The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US state as of the first quarter of 2019 and the growth rate from one year prior. Four states saw a contraction over the previous quarter while all states grew over the same quarter last year.
Findings
- The difference between the state with the largest annualized quarterly growth rate, Nevada, and the state with the smallest, Wyoming, is 10.36 percentage points.
- The difference between the state with the largest year-over-year growth rate, Washington, and the state with the smallest, Rhode Island, is 4.55 percentage points.
- The median annualized quarterly growth rate in the 50 US states is 3.72% and the mean 3.26%.
- The median year-over-year growth rate in the 50 US states is 4.83% and the mean 4.78%.
- Six states' economies grew faster over the previous quarter than they did over the same quarter last year. The remaining 44 states saw their economies grow slower over the previous quarter than they did over the same quarter last year (four of which saw negative growth over the previous quarter).
Caveats
- Data is from the first quarter of 2019, the fourth quarter of 2018, and the first quarter of 2018.
- 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.
Details
Wyoming had the largest decline over the previous quarter with an annualized drop of 4.72%. Nevada had the largest growth with an annualized gain of 5.64%.
Year over year, Rhode Island had the smallest growth with a 2.35% rise in GDP while Washington had the largest growth with a 6.90% rise in GDP.
Wyoming saw the largest decrease in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 7.14 percentage points. Rhode Island had the largest increase in its growth rate between its year-over-year growth and its annualized quarterly growth ramping up its rate by 1.49 percentage points.
New Hampshire went from having the 39th largest growth rate over the same quarter last year to the 8th largest growth rate over the previous quarter. Conversely, West Virginia went from having the 3rd highest growth rate over the same quarter last year to the 45th highest growth rate over the previous quarter. Only two states had growth rates in the top five both over the same quarter last year and over the previous quarter: Arizona (2nd highest growth year-over year, 2nd highest growth over the previous quarter) and Washington (highest year-over-year, 3rd highest quarterly). Two states had growth rates in the bottom five both over the same quarter last year and over the previous quarter: Alaska (48th highest year-over-year, 49th highest quarterly) and Wyoming (49th highest year-over-year, 50th highest quarterly).
Sources
US Bureau of Economic Analysis. 2019. "GDP by State." Accessed August 18, 2019. https://www.bea.gov/data/gdp/gdp-state.