California’s Per Capita Income Soars and Personal Income Sector Sees Major Change in the United States

By Shubhendra Anand , 01 September, 2023

The real Gross Domestic Product of (GDP) of the United States has increased by 2.4 percent in the second quarter of 2023, as per the reports of advance estimation by the Bureau of Economic Analysis. In the United States, the average contribution of each state to the country's GDP is almost two percent in the first quarter of 2023.

Based on a survey report, California, Texas, Florida, and Pennsylvania, among the other seven states, are the most significant contributors to the United States GDP in the first quarter of 2023. California is one of the most populous, as 11.7 percent of Americans reside here, contributing 14.2 percent to the GDP in 2021. Also, California's per capita contribution is higher than other states. New York is populated with 5.9 percent of Americans and has contributed around 8.1 percent towards the GDP in 2020. With a population share of 6.7 percent, Florida shared only 5.5 percent of the US GDP in 2020. According to the Bureau of Economic Analysis (BEA), two percent GDP growth annually for the United States has resulted in real GDP growth in 14 of the 23 industry groups in the first quarter of 2023. Healthcare, fishing, forestry, and agriculture are among the leading sectors boosting the real GDP nationally.

Columbia is the leading contributor towards the growth of 15 states in the healthcare and social assistance sectors. Also, all 50 states have seen growing development in the same sectors. The personal income for the nation in 2023 also experienced growth at an annual rate of 5.1 percent resulting in an increased income in 48 states and the District of Columbia. The change from the last quarter of 2022 and the first quarter of 2023 in personal income for the nation accounted for up to USD 278.2. The personal income sector has witnessed a significant change.

Change in Personal Income and Select Components