Consumer spending continued to grow steadily in New York over a three year period. A new report found that New York ranked eighth in the country for average growth in personal consumption spending from 2022 through 2024.
What the Numbers Show
New York had an average growth rate of 3.63 percent during those three years. Spending grew by nearly 5 percent in 2022. The rate was slower at 3.20 percent in 2023, then climbed to 3.50 percent in 2024.
What Consumer Spending Means
Personal consumption spending is the money people use to pay for goods and services. This can many things including groceries, clothing, housing, health care, transportation, entertainment, and other needs. When spending goes up, more than likely that means that people are still able to buy things, even when prices are high.
New York Remains Near the Top
There was only seven states that had a higher three year average than New York. Hawaii ranked first with an average growth rate of 4.37 percent. Colorado, Alaska, Idaho, Virginia, Illinois, and Texas also finished ahead of New York.
A Sign of Steady Demand
These numbers would suggest that consumer demand stayed strong across New York. Although the yearly rate changed, spending growth remained on the positive side in all three years covered by the report. New York also showed a small rebound in 2024 after growth slowed the year before.
Where the Data Came From
The findings are based on data from the U.S. Bureau of Economic Analysis and its Regional Price Parities reports covering 2022, 2023, and 2024. You can see the complete report here.
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