GDP -- 3Q22 -- By State -- North Dakota Fifth In Nation

Number one: Alaska!

All except three states showed an increase in GDP.

Top five:

1. Alaska -- 8.7% growth -- somewhat of a surprise;
2. Texas -- 8.2% growth;
3. Oklahoma -- 5.5% growth;
4. Wyoming --5.3% growth;
5. North Dakota -- 5.2% growth;

Only three states with declines:

• Mississippi, off 0.7%:
  
• South Dakota, off 0.5%; focused on Fourth of July fireworks for Mount Rushmore;
• Indiana, off 0.3% -- hmmm?
  

Link here.

California, as always, has the nation’s No. 1 GDP at $3.6 trillion, 14% of the U.S. total. Business output statewide grew at a 3.8% annual pace in the third quarter. California’s surge also topped the nation’s 3.2% growth pace.

Only 11 states fared better. And those top-performing states were big energy providers. Remember how gasoline prices soared for much of 2022?

No. 1 was Alaska with 8.7% growth, followed by Texas at 8.2%, Oklahoma at 5.5%, Wyoming at 5.3% and North Dakota at 5.2%. Only three states had declines: Mississippi, off 0.7%, South Dakota, down 0.5%, and Indiana, off 0.3%.

The summertime gains were a quick reversal from a weak spring. California’s GDP shrank at a 0.5% annual rate in the second quarter; the U.S. fell 0.6%. Forty-one states had declines.

The best included Texas, which grew by 1.8%, then Florida at 1.6%, West Virginia at 1.4%, Delaware at 1.2% and Nevada at 1%. The worst were Wyoming, off 4.8%, then Connecticut, down 4.7%, Indiana, off 3.3% and Arkansas and Louisiana, down 3%.

Florida at 3.8% is disappointing.

US Bureau of Economic Analysis: link here.