Real gross domestic product (GDP) decreased in 40 states and the District of Columbia in the second quarter of 2022 while ten states saw modest GDP growth. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 1.8 percent increase in Texas to 4.8 percent decline in Wyoming.
Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, decreased 0.6 percent in the second quarter of 2022, somewhat better than 1.6 percent decline in the previous quarter. Construction; nondurable-goods manufacturing; and wholesale trade were the leading contributors to the decrease in real GDP across the country.
Except for the Southwest region, real GDP growth decreased in the other seven regions, between the first and second quarter of 2022. The percent change in real GDP ranged from 0.9 percent increase in the Southwest region (Arizona, New Mexico, Oklahoma, and Texas) to 2.8 percent decrease in the New England region (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont).
Overall, eight out of 21 industry groups contributed to the decrease in real GDP. Construction; nondurable goods manufacturing; and agriculture, forestry, fishing and hunting were the leading contributors the decrease in real GDP in the second quarter of 2022.
At the state level, mining industry was the leading contributor to the increase in Texas, the state with the largest increase in real GDP at 1.8 percent. The other nine states to record real GDP increases were: Florida (+1.6 percent), West Virginia (+1.4 percent), Delaware (+1.2 percent), Nevada (+1.0 percent), New York (+0.7 percent), Hawaii, Rhode Island, Washington (+0.6 percent), and Tennessee (+0.3 percent). Construction industry was the leading contributor to the decrease in Wyoming, the state with the largest decrease at 4.8 percent.
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