The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US region as of the fourth quarter of 2019 and the growth rate from one year prior. Every single region's economy grew both over the past quarter and the past year.
Findings
- The difference between the region with the largest annualized quarterly growth rate, the South, and the region with the smallest, the Northeast, is 0.96 percentage points.
- The difference between the region with the largest year-over-year growth rate, the West, and the region with the smallest, the Midwest, is 1.15 percentage points.
- Zero regions saw their GDP rise faster in the previous quarter than they did over the same quarter last year. Four regions saw their GDP rise slower in the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the fourth quarter of 2019, the third quarter of 2019, and the fourth 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.
- 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 smallest increase over the previous quarter with an annualized growth rate of 2.88%. The South had the largest growth with an annualized gain of 3.84%.
Year over year, the Midwest had the smallest growth with a 3.28% rise in GDP while the West had the largest growth with a 4.43% rise in GDP.
The Northeast saw the largest decrease in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 1.21 percentage points. The South had the smallest decrease in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 0.13 percentage points.
The South went from having the third highest growth rate over the same quarter last year to the highest over the previous quarter. The Northeast went from having the second highest growth rate over the same quarter last year to the fourth highest over the previous quarter. The Midwest had the smallest range in annualized quarterly growth rates with a low of 2.04% in North Dakota to a high of 3.60% in Nebraska. Conversely, the South had the greatest range in annualized quarterly growth rates with a low of 1.20% in West Virginia to a high of 4.64% in Texas. Year-over-year, the Northeast had the smallest range in growth rates with a low of 2.77% in Delaware to a high of 5.60 in New Hampshire. The West on the other hand, had the greatest range of rates on a year-over-year basis with a low of 0.30% in Alaska to a high of 5.96% in Utah.
Sources
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed April 21, 2020. https://www.bea.gov/data/gdp/gdp-state.