and determining matching grants to states. For example: Table 1. To the extent that a state's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the states produce. Quantity indexes are calculated using a Fisher chain-weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Show sources information Available: https://www.statista.com/statistics/248053/us-real-gross-domestic-product-gdp-by-state/, Real gross domestic product (GDP) of the United States in 2022, by state, Immediate access to statistics, forecasts & reports, Resident population in New Jersey 1960-2022, Population share of New Jersey 2021, by age group, Population of New Jersey 2021, by race and ethnicity, Educational attainment in New Jersey 2021, U.S. - projected state population by state 2040, U.S. real gross domestic product 2022, by state, U.S. annual GDP growth in New Jersey 2000-2022, U.S. real value added to GDP in New Jersey 2022, by industry, Business establishments in New Jersey, by industry 2020, New Jersey's top companies, by revenue 2021, U.S. number of nonfarm employees in New Jersey 2000-2022, U.S. number of nonfarm employees in New Jersey 2022, by industry, U.S. unemployment rate in New Jersey 1992-2022, New Jersey median household income 1990-2021, U.S. average annual pay of employees in New Jersey 2001-2022, U.S. per capita personal income in New Jersey 2000-2022, New Jersey state and local government funding FY 2004-2020, State and local government debt in New Jersey 1999-2027, Consumer Price Index for selected U.S. cities 2022, U.S. unemployment rates for large metropolitan areas April 2023, U.S. metropolitan areas with the highest share of millionaire households 2020, New York-Newark-Jersey City metro area population in the U.S. 2010-2021, U.S. real value added to GDP in Indiana 2022, by industry, U.S. real value added to GDP in Minnesota 2022, by industry, U.S. real value added to GDP in Arizona 2022, by industry, U.S. real value added to GDP in Kansas 2022, by industry, U.S. real value added to GDP in New Hampshire 2022, by industry, U.S. real value added to GDP in Michigan 2022, by industry, U.S. real value added to GDP in Kentucky 2022, by industry, U.S. real value added to GDP in New Mexico 2022, by industry, Immigration/migration in the United States, Real gross domestic product (GDP) of the United States in 2022, by state (in billion chained 2012 U.S. dollars), Find your information in our database containing over 20,000 reports. It does not include realized or unrealized capital gains or losses. In Q1, US GDP increased to $24.740 trillion, while in Q2, it reached $25.248 trillion. On the other hand, Alaskas finance and insurance sector is the smallest in the USA, with a contribution of only 1.4 billion. It is calculated by dividing the region's income by its population. California has the largest GDP of any state, at $3,120,386,000,000, accounting for about 14.7% of the country's total GDP. Though it makes sense to refer to states as having a GDP, you might run into situations where the economic performance of a state is referred to as the GSP, which stands for gross state product. Other big sectors in New York include real estate and professional scientific and technical services, with $248 billion and $179 billion in contributions to the states GDP. Please create an employee account to be able to mark statistics as favorites. Property income is rental income of persons, personal dividend income, and personal interest income. Information services; professional, scientific, and technical services; and mining were the leading contributors to the increase in real GDP nationally. BEA. Gross Domestic Product by State and Personal Income by State, 4th Quarter 2022 and Year 2022 Full Release & Tables Tables Only Quarterly Highlights Annual Highlights Technical Note Effects of Selected Federal Pandemic Response Programs on State Personal Income, 4th Quarter 2022 Founded in 2019, MoneyTransfers.com is designed to transform the way consumers discover the best deals when sending money across the world. Its education sector is also number one in the country though it contributes only $39 billion to the GDP. Please see our, EMBARGOED UNTIL RELEASE AT 10:00 a.m. EDT, Friday, September 30, 2022, 4600 Silver Hill Road Suitland, MD 20746, Note on Per Capita Personal Income and Population, Effects of Selected Federal Pandemic Response Programs on State Personal Income, 2nd Quarter 2022, Effects of Selected Federal Pandemic Response Programs on State Personal Income, 2021, "Federal Recovery Programs and BEA Statistics". The figures are not adjusted for inflation and are shown in millions of current dollars: As the data indicates, there have been no changes in the rankings in the previous two quarters, though, a few states went up or down for one or two spots compared to 2021. Data indicates growth in the US economy in both the first and second quarters of 2022. The income approach is the former of the two, and it is defined by calculating how much money everyone in a certain location kept as profits over the course of a year. The statistics are also used as a basis for allocating funds and determining matching grants to states. Transfer receipts increased in 35 states, increasing 1.5 percent nationally. GDP per capita EU member states 2022 | Statista Of the states with the lowest per capita income, the top seven states are also among the ten states considered to be the least educated. Chained-dollar values are not additive, because the relative weights for a given period differ from those of the reference year. Real values are inflation-adjusted statisticsthat is, these exclude the effects of price changes. From $2.051 trillion in 2021, Texas increased its GDP by 9.54% to $2.247 trillion in Q1 and then grew it by another 4.75%, reaching $2.354 trillion in Q2. 2022 GDP by State Rankings. However, the fact that a single state has a GDP big enough to be the fifth-largest economy in the world speaks for itself. Canada gdp per capita for 2019 was $46,329, a 0.47% decline from 2018. quarter of 2021, as real GDP for the nation increased at an annual rate of 6.9 percent, according to Still, it is more informative for the GDP values to reflect shorter periods. The collective GDP contribution of these five states is over 40% of the national GDP. PDF Gross Domestic Product by State, 4th Quarter 2021 and Year 2021 Quarterly values are expressed at seasonally adjusted annual rates. A country's gross domestic product (GDP) is directly linked to the strength of its economy and how much money . Popular Destinations for Sending Money Abroad. Per Capita Income by State 2023 - World Population Review The GDP of a certain region is divided by the total population size to get the GDP per capita of that area. The contributions are additive and can be summed to the state's overall percent change. Manufacturing is the second-largest industry with $421 billion, while government enterprises contribute $392 billion. BEA presents net earnings on an all-industry level. Currently, you are using a shared account. The estimates for the second quarter of 2022 incorporate the results of BEA's annual updates of GDP by state and personal income by state that were also released today. UNdata Annualized growth rates show the rate of change that would have occurred had the pattern been repeated over four quarters (1 year). State governments use the statistics to project tax revenues and the need for public services. Accessed June 30, 2023. https://www.statista.com/statistics/248063/per-capita-us-real-gross-domestic-product-gdp-by-state/, BEA. On the other hand, Alaskas finance and insurance sector is the smallest in the USA, with a contribution of only 1.4 billion. state GDP and personal income each quarter, ending the publication of two separate releases on different days. Rocky Mountain (Colorado, Idaho, Montana, Utah, and Wyoming) Looking at economic performance from one year to the next is important to see where the state is thriving and where the state could use additional effort. The percent change ranged from 12.9 percent in Idaho to 4.8 percent in Kansas (table 4). No data is available for the union territories of Dadra and Nagar Haveli and Daman and Diu and Ladakh . We'd love to know what you think about MoneyTransfers.com. . Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Earnings increased in 19 of the 24 industries for which BEA prepares quarterly estimates (table 6). While Alberta did not move much in rank, its GDP per capita grew significantly from 1950 to 2016, rising from 98.9% relative GDP per capita in 1950 to 132.4% in 2016. However, real GDP by state does not capture geographic differences in the prices of goods and services that are produced and sold locally. 1324. Subject. Notably, Maryland dropped two spots, from the 15th in 2021 to the 17th in 2022, which allowed Tennessee and Colorado each to climb one spot higher to the 16th and 15th place, respectively. With this quarterly system in place, the progression or digression of the GDP in each state can be seen so state governments can understand how their economy performed throughout the year. Percent changes calculated from chained-dollar levels and quantity indexes are conceptually the same; any differences are due to rounding. According to the latest data on US GDP by state, the largest contributors to Montanas GDP are its government enterprises and real estate industry, each contributing $8 billion.