Real GDP up 4.5 percent in Iowa for second quarter
BUSINESS RECORD STAFF Dec 10, 2015 | 5:04 pm
1 min read time
276 wordsAll Latest News, Economic Development
New statistics released today by the U.S. Bureau of Economic Analysis, which detail for the first time gross domestic product by state, indicate that economic growth was widespread across the majority of the states in the second quarter.
Real GDP increased in 46 states and the District of Columbia in the second quarter of 2015, according to the BEA. Iowa’s real GDP growth was 4.5 percent, exceeding the national average. Other state GDP changes ranged from an 8 percent increase in Washington to a 2.4 percent decrease in Oklahoma.
Overall, U.S. real GDP by state grew at an annual rate of 3.8 percent in the second quarter of 2015 after increasing 0.7 percent in the first quarter of 2015. Finance and insurance; professional, scientific and technical services; and wholesale trade were the leading contributors to real U.S. economic growth in the second quarter.
The new statistics released today supplement the BEA’s national quarterly GDP by industry statistics first released in April 2014. The new data provides timely information on how specific industries across 21 sectors contribute to accelerations, decelerations and turning points in economic growth at the state level, including key information about the impact of differences in industry composition across states.
Finance and insurance grew 12.4 percent in the second quarter of 2015. This industry was the leading contributor to growth in 28 states, including Iowa, where it contributed 1.27 percentage points to the 4.5 percentage points growth in GDP. By comparison, finance and insurance contributed 3.32 percentage points to real GDP growth in Delaware, 2.42 percentage points to growth in South Dakota, and 2.16 percentage points to growth in New York.
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