Q3 GDP Up 3.1% as Incomes Grow in Almost Every State
The national real gross domestic product increased 3.1% year-over-year in the third quarter, with retail serving as the lead contributor in 39 states. Retail trade increased in all 50 states and the District of Columbia, analysts said, corresponding with a 3.2% rise in personal incomes nationwide.
Leaders in real GDP gains include Southern neighbors Arkansas (6.9%), Alabama (6%) and Mississippi (5.1%). Arkansas also led the nation in personal income gains, boasting a year-over-year increase of 5.4%.
“In the third quarter of 2024, current-dollar personal income increased $191.4 billion, or 3.2 percent at an annual rate,” analysts write, in part. “Nationally, increases in earnings and transfer receipts were partially offset by a decrease in property income.”
