US states by consumer spending on financial services
California had the highest consumer spending on financial services of 51 states in 2023, at $124.95 billion. Vermont had the lowest, at $1.47 billion. The median was $9.92 billion and the figure for the United States was $904.68 billion. Source: the U.S. Bureau of Economic Analysis.
Map of states, 2023
- Under 3,000
- 3,000 to 7,000
- 7,000 to 10K
- 10K to 16K
- 16K to 24K
- 24K and over
All states, 2023
Full ranking
| Rank | States | 2023 | Change on 2022 |
|---|---|---|---|
| 1 | California | 124,945.6 | +4.2% |
| 2 | Texas | 76,906.7 | +7.4% |
| 3 | Florida | 70,543.8 | +5% |
| 4 | New York | 68,263.6 | +6% |
| 5 | Illinois | 43,048.1 | +5.6% |
| 6 | Pennsylvania | 35,734.8 | +6.6% |
| 7 | Massachusetts | 30,304.5 | +9.4% |
| 8 | New Jersey | 29,295.1 | +6.6% |
| 9 | Ohio | 24,970.3 | +7.7% |
| 10 | Michigan | 23,131.2 | +6.5% |
| 11 | Virginia | 22,671.5 | +7.2% |
| 12 | Georgia | 21,782 | +7.1% |
| 13 | Washington | 20,967.8 | +2.5% |
| 14 | North Carolina | 19,484.2 | +6.1% |
| 15 | Minnesota | 17,569.9 | +7.1% |
| 16 | Colorado | 17,475.7 | +5.7% |
| 17 | Tennessee | 17,115.8 | +8.6% |
| 18 | Missouri | 16,164.3 | +10% |
| 19 | Arizona | 16,099.5 | +7.2% |
| 20 | Wisconsin | 15,059.7 | +5.9% |
| 21 | Maryland | 15,056.3 | +5.6% |
| 22 | Indiana | 14,674.9 | +7.9% |
| 23 | Connecticut | 14,240.3 | +5.7% |
| 24 | South Carolina | 10,932.6 | +6.2% |
| 25 | Nevada | 10,246.5 | +3.8% |
| 26 | Alabama | 9,915.1 | +6.1% |
| 27 | Oregon | 9,194.2 | +6.4% |
| 28 | Oklahoma | 8,926.8 | +6.3% |
| 29 | Louisiana | 8,828.5 | +7.8% |
| 30 | Kentucky | 7,954.2 | +7.3% |
| 31 | Utah | 7,852.5 | +5.5% |
| 32 | Arkansas | 7,400.5 | +8.3% |
| 33 | Iowa | 6,778.4 | +6.5% |
| 34 | Nebraska | 6,685.1 | +8.1% |
| 35 | Kansas | 6,371.4 | +7.8% |
| 36 | Mississippi | 5,440.8 | +7.2% |
| 37 | New Hampshire | 5,300.5 | +4.4% |
| 38 | Idaho | 4,206 | +5.4% |
| 39 | Wyoming | 3,300.2 | +6.9% |
| 40 | Hawaii | 3,257.6 | +4% |
| 41 | New Mexico | 3,244.2 | +4.3% |
| 42 | Maine | 2,873.2 | +6.7% |
| 43 | Montana | 2,851.6 | +5.9% |
| 44 | West Virginia | 2,825.9 | +6.1% |
| 45 | District of Columbia | 2,745.4 | +6.4% |
| 46 | Rhode Island | 2,319 | +4.4% |
| 47 | North Dakota | 2,237.7 | +6.4% |
| 48 | South Dakota | 2,133.5 | +8% |
| 49 | Delaware | 2,096.7 | +4.3% |
| 50 | Alaska | 1,778.5 | +3.9% |
| 51 | Vermont | 1,472.8 | +5.7% |
Other periods
About this ranking
Personal consumption expenditures on financial service charges, fees and commissions, and financial services furnished without payment, by the households and nonprofit institutions serving households resident in the place, in millions of current US dollars. Bureau of Economic Analysis, PCE by state by type of product (table SAPCE3, line 87, Financial services); the national figure equals the national accounts (NIPA table 2.4.5).
About half is an estimate of the value of banking services paid for through lower interest on deposits rather than explicit fees. Millions of current US dollars: not adjusted for inflation or for price differences between states (see regional_price_parity). Spending is assigned to the state where the buyer lives, wherever the purchase is made. It includes purchases paid on behalf of households by employers, insurers and government programs, and the spending of nonprofit institutions serving households. Not the same as retail sales, which count store sales where the store is, and not the PCE price index. BEA revises the latest years every September.
Every value in the ranking comes from the same publisher and the same period, so the states are compared on one definition. Equal values share a rank.
How to cite
U.S. Bureau of Economic Analysis. SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states. https://apps.bea.gov/regional/zip/SAPCE.zip. Retrieved 2026-10-12.Citation styles
APA 7
U.S. Bureau of Economic Analysis. (2026). SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states (US states by consumer spending on financial services, 2023) [Data set]. Retrieved October 12, 2026, from https://apps.bea.gov/regional/zip/SAPCE.zip
MLA 9
SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states, US states by consumer spending on financial services, 2023. U.S. Bureau of Economic Analysis, 30 Sept. 2026, https://apps.bea.gov/regional/zip/SAPCE.zip. Invokely, https://invokely.ai/rankings/consumer-spending-financial-services/us-states?period=2023. Accessed 12 Oct. 2026.
Chicago (author-date)
U.S. Bureau of Economic Analysis. 2026. SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states. US states by consumer spending on financial services, 2023. Dataset. Accessed October 12, 2026. https://apps.bea.gov/regional/zip/SAPCE.zip. Also distributed by Invokely, https://invokely.ai/rankings/consumer-spending-financial-services/us-states?period=2023.
Harvard
U.S. Bureau of Economic Analysis (2026) SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states, US states by consumer spending on financial services, 2023 [Dataset]. Available at: https://apps.bea.gov/regional/zip/SAPCE.zip, via Invokely: https://invokely.ai/rankings/consumer-spending-financial-services/us-states?period=2023 (Accessed: 12 October 2026).
BibTeX
@misc{bureau_us_states_by_consumer_2023,
author = {{U.S. Bureau of Economic Analysis}},
title = {{SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states: US states by consumer spending on financial services, 2023}},
year = {2026},
howpublished = {Data set},
url = {https://apps.bea.gov/regional/zip/SAPCE.zip},
urldate = {2026-10-12},
note = {Accessed via Invokely, https://invokely.ai/rankings/consumer-spending-financial-services/us-states?period=2023. Publisher attribution: U.S. Bureau of Economic Analysis. SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states. https://apps.bea.gov/regional/zip/SAPCE.zip. Retrieved 2026-10-12.},
}
RIS
TY - DATA
AU - U.S. Bureau of Economic Analysis
TI - SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states: US states by consumer spending on financial services, 2023
PY - 2026
DA - 2026/09/30
PB - U.S. Bureau of Economic Analysis
DB - Invokely
UR - https://apps.bea.gov/regional/zip/SAPCE.zip
L2 - https://invokely.ai/rankings/consumer-spending-financial-services/us-states?period=2023
Y2 - 2026/10/12
N1 - Accessed via Invokely, https://invokely.ai/rankings/consumer-spending-financial-services/us-states?period=2023.
N1 - Publisher attribution: U.S. Bureau of Economic Analysis. SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states. https://apps.bea.gov/regional/zip/SAPCE.zip. Retrieved 2026-10-12.
ER -
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Rank US states by consumer spending on financial services using official data, and cite the source.
rank_places {"indicator":"consumer_spending_usd_financial_services","level":"region","within":"United States","limit":10}
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Which state has the highest consumer spending on financial services?
California, with $124.95 billion in 2023, according to the U.S. Bureau of Economic Analysis.
Which state has the lowest consumer spending on financial services?
Vermont, with $1.47 billion in 2023.
Where does this ranking come from?
Every value comes from one source and one period, so the places are comparable: U.S. Bureau of Economic Analysis, SAPCE3: personal consumption expenditures by state by type of product, financial services (line 87), millions of current dollars, United States and states. Retrieved 2026-10-12.