New data from the Bureau of Economic Analysis shows Arkansas GDP growth of 2.5% for the first quarter (seasonally adjusted annual rate). This was the highest quarterly growth rate for Arkansas since 2016:Q4. While this represents solid growth, it fell short of the national growth rate of 3.1% in the first quarter. Today’s report on GDP by state showed growth rates ranging from a low of 1.2% in Hawaii to a high of 5.2% in West Virginia. Arkansas’ growth rate ranked it number 38 among the 50 states.
Source: Bureau of Economic AnalysisOver the most recent four quarters, Arkansas GDP growth has grown 1.6%, compared to 3.2% nationwide.
Source: Bureau of Economic AnalysisAs detailed in the table below, Arkansas’ growth rate was adversely affected by a sharp decline in Agriculture, which subtracted 0.65% from the state’s overall economic growth. Positive contributors to the Arkansas growth rate included Manufacturing (of both durable goods and nondurable goods), Retail Trade and Health Care.
Source: Bureau of Economic AnalysisToday’s data release contained no revisions of past data. The next GDP update is scheduled for November 7, 2019, at which time revised data for 2014:Q1 through 2019:Q1 will be released.