The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US state as of the second quarter of 2021 and the growth rate from one year prior. Every single state's economy grew over the previous quarter.
Findings
- The difference between the state with the largest annualized quarterly growth rate, North Dakota, and the state with the smallest, Delaware, is 3.26 percentage points.
- The difference between the state with the largest year-over-year growth rate, North Dakota, and the state with the smallest, Delaware, is 19.55 percentage points.
- The median annualized quarterly growth rate in the 50 US states is 3.17% and the mean 3.31%.
- The median year-over-year growth rate in the 50 US states is 16.95% and the mean 17.80%.
- Of the 50 states, 0 grew faster over the previous quarter than they did over the same quarter last year, 0 grew at the same rate over both time periods, and 50 grew slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the second quarter of 2020, the first quarter of 2021, and the second quarter of 2021.
- 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
Delaware had the worst performance over the previous quarter with an annualized rate of 2.05%. North Dakota had the best performance with an annualized rate of 5.31%.
Year over year, Delaware had the worst performance with an annualized rate of 10.69% while North Dakota had the best performance with an annualized rate of 30.24%.
North Dakota had the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 24.93 percentage points. Delaware had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 8.64 percentage points.
Hawaii (from 33rd best growth rate over the same quarter last year to the 14th best growth rate over the previous quarter) rose 19 spots. Conversely, Tennessee (from 5th to 24th) fell 19 spots. Only three states had growth rates in the top five both over the same quarter last year and over the previous quarter: North Dakota (1st highest growth year-over year, 1st highest growth over the previous quarter), Iowa (4th highest year-over-year, 2nd highest quarterly), and West Virginia (3rd highest year-over-year, 4th highest quarterly). Three states had growth rates in the bottom five both over the same quarter last year and over the previous quarter: Connecticut (47th highest year-over-year, 46th highest quarterly), Virginia (48th highest year-over-year, 48th highest quarterly), and Delaware (50th highest year-over-year, 50th highest quarterly).
Sources
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed October 25, 2021. https://www.bea.gov/data/gdp/gdp-state.