BY in NAHB
Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the third quarter of 2022 while Indiana, South Dakota, and Mississippi saw modest GDP declines. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 8.7 percent increase in Alaska to 0.7 percent decline in Mississippi.
Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, increased 3.2 percent in the third quarter of 2022, after real GDP declined in the first half of 2022. Information services; professional, scientific, and technical services; and mining were the leading contributors to the increase in real GDP across the country.
Regionally, real GDP growth increased in all the regions from the second quarter of 2022 to the third quarter of 2022. The percent change in real GDP ranged from 7.3 percent increase in the Southwest region (Arizona, New Mexico, Oklahoma, and Texas) to 1.3 percent increase in the Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin) region.
Overall, 16 out of 21 industry groups contributed to the increase in real GDP. Mining, quarrying, and oil and gas extraction; arts, entertainment, and recreation; and information were the leading contributors the increase in real GDP in the third quarter of 2022.
At the state level, mining industry was the leading contributor to the increase in real GDP in Alaska, Texas, Oklahoma, Wyoming, North Dakota, and New Mexico, the six states with the largest increases in real GDP. The construction industry was the leading contributor to the decrease in Mississippi and Indiana, two of three states with decreases in real GDP.
