A chart showing state-level GDP growth numbers for 2019. CREDIT U.S. BEA
By CBJ News Staff
New data from the U.S. Bureau of Economic Analysis shows that the state of Iowa saw real GDP growth of 1.3% in the fourth quarter of 2019, but less than 1% for the entire year.
GDP (gross domestic product) is the sum of the goods and services produced in the economy over a set period of time.
The state’s economy grew by 0.9% from 2018-2019, according to the BEA, with the strongest part of the year coming in the first quarter, with 2% growth, before falling to 1.1% in the second. Growth rebounded to 1.3% in the third quarter and held steady through the end of the year.
Iowa’s 2019 annual growth rate was down from 2018’s mark of 1.4%, according to the BEA. The U.S. GDP grew by 2.3% in 2019.
The retail, finance and insurance, government and utilities sectors were the main drivers of growth in Iowa’s economy over the fourth quarter.
Iowa’s annual GDP growth topped that of neighboring Nebraska (0.6%) and South Dakota (0.7), but trailed Illinois (1.6), Minnesota (1.4), Missouri (2.1) and Wisconsin (1.4). Texas led the nation, with 4.4% growth over the year, followed by Utah and Washington. CBJ