Louisiana posted growth of 4.3 percent in real gross domestic product during the second quarter, outpacing the national average and ranking 12th in the U.S. for growth.
The figures, released Wednesday by the U.S. Bureau of Economic Analysis, represent the second straight quarter of strong growth in Louisiana after a poor showing in 2017. The BEA revised Louisiana’s first-quarter estimates upward to 4.7 percent GDP growth from 2.3 percent.
Louisiana’s GDP was more than $249 billion during the second quarter, comprising 1.2 percent of the U.S. GDP.
Louisiana’s rate of 4.3 percent during the quarter was higher than the U.S. rate of 4.2 percent. Gross domestic product measures the market value of goods and services produced and is one widely-used benchmark for the economy.
Mining, quarrying and oil and gas extraction, after tumbling in the first quarter, rose by 0.40 percentage points in Louisiana. Construction, utilities, and real estate/rental and leasing are among the other sectors that gained during the second quarter.
Educational services and finance and insurance are the only sectors in the state that fell during the period.
Change in GDP for the quarter among states ranged from 6 percent in Texas to 2.5 percent in Delaware, the BEA said.
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