Forty-six of the 50 U.S. states saw a decline in gross domestic product in the first quarter of 2022, newly released federal data shows.
The Bureau of Economic Analysis reported Thursday that only Massachusetts, Michigan, New Hampshire and Vermont bucked the trend with increases in GDP in the first three months of this year.
Data released earlier this week showed that U.S. GDP decreased by 1.6% overall in the first quarter, but states’ GDPs varied because of a range of factors.
“Mining, quarrying, and oil and gas extraction contributed decreases in 49 states,” the Bureau of Economic Analysis said. “This industry was the leading contributor to the decreases in 10 states, including Wyoming, Alaska, North Dakota, West Virginia, and New Mexico – the 5 states with the largest decreases in real GDP. Government and government enterprises was the leading contributor to the increases in New Hampshire and Massachusetts – the states with the largest and third-largest increases in real GDP, respectively. more