Skip to content

Arkansas GDP – 2024:Q1

State-level data on GDP was released today in a report from the U.S. Bureau of Economic Analysis. The report showed that Arkansas GDP expanded at a rate of 2.5%–well above the nation’s growth rate of 1.4% for the quarter. Arkansas growth rate ranked #11 among the 50 states.

The state’s first quarter growth rate was highest registered since the fourth quarter of 2022. Measured over the most recent four quarters, Arkansas growth rate was 1.3%, compared to 2.9% for the U.S.

Source: Bureau of Economic Analysis

A breakdown of contributions to GDP by sector shows that Arkansas’ growth rate was largely attributable to Agriculture. Construction also contributed to growth for both Arkansas and the U.S., as did most service-providing sectors.

Source: Bureau of Economic Analysis

The growth contribution of Agriculture to first-quarter GDP stands in sharp contrast to that sector’s contributions in previous quarters. Over the four quarters of 2023, Agriculture subtracted nearly a full percentage point from the state’s GDP growth. As shown in the figures below, rising farm output contributed positively to Arkansas’ overall growth rate in 2022, but was particularly relevant for the slow growth in the first half of 2023.

Source: Bureau of Economic Analysis
Source: Bureau of Economic Analysis

Without the Agriculture sector, Arkansas’ growth rate in the first quarter of 2024 would only be 0.6%. Nevertheless, the growth rate of non-Agricultural GDP over the past four quarters has been 2.1%–compared to the 1.3% growth rate for total GDP.