State economic data help explain how growth differs across the United States. In the second quarter of 2024, real gross domestic product increased in 49 states and the District of Columbia, while current-dollar personal income increased in every state and the District of Columbia, according to the U.S. Bureau of Economic Analysis.
This article explains the major Q2 2024 results, the industries and income sources behind the changes, and the difference between state GDP and personal income. It also provides current context using the latest state data available in July 2026.
What Is GDP by State?
GDP by state measures the market value of goods and services produced by labour and property located within a state. It is the state-level counterpart of national GDP.
BEA publishes both current-dollar and real GDP by state:
- Current-dollar GDP measures output using the prices that prevailed during the period.
- Real GDP adjusts for price changes so that users can analyse changes in the volume of production.
Quarterly state growth rates are usually expressed at a seasonally adjusted annual rate. This does not mean that the state actually grew by that percentage over the entire year. It shows the annualised pace implied by the quarter-to-quarter change.
What Is Personal Income by State?
Personal income measures income received by, or on behalf of, residents from all sources. It includes:
- earnings from employment and self-employment;
- property income, including dividends, interest and rent; and
- personal current transfer receipts, such as certain government benefits.
Personal income is different from GDP. GDP measures production within a state, while personal income measures income received by the state’s residents. A state can therefore show strong GDP growth without having the fastest personal-income growth, and vice versa.
Q2 2024 State GDP and Personal Income: Key Results
| Measure | Q2 2024 result | Highest state rate | Lowest state rate |
|---|---|---|---|
| Real GDP | Increased in 49 states and the District of Columbia | Idaho: 5.9% | Alaska: −1.1% |
| Current-dollar GDP | Increased in all 50 states and the District of Columbia | Idaho: 8.0% | Alaska: 3.0% |
| Current-dollar personal income | Increased in all 50 states and the District of Columbia | South Carolina: 6.9% | North Dakota: 2.3% |
At the national level, real GDP increased at an annual rate of 3.0 percent in Q2 2024. State results varied because industries, employment patterns, farm income, energy production and other economic conditions differ significantly from one state to another.
Fastest and Slowest Real GDP Growth
Idaho led state growth
Idaho recorded the fastest real GDP growth at 5.9 percent. Agriculture, forestry, fishing and hunting was an important contributor to the increase. The state also benefited from broader growth across other industries.
Kansas and Nebraska also grew strongly
Agriculture was the leading contributor to growth in Kansas and Nebraska, which were among the fastest-growing states during the quarter. Agricultural output can produce substantial quarterly movements in states where farming has a large economic share.
Utah received support from manufacturing
Nondurable-goods manufacturing was the leading contributor to growth in Utah, the state with the fourth-fastest real GDP increase.
Alaska was the only state with a decline
Real GDP decreased 1.1 percent in Alaska. Mining was the leading contributor to the decline. Because energy and resource extraction account for an important part of Alaska’s economy, changes in mining activity can have a large effect on quarterly state GDP.
Industries Driving U.S. State Growth
Real GDP increased nationally in 16 of the 23 industry groups for which BEA prepares quarterly state estimates.
The leading national contributors included:
- nondurable-goods manufacturing;
- finance and insurance; and
- health care and social assistance.
Agriculture
Agriculture, forestry, fishing and hunting increased in 29 states and was the leading contributor to real GDP growth in 11 states. However, it also offset growth in 10 states, including North Dakota. This shows how farm output can vary substantially across regions and quarters.
Nondurable-goods manufacturing
Nondurable manufacturing increased in every state and the District of Columbia. It was the leading contributor to growth in 12 states. This broad expansion included activities such as food, chemical, petroleum and other short-lived manufactured products.
Mining
Mining declined in 33 states and was the main reason for Alaska’s reduction in real GDP. Mining includes oil and gas extraction and other mineral-related activity, so state exposure varies greatly.
Personal Income Growth in Q2 2024
Current-dollar personal income increased by $315.6 billion nationally, or 5.3 percent at an annual rate. Earnings, transfer receipts and property income all contributed to the increase.
| Income component | National Q2 2024 change | State range or notable result |
|---|---|---|
| Earnings | Increased 6.3% | Idaho 8.3% to North Dakota 2.1% |
| Transfer receipts | Increased 6.1% | California 14.9% to Massachusetts −0.5% |
| Property income | Increased 1.5% | Wyoming 2.4% to Nebraska and Mississippi 1.0% |
Why South Carolina Had the Fastest Personal-Income Growth
South Carolina recorded the fastest personal-income growth at 6.9 percent. Earnings were the largest contributor, with durable-goods manufacturing playing an important role in the increase.
Utah had the second-fastest personal-income growth. Professional, scientific and technical services were a leading contributor to earnings growth.
Nebraska ranked third. Farm earnings made a major contribution to its increase. In contrast, falling farm earnings reduced earnings growth in North Dakota, which recorded the slowest overall personal-income growth.
Earnings Were the Main Driver in Every State
Earnings increased in every state and the District of Columbia and were the largest contributor to personal-income growth in each jurisdiction.
BEA prepares quarterly earnings estimates for 24 industry groups. Earnings increased in 22 of them during Q2 2024. Differences in industry mix help explain why states experienced different rates of income growth.
For example:
- a technology-focused state may benefit from professional and technical services;
- a manufacturing state may benefit from factory output and payroll growth;
- an agricultural state may experience large changes from farm earnings; and
- a state with a large government or health sector may show a different income pattern.
Transfer Receipts and Property Income
Transfer receipts
Transfer receipts increased in 49 states and the District of Columbia. California recorded the fastest increase, partly because Medicaid benefits rose following a programme expansion.
Transfer payments can change sharply because of policy changes, disaster-related assistance, benefit adjustments or one-time settlements. Analysts should therefore check whether a high quarterly rate represents a continuing trend or a temporary event.
Property income
Property income includes dividends, interest and rent. It increased in every state and the District of Columbia, although at a slower national rate than earnings and transfer receipts.
GDP Growth and Personal-Income Growth Are Not the Same
| GDP by state | Personal income by state |
|---|---|
| Measures production located within the state | Measures income received by state residents |
| Influenced by industry output and value added | Influenced by earnings, property income and transfers |
| Can be reported in current dollars or real terms | Reported in current dollars in the quarterly release |
| Production may be generated by workers who live elsewhere | Income is assigned to residents, including some income earned outside the state |
A state can therefore rank differently across the two measures. Idaho had the fastest real GDP growth, while South Carolina had the fastest personal-income growth.
How to Interpret Annualised Quarterly Rates
BEA reports many quarterly percentage changes at an annual rate. The quarterly change is compounded to show the rate that would result if the quarter’s pace continued for four quarters.
These rates are useful for comparison, but users should remember:
- the pace may not continue for a full year;
- small quarterly changes can appear larger after annualisation;
- weather, strikes, farm output and government transfers can create temporary effects; and
- estimates can be revised when more complete information becomes available.
The 2024 Annual Update
The Q2 2024 release incorporated BEA’s annual update of state GDP and personal-income statistics. Annual estimates for 2019 through 2023 and quarterly estimates from Q1 2019 through Q1 2024 were revised.
The update included more complete source data, revised seasonal factors and alignment with the updated national and industry accounts. This is why figures in current interactive tables may differ from values published in the original September 2024 news release.
Updated Context: First Quarter 2026
BEA’s latest state release available in July 2026 covers Q1 2026. Real GDP increased in 46 states and the District of Columbia. Washington state recorded the fastest increase at 4.5 percent, while South Dakota decreased 1.6 percent and Delaware was unchanged.
Personal income increased in 49 states and the District of Columbia. The annualised rate ranged from a 22.4 percent increase in North Dakota to a 23.9 percent decrease in Hawaii.
The large movements in some states were affected by special factors. For example, Hawaii’s decline reflected the comparison with a major household settlement related to the 2023 Maui wildfire that was recorded in the previous quarter.
| Measure | Q2 2024 | Q1 2026 context |
|---|---|---|
| States with rising real GDP | 49 states plus D.C. | 46 states plus D.C. |
| Fastest real GDP growth | Idaho: 5.9% | Washington: 4.5% |
| Slowest real GDP growth | Alaska: −1.1% | South Dakota: −1.6%; Delaware unchanged |
| Personal-income range | South Carolina 6.9% to North Dakota 2.3% | North Dakota 22.4% to Hawaii −23.9% |
The Q1 2026 results demonstrate why state rankings can change sharply from one quarter to another. Industry conditions, agricultural income, transfers and unusual events all affect the figures.
Why State Economic Data Matter
- Business planning: Companies can compare growth, industry activity and resident income across markets.
- Government policy: State and local authorities can evaluate economic performance and revenue conditions.
- Investment analysis: Investors can study regional exposure and industry concentration.
- Labour-market analysis: Earnings data help explain changes in household income.
- Education and research: The data provide practical examples of GDP, income and regional economics.
Limitations of State GDP and Personal-Income Data
- Quarterly estimates can be volatile and are subject to revision.
- Annualised rates can make a temporary quarterly change appear dramatic.
- A state’s GDP does not measure income distribution or household wellbeing.
- Personal income does not deduct personal taxes or show differences in living costs.
- One-time transfers or settlements can distort comparisons.
- State industry concentration can make results sensitive to agriculture, energy or a small number of large employers.
- Rankings should be considered with longer-term trends, employment, population and inflation data.
Frequently Asked Questions
Which state had the fastest real GDP growth in Q2 2024?
Idaho had the fastest real GDP growth at an annual rate of 5.9 percent.
Which state had a decline in real GDP?
Alaska was the only state with a decline, at −1.1 percent.
Did personal income increase in every state?
Yes. Current-dollar personal income increased in all 50 states and the District of Columbia during Q2 2024.
Which state had the fastest personal-income growth?
South Carolina recorded the fastest increase at 6.9 percent.
Why did North Dakota have the slowest personal-income growth?
North Dakota’s overall growth was 2.3 percent, and declining farm earnings reduced its earnings performance.
What was national real GDP growth in Q2 2024?
National real GDP increased at an annual rate of 3.0 percent.
Is GDP by state the same as personal income by state?
No. GDP measures production within a state, while personal income measures income received by residents.
When is the next state GDP and personal-income release?
BEA has scheduled Q2 2026 state GDP and personal-income results for September 30, 2026.
Related Accounting and Economic Topics
- Balance Sheet Explained
- Money Measurement Concept in Accounting
- Cost Accounting Basics
- U.S. International Investment Position 2024
Conclusion
State economic growth was widespread in Q2 2024. Real GDP increased in 49 states and the District of Columbia, led by Idaho, while Alaska was the only state with a decline. Personal income increased everywhere, with South Carolina recording the fastest rate.
The results also show why users should examine the causes behind the rankings. Agriculture, manufacturing, mining, earnings and government transfers affected states differently. GDP and personal income provide complementary information, but neither measure alone gives a complete picture of a state economy.
Authoritative references: BEA — GDP by State and Personal Income by State, Q2 2024, BEA — State GDP and Personal Income, Q1 2026, BEA — GDP by State Data, BEA — Personal Income by State Data, and BEA — Release Schedule.