Montana consumers spent money at a rate in 2017 that ranked it among states with the highest rate of increase in personal consumption expenditures (PCE), according to the Bureau of Economic Analysis. In general, across the country, all consumers spent more in 2017 than in 2016. On average state PCE increased 4.3 percent in 2017, accelerating from the 3.8 percent increase in 2016.
Montana’s 5.3 percent rate ranks right up there with the fastest growing states of Idaho at 6.9 percent, Washington with 6.1 percent, Utah at 5.7 percent, Arizona at 5.5 percent, and Colorado at 6.5 percent.
North Dakota consumer spending increased the least at 2 percent, followed by Wyoming at 2.5 percent, Louisiana at 2.5 percent, and Oklahoma at 2.7 percent.
In 2017, expenditure growth in health care and housing and utilities were the leading contributors to national PCE growth (table 3). These categories grew 4.6 percent and 4.0 percent, respectively (table 2). Spending on health care and on housing and utilities were also among the leading contributors to PCE growth in most states, including the four fastest growing states.
Gasoline and other energy goods expenditures increased on average 11.7 percent in 2017. It was the first year-over-year increase since 2012. Spending on gasoline and other energy goods increased in every state. Washington and Idaho experienced larger than average increases in this expenditure category – 16.0 percent and 14.9 percent, respectively.
Across all states and the District of Columbia, per capita PCE was $40,878. Per capita PCE by state ranged from a high of $53,267 in Massachusetts to a low of $30,027 in Mississippi. Per capita PCE in the District of Columbia was $60,914.