"California's economic growth hit its fastest pace in a little more than two years - but on a national scale, it was just a middle-of-the-pack performance. My trusty spreadsheet reviewed the third quarter report from the Bureau of Economic Analysis on state gross domestic product - a broad yardstick of business output. It's an inflation-adjusted measurement of the value of goods and services produced. Annual growth rates are a benchmark for comparing the progress of various economies."
"The best performers for the third quarter were in the middle of the nation: Kansas at 6.5%, South Dakota at 6.3%, and Arkansas at 5.8%. The worst states for GDP growth were a mixed group: North Dakota at 0.4%, the District of Columbia at 1.3%, and Minnesota at 2.7%. So why might you be reading about this economic expansion and think, "But my checkbook doesn't feel this growth?" Remember, GDP is like most business barometers. It measures the economy's typical temperature, though much of life is far from the statistical midpoint."
California's GDP expanded at a 4.5% annualized rate in the third quarter, the fastest pace since mid-2023. U.S. national GDP grew 4.4% in the quarter, the strongest since late 2023. California ranked 25th among states despite outperforming Texas (4.2%) and Florida (3.5%). Top state performers included Kansas, South Dakota and Arkansas; laggards included North Dakota, the District of Columbia and Minnesota. GDP is an inflation-adjusted measure of goods and services output and acts as a broad business barometer, which can differ from household financial experiences such as consumer confidence.
Read at The Mercury News
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