Gdp Growth By State 2020

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 2020 Pop.
Washington15.70%4.10%3.80%4.20%7,797,095
Utah24.30%2.70%3.90%4.00%3,282,115
Idaho34.10%2.40%3.70%3.00%1,826,156
Arizona44.00%3.00%3.30%2.20%7,378,494
Florida53.50%2.50%3.40%3.90%21,992,985
California63.50%3.60%3.00%5.00%39,937,489
Colorado73.50%3.10%2.40%4.40%5,845,526
Oregon83.40%3.20%4.60%5.30%4,301,089
Nevada93.20%2.50%2.40%4.20%3,139,658
Texas103.20%2.00%0.20%5.10%29,472,295
Tennessee113.00%2.40%1.90%3.10%6,897,576
North Carolina122.90%1.90%1.10%3.10%10,611,862
Virginia132.80%1.80%0.30%1.90%8,626,207
Michigan142.70%1.60%1.90%2.30%10,045,029
Massachusetts152.70%2.20%1.70%3.60%6,976,597
Georgia162.60%2.90%3.30%3.30%10,736,059
Wisconsin172.50%1.40%1.10%1.40%5,851,754
North Dakota182.50%-1.60%-7.10%-3.00%761,723
West Virginia192.40%1.40%-1.20%-0.50%1,778,070
Missouri202.30%0.90%-0.90%1.10%6,169,270
New Hampshire212.20%2.00%1.90%2.40%1,371,246
Minnesota222.20%2.10%2.00%1.00%5,700,671
Illinois232.10%0.60%0.30%1.00%12,659,682
Pennsylvania242.10%1.70%1.10%2.00%12,820,878
New York252.10%1.40%1.40%1.50%19,440,469
Alabama262.00%1.80%0.50%1.30%4,908,621
New Jersey272.00%1.30%0.70%1.60%8,936,574
Maine281.90%1.70%2.10%0.40%1,345,790
Kansas291.90%0.80%2.30%1.20%2,910,357
Indiana301.90%1.60%1.70%-1.00%6,745,354
Oklahoma311.80%0.20%-2.80%3.50%3,954,821
Ohio321.80%1.60%0.70%1.20%11,747,694
New Mexico331.80%0.00%0.10%1.90%2,096,640
South Carolina341.60%2.60%2.80%3.20%5,210,095
Maryland351.60%2.00%3.10%1.70%6,083,116
Nebraska361.50%0.30%0.50%2.40%1,952,570
Iowa371.40%-0.30%0.40%2.10%3,179,849
Kentucky381.40%1.10%0.50%0.50%4,499,692
South Dakota391.30%-0.40%0.30%2.60%903,027
Vermont401.20%1.30%1.60%1.10%628,061
Louisiana411.10%0.10%-1.20%-0.20%4,645,184
Mississippi421.00%0.50%0.30%0.40%2,989,260
Hawaii431.00%1.60%2.30%3.40%1,412,687
Connecticut441.00%-0.60%-0.20%1.80%3,563,077
Arkansas450.90%0.90%0.50%0.40%3,038,999
Montana460.90%0.40%1.10%3.80%1,086,759
Rhode Island470.60%0.80%0.00%1.50%1,056,161
Delaware480.30%-0.10%-2.90%3.00%982,895
Wyoming490.30%0.50%3.80%2.60%567,025
Alaska50-0.30%-0.20%-1.80%0.70%734,002