The Official Web Site of the State of South Carolina

Real GDP: Quarter Two 2024

Real GDP: Quarter Two 2024

By Lainey Stalnaker, Data Analytics Writer

GDP

Each quarter, the Bureau of Economic Analysis releases GDP data at the national and state level.[1] GDP is calculated by summing the value of all goods and services produced by labor and property in the state and can be broken down by industry. Real GDP is adjusted for inflation and counted in chained 2017 dollars.  

Between quarters one and two of 2024, U.S. real GDP increased at an annual rate of 3.0 percent. Across all states, the rate of change ranged from -1.1 percent in Alaska (the only state to record a decrease) to +5.9 percent in Idaho. Real GDP in South Carolina grew at a rate of +4.5 percent. This places it fifth in the nation, an increase of seven spots from the previous quarter. South Carolina’s real GDP growth has outpaced the nation’s in each of the last four quarters, as depicted in the figure below. Additionally, real GDP grew faster in South Carolina than any other state in the Southeast—by a point or more.[2]  

Percent Change in Real GDP

The majority of sectors in South Carolina increased their GDP from quarter one to quarter two of 2024. Just three—Agriculture, Forestry, and Fishing; Management of Companies and Enterprises; and Education Services—recorded a decline in GDP. For the fourth consecutive quarter, Manufacturing was the top contributor to South Carolina’s GDP growth. Both Durable and Nondurable Goods Manufacturing accounted for 0.85 percentage points of growth, for a combined 1.70 percentage points (out of the total boost of 4.5 points). Real Estate and Rental Leasing came second, contributing 0.44 points, and Wholesale Trade was close behind with 0.43 points. Altogether, these data suggest that South Carolina’s economy is growing, and Manufacturing in particular continues to play a critical role.

[1]https://www.bea.gov/news/2024/gross-domestic-product-state-and-personal-income-state-2nd-quarter-2024  

[2]The BEA defines the Southeast as Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.