The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US state as of the first quarter of 2020 and the growth rate from one year prior. South Dakota and Nebraska are the only states to see an economic expansion over the previous quarter.
Findings
- The difference between the state with the largest annualized quarterly growth rate, South Dakota, and the state with the smallest, Wyoming, is 13.40 percentage points.
- The difference between the state with the largest year-over-year growth rate, Utah, and the state with the smallest, Wyoming, is 5.91 percentage points.
- The median annualized quarterly growth rate in the 50 US states is -3.32% and the mean -3.99%.
- The median year-over-year growth rate in the 50 US states is 2.09% and the mean 1.81%.
- Zero 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. Fifty states saw their economies grow slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the first quarter of 2019, the fourth quarter of 2019, and the first quarter of 2020.
- 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 worst performance over the previous quarter with an annualized loss of 13.16%. South Dakota had the best performance with an annualized gain of 0.24%.
Year over year, Wyoming had the worst performance with a 2.31% drop in GDP while Utah had the best performance with a 3.60% rise in GDP.
Alaska had the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 11.07 percentage points. South Dakota had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 2.92 percentage points.
Connecticut (from 24th best growth rate over the same quarter last year to the 8th best growth rate over the previous quarter) surpassed 16 states. Conversely, Texas (from 25th to 41st) was bested by 16 states. Only three states had growth rates in the top five both over the same quarter last year and over the previous quarter: South Dakota (4th highest growth year-over year, highest growth over the previous quarter), Nebraska (2nd highest year-over-year, 2nd highest quarterly), and Utah (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 (46th highest year-over-year, 46th highest quarterly), West Virginia (48th highest year-over-year, 47th highest quarterly), Oklahoma (47th highest year-over-year, 48th highest quarterly), Alaska (49th highest year-over-year, 49th highest quarterly), and Wyoming (50th highest year-over-year, 50th highest quarterly).
Sources
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed July 14, 2020. https://www.bea.gov/data/gdp/gdp-state.