#PERSONAL CONSUMPTION EXPENDITURES UPDATE#
The update also includes changes to RPP estimation methods. The update includes the results of the July 2021 annual update of the National Income and Product Accounts, the September 2021 annual update of the state personal income statistics, and the November 2021 annual update of local area personal income statistics. The update incorporates revised source data that are more complete and more detailed than previously available. The annual estimates of state and metropolitan area real personal income for 2008 to 2019 were revised. The estimates for 2020 incorporate the results of BEA's annual update of real personal income for states and metropolitan areas that was also released today. States with the lowest RPPs were Mississippi (87.8), West Virginia (88.0), and Arkansas (89.2).Īcross states, California had the highest RPP for housing rents (160.2) and Mississippi had the lowest (56.1) the RPP for housing rents in the District of Columbia was 168.9. States with the highest RPPs were Hawaii (112.0), New Jersey (111.2), and California (110.4) the RPP in the District of Columbia was 111.5 (table 2). Areas with high/low RPPs typically correspond to areas with high/low price levels for rents. The all items RPP covers all consumption goods and services including housing rents. Regional price parities (RPPs) measure the differences in price levels across states for a given year and are expressed as a percentage of the overall national price level. Their implicit regional price deflators increased 1.0 percent and 2.2 percent respectively.
In both states, the implicit regional price deflator decreased.Īlaska (1.6 percent) and Oklahoma had the smallest increases in real personal income. Idaho (9.8 percent) and Utah (9.0 percent) had the largest increases in real personal income. In 2020, real personal income increased in all 50 states and the District of Columbia. Across states, the percent change in real personal income ranged from 9.8 percent in Idaho to 1.6 percent in Alaska (table 1). Real state personal income increased 5.3 percent in 2020 for the nation after increasing 2.6 percent in 2019. For more information, see Federal Recovery Programs and BEA Statistics.
#PERSONAL CONSUMPTION EXPENDITURES FULL#
The full economic effects of the COVID-19 pandemic cannot be quantified in the real PCE and personal income by state estimates because the impacts are generally embedded in source data and cannot be separately identified. The 2020 estimates of real PCE and personal income by state were impacted by the response to the spread of COVID-19, as governments issued and lifted "stay-at-home" orders and government pandemic assistance payments were distributed to households and businesses. In all three states, current-dollar PCE decreased while their implicit regional price deflators increased 1.9 percent, 2.8 percent, and 1.8 percent respectively. New York, Maryland, and Hawaii had the largest decrease in real PCE. In Utah, Idaho, and Montana current-dollar PCE increased while their implicit regional price deflators decreased 1.0 percent, 0.7 percent, and 0.6 percent respectively (table2). Real state PCE is a state's current-dollar PCE adjusted by the state's regional price parity and the national PCE price index. In 2020, real PCE decreased in 47 states and the District of Columbia and increased in only three states: Utah (2.2 percent), Idaho (2.0 percent), and Montana (1.0 percent). Across states, the percent change ranged from 2.2 percent in Utah to -7.0 percent in Hawaii, Maryland, and New York the percent change was -8.9 percent in the District of Columbia (table 1). Real PCE decreased 3.8 percent in 2020 for the nation after increasing 2.2 percent in 2019. The new statistics cover the period from 2008 to 2020. Today, the U.S Bureau of Economic Analysis (BEA) released official statistics of real state personal consumption expenditures (PCE) for the first time.