Louisiana posted growth of 2.9% during third quarter in 2019, compared to the previous quarter, slightly higher than the national average of 2.1% in gross domestic product growth.
The state was No. 4 in the nation for economic growth during the third quarter and accounts for 1.2% of total U.S. GDP.
Gross domestic product measures the market value of all goods and services produced and is one widely-used benchmark for the economy.
The U.S. Bureau of Economic Analysis data, released Friday, showed that Louisiana's economy also expanded from the previous year. During third quarter, Louisiana's GDP grew by 1.7% to $264 billion from $259 billion for third-quarter 2018.
The majority of the state's growth second to third quarter 2019 was driven by non-durable goods manufacturing, which grew by 1.7% during third quarter. Non-durable goods are often single use or short-term use materials bought by consumers.
Meanwhile, long-lasting durable goods declined less than 1%, records show.
Stories ranging from a lull in industrial construction to the rise of medical marijuana captured business headlines during 2019. Here's a roun…
Coming in at less than 1% growth were mining, quarrying and oil and gas extraction; wholesale trade; retail trade; information; real estate; professional and technical services; company management; administrative support; health care and social assistance for services; and other services.
Down by less than 1% second to third quarter 2019 were utilities; construction; transportation and warehousing; finance and insurance; arts and entertainment; and government.
Texas had the fastest GDP growth during third quarter at 4%, followed by Utah at 3.2%, records show. Mississippi fell behind Louisiana with GDP growth of 1.9%, while Alabama grew by only 1.7% second to third quarter.
Louisiana posted growth of 1.7% in real gross domestic product during second quarter, compared to the previous quarter, which means the state …
Acadiana Business Today: Louisiana's GDP grew faster than the national average during July-September 2019; Burger King to be built at corner of Johnston Street, Broadmoor Boulevard
Louisiana posted growth of 2.9% during third quarter in 2019, compared to the previous quarter, slightly higher than the national average of 2…
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