The Bureau of Economic Analysis (BEA) is the U.S. government agency that produces and releases comprehensive data on Gross Domestic Product (GDP) by state and Personal Income by state. This data provides a crucial framework for understanding and comparing the economic health of individual states and their residents.
GDP by State
GDP by state is the state-level equivalent of the nation's GDP. It measures the market value of all goods and services produced by the labor and property located in a state. The BEA releases this data quarterly and annually, often breaking it down by industry to show which sectors are contributing most to a state's economic output.
| o | The total size and growth rate of a state's economy. |
| o | The contributions of specific industries (e.g., manufacturing, services, agriculture) to a state's GDP. |
| o | It allows for direct comparisons of economic activity between states. |
| o | Federal and state governments use it for forecasting tax revenues, allocating funds, and making policy decisions. |
| o | Businesses and researchers use it for market analysis and to identify regional economic trends. |
Personal Income by State
Personal income by state is a measure of the income received by all residents of a state from all sources. This includes income from wages, salaries, self-employment, dividends, interest, rent, and government transfer payments (like Social Security and unemployment benefits).
| o | The total income of residents in a state. |
| o | The per capita personal income, which is a key metric for measuring the economic well-being of a state's population. |
| o | The breakdown of income by source, which can show a state's dependence on certain types of income, such as government benefits or investment income. |
| o | It is a key indicator of consumer spending power within a state. |
| o | Policymakers use it to analyze and compare the economic well-being of residents across states. |
| o | The data is also used in formulas to distribute federal funds and determine matching grants to states. |
