New York ranks 8th in the United States for consumer spending growth, achieving a three-year average personal consumption expenditure (PCE) growth rate of 3.63% from 2022 to 2024, according to a new analysis of U.S. Bureau of Economic Analysis (BEA) data. The state recorded annual PCE growth of 4.20% in 2022, followed by 3.20% in 2023, and 3.50% in 2024. Texas, ranked 7th, had a three-year average growth of 3.67%, while Alabama had the lowest at 0.90%.
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The study, conducted by Kendra’s Boutique Inc., evaluated consumer spending trends across all 50 states to highlight areas with stronger economic recovery. Hawaii led the nation with an average PCE growth of 4.37%. The report compiled annual growth rates from BEA’s Regional Price Parities for the years 2022, 2023, and 2024. New York's growth rate was slightly lower than Texas's by 0.04 percentage points and higher than Vermont's by 0.10 percentage points.
Kendra, the founder of Kendra’s Boutique Inc., commented on the findings, emphasizing that New York’s strong ranking indicates a robust state economy. She noted that consumers are increasingly spending on beauty and personal care, which presents expanding opportunities for local businesses. Kendra pointed out that while states with slower growth represent potential untapped markets, New York is currently thriving as a leader in consumer spending.
In summary, New York’s annual PCE growth rates reflect a resilient economy, with a three-year average that places it among the top states for consumer expenditures.