New York Leads Fastest Growing State Economies Ahead of Midterms
Summary
New York had the fastest-growing state economy in the second quarter, with its economy growing at a 4 percent annual rate. Overall, 44 states plus Washington, D.C. saw their economies grow, while six states experienced a decline during this period.Key Facts
- New York’s economy grew 4 percent at an annual rate between April and June.
- South Carolina and Delaware followed with 3.5 percent growth each.
- Six states had shrinking economies, with West Virginia leading the decline at -2.3 percent.
- The overall U.S. economy grew at an annual rate of 1.5 percent in the second quarter, down from 2.1 percent in the first quarter.
- The slowdown is linked to a wider trade deficit and rising fuel prices, despite strong consumer spending.
- The International Monetary Fund expects U.S. GDP growth to be 1.9 percent in 2025, rise to about 2.3 percent in 2026, and then slow slightly to 2.2 percent in 2027.
- Washington state had the fastest growing economy in the first quarter of 2024.
- Real gross domestic product (GDP) rose in 44 states and Washington, D.C. during the second quarter of 2024.
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