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Friday, July 7, 2023

Who Was At The Top? Three Guesses And First Two Don't Count -- 1Q23 GDP Growth Data By State

Locator: 45931ECON. 

Link here.

1Q23 GDP growth and personal income growth by state.


Personal income: Nebraska, 11.1, beat North Dakota, 11.0, because Warren Buffett resides in Omaha, NE.

 
 

FRED: link here.

Back-of-the envelope:

  • 4Q22 - 1Q23: 12.4% growth:
  • $73,267 per capita, 2022
  • 1.124 * 73267 = 82,352
  • 1Q20e = 59199
  • (82,352-59199)/59199 = 39.1% growth (1Q20 - 1Q23)

GDP per capita, link here.

Construction spending per capita:

  • North Dakota: at about $2,600 per capita trends toward 3X that of California;
  • California: at about $1,100 per capita
  • based on most recent data easily available to an armchair blogger.
  • Texas? About $1,333 using same sources.
  • Michigan, where the cars are made? About $800 per capita.
  • no links. I'll let folks use their own sources.

With numbers like these, I have no idea why North Dakota still has a state income tax. Texas has not state income tax, just saying. 

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