The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US region as of the third quarter of 2020 and the growth rate from one year prior. Every single region's economy grew over the previous quarter.
Findings
- The difference between the region with the largest annualized quarterly growth rate, the Midwest, and the region with the smallest, the Northeast, is 1.16 percentage points.
- The difference between the region with the largest year-over-year growth rate, the West, and the region with the smallest, the Northeast, is 2.22 percentage points.
- Of the four regions, four grew faster over the previous quarter than they did over the same quarter last year, zero saw the same growth over both time periods, and zero grew slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the third quarter of 2019, the second quarter of 2020, and the third 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.
- 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 worst performance over the previous quarter with an annualized rate of 8.04%. The Midwest had the best performance with an annualized rate of 9.20%.
Year over year, the Northeast had the worst performance with an annualized rate of -2.72% while the West had the best performance with an annualized rate of -0.50%.
The West saw the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 8.78 percentage points. The Midwest had the best change in its growth rate between its year-over-year growth and its annualized quarterly growth raising its rate by 10.89 percentage points.
The Midwest had the smallest range in annualized quarterly growth rates with a low of 8.35% in North Dakota to a high of 10.38% in Michigan. Conversely, the West had the greatest range in annualized quarterly growth rates with a low of 7.72% in Hawaii to a high of 12.20% in Nevada. Year-over-year, the Northeast had the smallest range in growth rates with a low of -4.19% in New York to a high of -0.24 in Maryland. The West on the other hand, had the greatest range of rates on a year-over-year basis with a low of -11.11% in Wyoming to a high of 2.40% in Utah.
Sources
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed December 24, 2020. https://www.bea.gov/data/gdp/gdp-state.