Market Snapshot: GDP Update

Market Snapshot: GDP Update

Last week, the U.S. Bureau of Economic Analysis (BEA) released its third estimate of real GDP (adjusted for inflation) in the second quarter of 2024. We gathered a few insights:

Growth from the first quarter:

• The Rocky Mountain (Colorado, Idaho, Montana, Utah, and Wyoming) and Great Lakes (Illinois, Indiana, Michigan, Ohio, and Wisconsin) regions had the highest real GDP percentage change compared to the first quarter (annualized).
• At the state level, GDP in Idaho, Kansas, Nebraska, Utah, and South Carolina improved the most (in percentage terms).
• Percentage growth in the construction industry was the highest in Louisiana, Missouri, Washington, Alabama, and Ohio.

Growth since 2019:

• The Southwest (Arizona, New Mexico, Oklahoma, and Texas) and Rocky Mountain regions had the highest percentage GDP growth since the first quarter of 2019.
• At the state level, the highest growth rates since 2019 were in Florida, Idaho, Arizona, Utah, and Texas.
• The construction sector grew the fastest in Idaho, Arizona, Utah, Montana, and Tennessee during the period.

To learn more about market intelligence data and research services offered by Morrissey Goodale, schedule an intro call with Rafael Barbosa.