The chart above shows the annualized nominal gross domestic product (GDP) in each US region as of the fourth quarter of 2020 in millions of dollars, the change from five years ago, and the GDP ten years prior. Every single region's economy grew both over the past five and ten years.
Findings
- The difference between the region with the largest GDP, the South, and the region with the smallest, the Midwest, is $2,406,306.00 million (up from $1,911,946.10 million five years ago and up from $1,604,198.60 million ten years ago). The South and the Midwest had the largest and smallest GDP respectively both five and ten years ago.
- The South has 1.58 times the GDP that the Midwest does. The ratio of largest GDP to smallest GDP was up from 1.51 five years ago and up from 1.52 ten years ago.
- Of the four regions, four had the GDP rise in current dollars over the past five years while zero had a decline.
- Of the four regions, four had the GDP rise in current dollars over the past ten years while zero had a decline.
Caveats
- Data is from the fourth quarters of 2020, 2015, and 2010.
- 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
In absolute terms, the Midwest had the worst performance over the past five years with a gain of $462,375.70 million. The West had the best performance with a gain of $1,079,834.50 million. Over the past ten years, the Midwest had the worst performance with a gain of $1,077,043.90 million while the West had the best performance with a gain of $1,983,566.70 million.
In relative terms, the Midwest had the worst performance over the past five years with a 12.42% rise in GDP while the West had the best performance with a 23.64% rise in GDP. Over the past ten years, the Midwest had the worst performance with a 34.67% rise in GDP while the West had the best performance with a 54.13% rise in GDP.
There were zero regions with a GDP of over $5,000,000 million ten years ago, one region five years ago, and two regions now. On the flip side, there were three regions with a GDP of less than $4,000,000 million ten years ago, one region five years ago, and zero regions now.
The Midwest has a smaller GDP now than the South did ten years ago. The Midwest and the Northeast have a smaller GDP now than the South had five years ago. The Midwest has a smaller GDP now than the West and the Northeast had five years ago.
Sources
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed May 7, 2021. https://www.bea.gov/data/gdp/gdp-state.