U.S. Regional Economic Outlook Q3-2022

History doesn’t repeat itself, but it does rhyme.
Dot com recession bar chart. See image description for more details.
Bar chart showing job growth in selected industries during the 2001 recession. Employment declined by 7 percent in manufacturing, 5 percent in information, and 4 percent in professional and business services. Employment increased by 2 percent in government, 2 percent in other services, and 3 percent in education and health services.
October GDP Northeast bar chart. See image description for more details.
Bar chart showing the Northeast’s year-over-year (YoY) Gross Domestic Product (GDP) growth ranging from a high of 4.7 percent in Q1-2022 to a low of -0.2 percent in Q3-2023. The bar chart is combined with a line chart showing national YoY GDP growth ranging from a high of 3.7 percent in Q1-2022 to low of 0.0 percent in Q3-2023. YoY growth is expected to be 2.0 percent in Q3-2022 and 0.5 percent in Q4-2022 for the Northeast, before reaching -0.2 in Q3-2023 and then increasing to 1.5 percent by Q4-2024. National growth is expected to be 1.8 percent in Q3-2022 and 0.2 percent in Q4-2022 before reaching a low of 0.0 percent in Q3-2023 and then increasing to 2.0 percent by Q4-2024.
October GDP South bar chart. See image description for more details.
Bar chart showing the South’s year-over-year (YoY) Gross Domestic Product (GDP) growth ranging from a high of 3.6 percent in Q1-2022 to a low of 0.2 percent in Q3-2023. The bar chart is combined with a line chart showing national YoY GDP growth ranging from a high of 3.7 percent in Q1-2022 to low of 0.0 percent in Q3-2023. YoY growth is expected to be 2.0 percent in Q3-2022 and 0.6 percent in Q4-2022 for the South, before falling to 0.2 in Q3-2023 and then increasing to 2.1 percent by Q4-2024. National growth is expected to be 1.8 percent in Q3-2022 and 0.2 percent in Q4-2022 before reaching a low of 0.0 percent in Q3-2023 and then increasing to 2.0 percent by Q4-2024.
October GDP Midwest bar chart. See image description for more details.
Bar chart showing the Midwest’s year-over-year (YoY) Gross Domestic Product (GDP) growth ranging from a high of 3.3 percent in Q1-2022 to a low of -0.5 percent in Q1-2023. The bar chart is combined with a line chart showing national YoY GDP growth ranging from a high of 3.7 percent in Q1-2022 to low of 0.0 percent in Q3-2023. YoY growth is expected to be 1.5 percent in Q3-2022 and 0.4 percent in Q4-2022 for the Midwest, before falling to -0.5 in Q3-2023 and then increasing to 1.3 percent by Q4-2024. National growth is expected to be 1.8 percent in Q3-2022 and 0.2 percent in Q4-2022 before reaching a low of 0.0 percent in Q3-2023 and then increasing to 2.0 percent by Q4-2024.
October GDP West bar chart. See image description for more details.
Bar chart showing the West’s year-over-year (YoY) Gross Domestic Product (GDP) growth ranging from a high of 3.1 percent in Q1-2022 to a low of -1.6 percent in Q3-2023. The bar chart is combined with a line chart showing national YoY GDP growth ranging from a high of 3.7 percent in Q1-2022 to low of 0.0 percent in Q3-2023. YoY growth is expected to be 1.9 percent in Q3-2022 and 0.4 percent in Q4-2022 for the West, before falling to -1.6 in Q3-2023 and then increasing to 1.6 percent by Q4-2024. National growth is expected to be 1.8 percent in Q3-2022 and 0.2 percent in Q4-2022 before reaching a low of 0.0 percent in Q3-2023 and then increasing to 2.0 percent by Q4-2024.