What is the gross domestic product (GDP) in the US?
About $23.4 trillion in Q3 2024. Gross domestic product (GDP) measures the value of goods and services a country or state produces — it’s the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of its economy. The $23.4 trillion is the “real GDP,” which is adjusted to account for inflation to make it easier to compare the size of an economy over time.
+2.7%
Change in real GDP (Q3 2023 to Q3 2024)
Source: U.S. Bureau of Economic Analysis
As of Q3 2024, the real GDP was $23.4 trillion, up 2.7% from Q3 in 2023.
Real GDP increased from Q3 2023 to reach $23.4 trillion in Q3 2024.
Adjusted for inflation (chained 2017 dollars), seasonally adjusted at annual rates
Source: U.S. Bureau of Economic Analysis
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The GDP can also be broken down and compared across industries — useful, as different industries experience different economic pressures.
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The real estate, rental, and leasing industry contributed the most to the United States GDP in 2023, generating a value of $3.8 trillion, or about 13.7% of the GDP. It was followed by professional and business services (13.0%) and government (11.2%).
The five biggest industries in the US generated about 57% of the GDP in 2023.
In 2023, the real estate, rental, and leasing industry contributed the most to GDP in the US.
Real gross domestic product by industry, chained 2017 dollars
Source: U.S. Bureau of Economic Analysis
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Another way to understand a population’s standard of living is by taking the GDP and dividing it by the total number of people in the population. This figure offers insight into the average economic output per individual. When the GDP per person goes up, it suggests that individuals are becoming wealthier and/or resources are being used more efficiently. This helps economists understand whether economic growth is outpacing population growth.
In 2023, the US GDP per person was $67,692, up 2.4% from 2022.
In 2023, real GDP was equivalent to $67,692 per person.
Real gross domestic product per person, chained 2017 dollars
Source: United States Census Bureau & 1 more
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In 2023, the real (that is, inflation-adjusted) GDP per person exceeded $85,000 in three states (New York, Massachusetts, and Washington) and was less than $48,000 in three states (Arkansas, West Virginia, and Mississippi).
GDP and the economic experience varies by location due to factors like cost of living, population density, workforce education, and the area’s main industries.
In 2023, New York had the highest GDP per person and Mississippi had the lowest.
Real gross domestic product per person by state (2023)
Source: United States Census Bureau & 1 more
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