The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US region as of the second quarter of 2021 and the growth rate from one year prior. Every single region's economy grew over the previous quarter.
Findings
- The difference between the region with the largest annualized quarterly growth rate, the Midwest, and the region with the smallest, the Northeast, is 0.59 percentage points.
- The difference between the region with the largest year-over-year growth rate, the Midwest, and the region with the smallest, the Northeast, is 2.73 percentage points.
- Of the four regions, 0 grew faster over the previous quarter than they did over the same quarter last year, 0 saw the same growth over both time periods, and 4 grew slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the second quarter of 2020, the first quarter of 2021, and the second quarter of 2021.
- The data is seasonally adjusted in current dollars.
- Growth rates may differ from those provided by the Bureau of Economic Analysis as the BEA's growth rates are based on chained dollars in conjunction with the chain index or the quality index for real GDP.
- All figures are rounded to the nearest hundredth.
- The Midwestern US consists of Illinois, Ohio, Michigan, Indiana, Minnesota, Wisconsin, Missouri, Iowa, Kansas, Nebraska, North Dakota, and South Dakota.
- The Northeastern US consists of New York, Pennsylvania, New Jersey, Massachusetts, Maryland, Connecticut, New Hampshire, Delaware, Maine, Rhode Island, and Vermont.
- The Southern US consists of Texas, Florida, Georgia, North Carolina, Virginia, Tennessee, Louisiana, South Carolina, Alabama, Kentucky, Oklahoma, Arkansas, Mississippi, and West Virginia.
- The Western US consists of California, Washington, Colorado, Arizona, Oregon, Utah, Nevada, New Mexico, Hawaii, Idaho, Alaska, Montana, and Wyoming.
Details
The Northeast had the worst performance over the previous quarter with an annualized rate of 2.90%. The Midwest had the best performance with an annualized rate of 3.49%.
Year over year, the Northeast had the worst performance with an annualized rate of 15.08% while the Midwest had the best performance with an annualized rate of 17.81%.
The South saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth dropping its rate by 14.42 percentage points. The Northeast had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth dropping its rate by 12.18 percentage points.
The West had the smallest range in annualized quarterly growth rates with a low of 2.97% in Arizona to a high of 4.01% in Montana. Conversely, the Midwest had the greatest range in annualized quarterly growth rates with a low of 3.00% in Ohio to a high of 5.31% in North Dakota. Year-over-year, the Northeast had the smallest range in growth rates with a low of 10.69% in Delaware to a high of 17.16 in Vermont. The Midwest on the other hand, had the greatest range of rates on a year-over-year basis with a low of 16.03% in Wisconsin to a high of 30.24% in North Dakota.
Sources
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed October 25, 2021. https://www.bea.gov/data/gdp/gdp-state.