The Bureau of Economic Analysis (BEA) released its quarterly estimates for state-level gross domestic product growth for the second quarter on Wednesday, revealing that New York’s economy grew by 4 percent at an annual rate and the fastest of any state for the April, May and June period. Real GDP rose in 44 states as well as Washington, D.C. in the second quarter, the BEA said, as overall economic growth was upwardly revised to 2.2 percent. New York was followed by South Carolina and Delaware—both 3.5 percent.
Six states saw their economic contract, however. West Virginia’s real GDP sank by 2.3 percent, and the Mountain State was followed by Wyoming, Alaska, North Dakota, Kansas and Nebraska when it came to the worst performing economies in the second quarter. Its previous report, released in June, found that Washington state had the fastest growing economy in the first quarter, followed by California and South Carolina.
According to the BEA’s latest nationwide reading, real GDP rose at an annual rate of 1.5 percent in the second quarter, marking a drop from 2.1 percent in the first and falling below forecasts that this would hold steady into the summer months. This slowdown has been attributed to the country's widening trade deficit and rising fuel prices, and comes despite healthy levels of consumer spending in the U.S. Looking ahead, the International Monetary Fund (IMF) has projected that U.S.
GDP growth will reach around 2.3 percent for 2026 following a lackluster 1.9 percent in 2025, above the average for other advanced economies. However, in its latest World Economic Outlook report, the organization forecast that this would again slow to 2.2 percent in 2027. This is a developing story.
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