Real GDP Declined Across Most States in Q1
According to statistics released on Thursday (6-30-22), by the U.S. Bureau of Economic Analysis (BEA) real gross domestic product (GDP) declined in 46 states and the District of Columbia in Q1 of 2022. The four states reporting an increase in Q1, in their order of growth were, New Hampshire, Vermont, Massachusetts and Michigan. This the BEA reported that real GDP decreased at annual rate of 1.6% in Q1. The percentage of change in real GDP in Q1 ranged from 1.2% in New Hampshire to moving 9.7% lower in Wyoming.
According to the BEA real GDP declined in 8 of 21 industries for which it prepares quarterly state estimates. The largest contributors to the downward trend were: Nondurable goods manufacturing decreased 17.0%, retail trade declined 10.2% and finance and insurance dropped 7.1%
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