The chart above shows the annualized nominal gross domestic product (GDP) in each US state as of the third quarter of 2020 in millions of dollars, the change from five years ago, and the GDP ten years prior. California's economy grew more over the past five years than the size of 42 states' entire economies.
Findings
- The difference between the state with the largest GDP, California, and the state with the smallest, Vermont, is $3,087,108.30 million (up from $2,548,816.00 million five years ago and up from $1,943,841.20 million ten years ago). California and Vermont had the largest and smallest GDP respectively both five and ten years ago.
- California has 93.77 times the GDP that Vermont does. The ratio of largest GDP to smallest GDP was up from 83.58 five years ago and up from 71.83 ten years ago.
- The median GDP in the 50 US states is $245,024.95 million (up from $205,814.10 million five years ago and up from $172,672.70 million ten years ago) and the mean $418,146.01 million (up from $362,253.57 million five years ago and up from $297,357.15 million ten years ago).
- Of the fifty states, 47 had the GDP rise over the past five years while three had the GDP decline.
- Of the fifty states, 48 had the GDP rise over the past ten years while two had the GDP decline.
Caveats
- Data is from the third 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.
Details
In absolute terms, Wyoming had the worst performance over the past five years with a loss of $2,061.80 million. California had the best performance with a gain of $540,706.70 million. Over the past ten years, Alaska had the worst performance with a loss of $3,093.50 million while California had the best performance with a gain of $1,149,100.20 million.
In relative terms, Wyoming had the worst performance over the past five years with a 5.42% drop in GDP while Utah had the best performance with a 32.47% rise in GDP. Over the past ten years, Alaska had the worst performance with a 5.78% drop in GDP while Washington had the best performance with a 71.48% rise in GDP.
There were 34 states with a GDP of over $100,000 million ten years ago, 36 states five years ago, and 37 states now. On the flip side, there were six states with a GDP of less than $50,000 million ten years ago, four states five years ago, and two states now.
Washington (from 13th largest GDP to 8th largest GDP) rose five spots in the five year period. Conversely, New Jersey (from 8th to 10th), Tennessee (from 18th to 20th), Louisiana (from 24th to 26th), Oklahoma (from 29th to 31st), Kansas (from 31st to 33rd), and Alaska (from 46th to 48th) fell two spots in the five year period. Over the past ten years, Washington (from 14th to 8th largest GDP) rose six spots, while Alaska (from 43rd to 48th) fell five spots.
Data
| State | Third Quarter 2010 | Third Quarter 2015 | Third Quarter 2020 |
|---|---|---|---|
| Alabama | 178,045.5 | 201,704 | 228,062.3 |
| Alaska | 53,506.4 | 50,413.2 | 50,412.9 |
| Arizona | 249,707.1 | 299,084.9 | 378,296.5 |
| Arkansas | 102,645.8 | 118,743.6 | 130,709.5 |
| California | 1,971,285.9 | 2,579,679.4 | 3,120,386.1 |
| Colorado | 256,233.3 | 319,625.3 | 394,271.4 |
| Connecticut | 239,321.5 | 262,875.5 | 283,601.4 |
| Delaware | 57,930.1 | 71,096 | 76,468 |
| Florida | 743,402.8 | 905,127.1 | 1,111,613.8 |
| Georgia | 416,220.1 | 519,703.4 | 627,666.8 |
| Hawaii | 68,941.6 | 83,050.4 | 89,865.6 |
| Idaho | 55,405 | 66,389.1 | 85,551.6 |
| Illinois | 667,939.5 | 802,008.7 | 875,671.3 |
| Indiana | 283,956.9 | 330,323 | 379,292.5 |
| Iowa | 142,829.9 | 180,903.1 | 195,352.8 |
| Kansas | 129,498.9 | 155,454.2 | 175,465.2 |
| Kentucky | 167,299.9 | 193,965.1 | 213,169.1 |
| Louisiana | 229,875 | 231,800.1 | 244,576.7 |
| Maine | 52,152.8 | 57,904.8 | 67,129.3 |
| Maryland | 317,263.8 | 372,846.3 | 427,615.8 |
| Massachusetts | 415,060.9 | 504,730.8 | 590,307.1 |
| Michigan | 394,685.2 | 477,047.8 | 524,828.2 |
| Minnesota | 274,333.7 | 334,007.5 | 379,388.3 |
| Mississippi | 95,867.3 | 106,072.6 | 115,899.8 |
| Missouri | 258,895.8 | 295,812.5 | 325,841.3 |
| Montana | 38,162.2 | 46,689.4 | 51,933.5 |
| Nebraska | 92,663.9 | 116,458.6 | 129,761.5 |
| Nevada | 124,703.1 | 144,812.6 | 175,509 |
| New Hampshire | 64,668.4 | 75,969.5 | 86,319.2 |
| New Jersey | 496,993.6 | 572,532.3 | 625,658.8 |
| New Mexico | 83,713.8 | 91,490.1 | 100,776.8 |
| New York | 1,213,670.3 | 1,500,666.7 | 1,705,127 |
| North Carolina | 416,021.8 | 506,448 | 594,125.5 |
| North Dakota | 36,101.2 | 54,542.6 | 54,043.7 |
| Ohio | 501,523.9 | 609,917.9 | 683,460.1 |
| Oklahoma | 154,750.4 | 184,356.2 | 186,882.9 |
| Oregon | 164,153.2 | 205,179.3 | 253,848.9 |
| Pennsylvania | 604,840.8 | 713,463.6 | 788,500 |
| Rhode Island | 49,843.9 | 56,613.1 | 61,081.2 |
| South Carolina | 164,752.6 | 206,448.9 | 245,473.2 |
| South Dakota | 38,292.1 | 47,727.2 | 55,243.2 |
| Tennessee | 255,908.5 | 327,118.2 | 369,062.8 |
| Texas | 1,243,662.6 | 1,567,179.7 | 1,772,131.6 |
| Utah | 118,579 | 149,943.9 | 198,630.2 |
| Vermont | 27,444.7 | 30,863.4 | 33,277.8 |
| Virginia | 426,164.9 | 488,818.5 | 557,986.3 |
| Washington | 368,571 | 477,764.4 | 632,013.5 |
| West Virginia | 66,320.5 | 70,968.5 | 74,510.9 |
| Wisconsin | 256,448.7 | 308,276.2 | 344,500 |
| Wyoming | 37,597.9 | 38,061.3 | 35,999.5 |
Sources
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed February 5, 2021. https://www.bea.gov/data/gdp/gdp-state.