The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US state as of the second quarter of 2020 and the growth rate from one year prior. Every single state's economy contracted both over the previous quarter and the same quarter last year.
Findings
- The difference between the state with the largest annualized quarterly growth rate, Delaware, and the state with the smallest, Wyoming, is 7.95 percentage points.
- The difference between the state with the largest year-over-year growth rate, Utah, and the state with the smallest, Wyoming, is 13.75 percentage points.
- The median annualized quarterly growth rate in the 50 US states is -9.76% and the mean -9.80%.
- The median year-over-year growth rate in the 50 US states is -8.34% and the mean -9.05%.
- Ten 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. Forty states saw their economies grow slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the second quarter of 2019, the first quarter of 2020, and the second 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 rate of -14.08%. Delaware had the best performance with an annualized rate of -6.13%.
Year over year, Wyoming had the worst performance with an annualized rate of -17.54% while Utah had the best performance with an annualized rate of -3.79%.
Idaho had the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 3.22 percentage points. Wyoming had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 3.46 percentage points.
Illinois (from 23rd best growth rate over the same quarter last year to the 11th best growth rate over the previous quarter) and Connecticut (from 26th to 14th) each surpassed 12 states. Conversely, Idaho (from 9th to 28th) was bested by 19 states. Only four states had growth rates in the top five both over the same quarter last year and over the previous quarter: Utah (highest growth year-over year, 2nd highest growth over the previous quarter), Arizona (2nd highest year-over-year, 3rd highest quarterly), Washington (3rd highest year-over-year, 4th highest quarterly), and Virginia (4th highest year-over-year, 5th highest quarterly). Two states had growth rates in the bottom five both over the same quarter last year and over the previous quarter: 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 October 14, 2020. https://www.bea.gov/data/gdp/gdp-state.