Real gross domestic product (GDP) increases in all 50 states and Washington, D.C., in the second quarter of 2019 compared to previous quarters, according a National Association of Home Builders (NAHB) analysis of U.S. Bureau of Economic Analysis data. The Southwest region recorded the highest growth rates in the second quarter, and the Great Lakes region recorded the lowest positive growth in real GDP.
Nationwide, real GDP growth increased to 2.0% in the second quarter of 2019, from 3.1% in the previous quarter. Professional, scientific, and technical services; real estate and rental and leasing; and mining were the leading contributors to the acceleration in real GDP growth in the second quarter.
According to the industry statistics, 14 of 22 industry groups contributed to the overall 2.0% increase in real GDP in the second quarter. Real value added (a measure of an industry’s contribution to GDP) for the professional, scientific, and technical services industry group increased 7.4%, after increasing 8.0% in the previous quarter. Real estate and rental and leasing industry group’s real value added increased 2.6% in the second quarter, after increasing 0.8% in the first quarter. In the mining industry group, real value added increased 23.5% in the second quarter, after increasing 26.0% in the previous quarter. The second quarter growth primarily reflected an increase in oil and gas extraction.
Texas recorded the highest real GDP growth rate of 4.7% for the second quarter of 2019. The largest contributions came from mining, finance and insurance, and utilities industry groups. Transportation and warehousing and wholesale trade were the drags to the state economy. Mining, utilities, and Agriculture, forestry, fishing and hunting industry groups were the leading contributor to growth in Wyoming (4.2%), the second fastest growing state. Mining and utilities industry groups were the largest contributors to real GDP growth in Alaska (4.1%), the third fastest growing state.Read More