Tag Archives: Bureau of Economic Analysis

Kansas GDP growth spurt

In the second quarter of 2018, the Kansas economy grew at the annual rate of 4.7 percent, the seventh-best rate in the nation.

In the second quarter of 2018, the Kansas economy grew at the annual rate of 4.7 percent in real (inflation-adjusted) dollars, according to statistics released today by Bureau of Economic Analysis, a division of the United States Department of Commerce. GDP for the quarter was at the annual rate of $164,018 million.

Click for larger.
This is a sharp jump in the rate of growth from the first quarter of 2018, when the rate was 0.5 percent, with only three states having lower rates.

Quarterly GDP growth for states can be volatile, as shown in the nearby chart.

For Kansas, industries that differed markedly from the state average include agriculture, forestry, fishing, and hunting, and durable goods manufacturing. The nearby table shows more industries.

Kansas GDP growth slows

In the first quarter of 2018, the Kansas economy grew at the annual rate of 0.5 percent in real terms, slowing from the previous quarter.

In the first quarter of 2018, the Kansas economy grew at the annual rate of 0.5 percent in real (inflation-adjusted) dollars, according to statistics released today by Bureau of Economic Analysis, a division of the United States Department of Commerce. GDP for the quarter was at the annual rate of $161,551 million.

This is a decline in the rate of growth from the fourth quarter of 2017, when the rate was 2.3 percent.

Click for larger.
The first quarter numbers put Kansas in 47th position among the states, with only Arkansas, Idaho, and North Dakota posting lower numbers. Quarterly GDP can be volatile, as shown in the nearby chart.

For Kansas, industries that differed markedly from the state average include:

Agriculture, forestry, fishing, and hunting, down by 1.08 percent.
Wholesale trade, down by 0.13 percent.
Management of companies and enterprises, up by 0.07 percent.
Administrative and support and waste management and remediation services, unchanged.
Educational services, up by 0.01 percent.
Arts, entertainment, and recreation, down by 0.03 percent.
Accomodation and food services, down by 0.03 percent.

Personal income in Kansas and Wichita

Personal income in Wichita and Kansas has declined.

Today the Bureau of Economic Analysis, an agency of the United States Department of Commerce, released real personal income for the states and metropolitan areas. 1 The data released today is through the complete year 2016.

Real Personal Income for States, 2016. Bureau of Economic Analysis. Click for larger.
For the state of Kansas, real personal income declined from $137,975 million in 2015 to $137,307 in 2016, a decline of 0.5 percent. For the entire country, the growth was 1.1 percent. Among the states and DC, Kansas ranked forty-fifth in magnitude of change.

For the Wichita metropolitan statistical area, real personal income declined from $30,913 million in 2015 to $30,747 in 2016, also a decline of 0.5 percent. Of 382 metro areas, Wichita ranked 337th in magnitude of change.

Looking at per capita figures, real personal income per capita in Kansas fell from $47,483 in 2015 to $47,221 in 2016, a decline of 0.6 percent. For the entire country, the growth was 0.4 percent. Among the states and DC, Kansas ranked forty-third in magnitude of change.

Real personal income per capita in the Wichita metropolitan statistical area fell from $48,076 in 2015 to $47,694 in 2016, a decline of 0.8 percent. Of 382 metro areas, Wichita ranked 325th in magnitude of change.

“Real” means that the values are expressed in a way that recognizes the effects of inflation. In this case the values are in “millions of chained (2009) dollars.” Additionally, BEA uses regional price data to measure and account for the effects of regional inflation.

BEA offers this definition: “Real state personal income is a state’s current-dollar personal income adjusted by the state’s regional price parity and the national personal consumption expenditures price index.” 2 Metro personal income is defined similarly.

Personal income, also from BEA, is “The income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.” 3


Notes

  1. Bureau of Economic Analysis. Real Personal Income for States and Metropolitan Areas, 2016. Available at https://www.bea.gov/newsreleases/regional/rpp/2018/pdf/rpp0518.pdf.
  2. Ibid.
  3. Ibid.