The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US state as of the third quarter of 2019 and the growth rate from one year prior. West Virginia is the only state to see an economic contraction over the same quarter last year and Alaska and Wyoming are the only states to contract over the previous quarter.
Findings
- The difference between the state with the largest annualized quarterly growth rate, Idaho, and the state with the smallest, Wyoming, is 7.00 percentage points.
- The difference between the state with the largest year-over-year growth rate, Rhode Island, and the state with the smallest, West Virginia, is 6.41 percentage points.
- The median annualized quarterly growth rate in the 50 US states is 3.96% and the mean 3.59%.
- The median year-over-year growth rate in the 50 US states is 3.68% and the mean 3.45%.
- Twenty-six states' economies grew faster over the previous quarter than they did over the same quarter last year. Zero states grew at the same rate over both time periods. The remaining 24 states saw their economies grow slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the third quarter of 2019, the second quarter of 2019, and the third 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 decrease over the previous quarter with an annualized drop of 1.80%. Idaho had the largest growth with an annualized gain of 5.20%.
Year over year, West Virginia had the largest contraction with a 0.63% drop in GDP while Rhode Island had the largest growth with a 5.78% 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 2.15 percentage points. South Dakota had the largest increase in its growth rate between its year-over-year growth and its annualized quarterly growth ramping up its rate by 2.38 percentage points.
South Dakota went from having the 43rd largest growth rate over the same quarter last year to the 6th largest growth rate over the previous quarter. Conversely, Texas went from having the 18th highest growth rate over the same quarter last year to the 40th highest growth rate over the previous quarter. Only three states had growth rates in the top five both over the same quarter last year and over the previous quarter: Idaho (4th highest growth year-over year, highest growth over the previous quarter), Utah (2nd highest year-over-year, 2nd highest quarterly), and Washington (3rd highest year-over-year, 4th highest quarterly). Five states had growth rates in the bottom five both over the same quarter last year and over the previous quarter: North Dakota (48th highest year-over-year, 46th highest quarterly), Oklahoma (46th highest year-over-year, 47th highest quarterly), West Virginia (50th highest year-over-year, 48th highest quarterly), Alaska (49th highest year-over-year, 49th highest quarterly), and Wyoming (47th highest year-over-year, 50th highest quarterly).
Sources
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed January 28, 2020. https://www.bea.gov/data/gdp/gdp-state.