The Bureau of Economic Analysis reported today that Arkansas GDP expanded at an annual growth rate of 1.3% in the third quarter. The BEA report noted that 47 states plus the District of Columbia showed positive growth. Arkansas’ growth rate ranked 41st among the states, and was significantly lower than the U.S. growth rate of 3.2%.
Data for previous quarters was unrevised, so the latest data represents an update to our previous report.
Although Arkansas’ growth rate has been slower than the national average in the second and third quarters of 2022, cumulative growth since 2019:Q4 shows Arkansas well-above the U.S. In the 11 quarters since that pre-COVID reference point, Arkansas cumulative growth rate of 6.9% translates to an average annual rate of 2.4%. By comparison the U.S. annual average growth rate over that period was 1.6%.