~~Kansas’ Economic Growth Was #1 in the Nation in the 3rd Quarter of 2023,
#2 in the Nation in the 2nd Quarter~~
TOPEKA – Governor Laura Kelly today celebrated that, according to data released by the Bureau of Economic Analysis (BEA), the Kansas economy grew by 9.7% in the 3rd quarter of 2023 — the fastest rate in the nation. This improves on an already impressive record of economic growth; in the 2nd quarter of 2023, Kansas’ economy grew at the second-fastest rate in the nation at 7.4%.
“This data shows that our efforts to support businesses, create a stable economy, and grow our workforce are paying off,” Governor Laura Kelly said. “Now, Kansas is outstripping the entire nation in economic growth and attracting business investment. Last week, I announced Kansas surpassed $18 billion in business investment since I took office in 2019. It’s clear we have the momentum to continue this trajectory of economic success into 2024 and beyond.”
The Kelly Administration’s work to support the agriculture, forestry, fishing, and hunting industries helped drive this economic growth. While those industries decreased nationally and in 33 other states, they were leading contributors to growth in Kansas.
Kansas also ranked third in the nation for growth in personal income, with personal income growing at 4.9% over the 3rd quarter of 2023. Farming, which decreased nationally and in 41 other states, was the leading contributor to the increased earnings in Kansas.
Kansas’ economic growth is measured by the change in its real gross domestic product (GDP), or the market value of goods and services produced in the state. The second quarter of 2023 included April through June; the third quarter included July through September.