Americans Spent More on Utilities and Health Care in 2019 | Best States

State personal consumer spending increased in 2019, according to data released Thursday by the Bureau of Economic Analysis. The increase reflects a pre-pandemic world, without the impacts of the economic downturn, making the data almost unrecognizable in today’s current climate.

The 2019 consumer expenditures saw a 3.9% overall increase, decelerating from a 4.9% increase in 2018. Those spending increases in 2019 ranged from 1.8% in Vermont to 5.7% in Utah.

Here are five takeaways from the data:

Americans Spent More on Utilities and Health Care

Expenditures on housing and utilities, at 4.3%, and on health care, at 4.5%, were the leading cause of spending growth on the national level, across all states.

Utah Was Top State for Consumer Spending

Spending on financial services and insurance in Utah increased by 10.5% in 2019, leading the state’s growth. Housing and utilities expenditures were the second-largest contributor to growth in the state with a 5.1% increase.

Other Western States Saw Fastest-Growing Spending

Americans Spent Less on Energy Sources and Motor Vehicles

Gasoline and other energy goods, and motor vehicles saw the largest expenditure decreases in 2019 on the national level.

In Vermont, the state that saw the slowest expenditure growth; spending on gasoline and other energy goods decreased by 7.5%, and was the leading contributor to slow growth.

Americans Averaged $44,276 in Personal Consumer Spending in 2019

(U.S. Bureau of Economic Analysis)

Source Article