Gdp Growth By State 2019

Gross domestic product (GDP) is the monetary market value of all final goods and services made within a geographic location during a specific period. It includes all private and public consumption, investments, the foreign balance of trade (exports are added to GDP, imports are subtracted) and government outlays. GDP is an overall measure of domestic production; therefore it is used as a snapshot of a country or region’s economic health.

GDP growth rate is the increase in GDP from quarter to quarter. The GDP growth rate is important for government entities, which use it to determine which monetary policies to implement, and businesses, which use it to guide their business strategy. A very high GDP growth rate is not always good, as it could be an indicator of environmental impacts or an increase in income disparity or inflation. In these cases, the government entities would use the GDP growth rate to implement monetary policy to slow down the growth.

The United States GDP was $20.50 trillion in 2018 with a growth rate of 2.9%. As with many other things, GDP varies greatly in each of the 50 states and the District of Columbia, with some states having GDPs that rival entire countries. For example, Texas’s economy of $1.8 trillion is larger than the economy of global superpower Russia.

In 2018, 49 states and the District of Columbia saw GDP growth. Only Alaska saw a decrease of -0.3%. Alaska’s GDP was about $52.31 billion and ranked as the 46th largest economy in the United States. Alaska’s economy is based on oil production, fishing, mining, research and development, and tourism.

Washington had the largest growth rate in 2018 of 5.7% almost double the national rate. The boost to the state’s economy is provided mainly from the information services and retail sectors. Washington’s consistent growth has propelled it from the 17th largest economy in the United States in 1977 to the 10th largest economy.

The fastest-growing economies in the United States for 2018 with higher GDP growth rates than the national rate are Washington, Utah, Idaho, Arizona, and Florida, California, Colorado, Oregon, Nevada, Texas, and Tennessee.

Below is a table of each state’s GDP growth in the years 2015-2018.

State GDP Growth Rank in 2018 GDP Growth in 2018 GDP Growth in 2017 GDP Growth in 2016 GDP Growth in 2015 2019 Pop.
Washington15.70%4.10%3.80%4.20%7,666,343
Utah24.30%2.70%3.90%4.00%3,221,610
Idaho34.10%2.40%3.70%3.00%1,790,182
Arizona44.00%3.00%3.30%2.20%7,275,070
Florida53.50%2.50%3.40%3.90%21,646,155
California63.50%3.60%3.00%5.00%39,747,267
Colorado73.50%3.10%2.40%4.40%5,770,545
Oregon83.40%3.20%4.60%5.30%4,245,901
Nevada93.20%2.50%2.40%4.20%3,087,025
Texas103.20%2.00%0.20%5.10%29,087,070
Tennessee113.00%2.40%1.90%3.10%6,833,793
North Carolina122.90%1.90%1.10%3.10%10,497,741
Virginia132.80%1.80%0.30%1.90%8,571,946
Michigan142.70%1.60%1.90%2.30%10,020,472
Massachusetts152.70%2.20%1.70%3.60%6,939,373
Georgia162.60%2.90%3.30%3.30%10,627,767
Wisconsin172.50%1.40%1.10%1.40%5,832,661
North Dakota182.50%-1.60%-7.10%-3.00%760,900
West Virginia192.40%1.40%-1.20%-0.50%1,791,951
Missouri202.30%0.90%-0.90%1.10%6,147,861
New Hampshire212.20%2.00%1.90%2.40%1,363,852
Minnesota222.20%2.10%2.00%1.00%5,655,925
Illinois232.10%0.60%0.30%1.00%12,700,381
Pennsylvania242.10%1.70%1.10%2.00%12,813,969
New York252.10%1.40%1.40%1.50%19,491,339
Alabama262.00%1.80%0.50%1.30%4,898,246
New Jersey272.00%1.30%0.70%1.60%8,922,547
Maine281.90%1.70%2.10%0.40%1,342,097
Kansas291.90%0.80%2.30%1.20%2,910,931
Indiana301.90%1.60%1.70%-1.00%6,718,616
Oklahoma311.80%0.20%-2.80%3.50%3,948,950
Ohio321.80%1.60%0.70%1.20%11,718,568
New Mexico331.80%0.00%0.10%1.90%2,096,034
South Carolina341.60%2.60%2.80%3.20%5,147,111
Maryland351.60%2.00%3.10%1.70%6,062,917
Nebraska361.50%0.30%0.50%2.40%1,940,919
Iowa371.40%-0.30%0.40%2.10%3,167,997
Kentucky381.40%1.10%0.50%0.50%4,484,047
South Dakota391.30%-0.40%0.30%2.60%892,631
Vermont401.20%1.30%1.60%1.10%627,180
Louisiana411.10%0.10%-1.20%-0.20%4,652,581
Mississippi421.00%0.50%0.30%0.40%2,987,895
Hawaii431.00%1.60%2.30%3.40%1,416,589
Connecticut441.00%-0.60%-0.20%1.80%3,567,871
Arkansas450.90%0.90%0.50%0.40%3,026,412
Montana460.90%0.40%1.10%3.80%1,074,532
Rhode Island470.60%0.80%0.00%1.50%1,056,738
Delaware480.30%-0.10%-2.90%3.00%975,033
Wyoming490.30%0.50%3.80%2.60%572,381
Alaska50-0.30%-0.20%-1.80%0.70%735,720