BEA: Idaho’s 2Q 2015 GDP Increased 4.9%

A 4.9 percent increase in Idaho’s real gross domestic product (GDP) between the first and second quarters of 2015 has been ranked by the U.S. Bureau of Economic Analysis (BEA) as 9th in the nation in percentage change and well above the national average of 3.8 percent.

Seasonally adjusted on an annual basis, the 4.9 percent increase from April to June of 2015 follows a first quarter decline for January through March of 2.4 percent.

According to Department of Labor analysts, statistically, Idaho’s ranking may be difficult to explain and is subject to revision in future releases. However, the new quarterly GDP data series for the states is a first for BEA and is designed to illustrate how specific industries contribute to the accelerations, decelerations and turning points in a state’s economic growth from quarter to quarter.

Top performers during the second quarter of 2015 included almost all of Idaho’s industry sectors with real estate, rentals and leasing, construction, finance and insurance, transportation and warehousing, and wholesale and retail trade leading the way.

Declines were reported for Idaho’s mining, educational services, agriculture, forestry and fishing, and art, entertainment and recreation industries.

Nationwide, real GDP increased in 46 states and the District of Columbia in the second quarter of 2015. Construction increased by 9.8 percent and contributed to real GDP growth in 48 states and the District of Columbia, while mining dropped 17.9 percent and subtracted more than two percentage points from real GDP growth in North Dakota, West Virginia, Oklahoma, Texas and Wyoming.

Details are available on the BEA website. State-level data for the third quarter of 2015 will be released in March.

— Idaho Department of Labor