Louisiana’s gross domestic product increased by 2.9% in the third quarter of 2019, according to statistics released today by the U.S. Bureau of Economic Analysis, higher than the national average for growth.
In terms of percentage change in real GDP between the second and third quarters of 2019, the Bayou State ranks No. 4 in the nation in GDP growth, trailing only Texas, Utah and Washington. Texas, posting 4% growth, led the nation in GDP percentage change.
Louisiana’s GDP—a major economic indicator that measures the value of all goods and services produced in a defined area—rose to more than $264 billion in the third quarter, or 1.2% of the nation’s total GDP.
Nondurable goods manufacturing in Louisiana rose 1.72 percentage points, the highest industry growth for the state.
Mining, quarrying and oil and gas extraction in Louisiana grew 0.58 percentage points, according to the BEA report. Agriculture, utilities and construction industries also grew slightly in the third quarter, while the durable goods manufacturing, construction, finance and insurance, and transportation sectors saw losses.
The state fared well compared to its Southern neighbors, which posted a collective 2.1% GDP growth. Following Louisiana, Arkansas had the second highest percentage growth for Q3, at 2.9%. West Virginia saw the smallest gain (0.5%). Read the full release.
