The chart above shows the annualized nominal gross domestic product (GDP) quarterly growth rate in each US state as of the fourth quarter of 2020 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, South Dakota, and the state with the smallest, Michigan, is 2.79 percentage points.
- The difference between the state with the largest year-over-year growth rate, Utah, and the state with the smallest, Wyoming, is 12.25 percentage points.
- The median annualized quarterly growth rate in the 50 US states is 1.58% and the mean 1.69%.
- The median year-over-year growth rate in the 50 US states is -0.88% and the mean -1.20%.
- Of the 50 states, 48 grew faster over the previous quarter than they did over the same quarter last year, zero grew at the same rate over both time periods, and two grew slower over the previous quarter than they did over the same quarter last year.
Caveats
- Data is from the fourth quarter of 2019, the third quarter of 2020, and the fourth 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
Michigan had the worst performance over the previous quarter with an annualized rate of 0.65%. South Dakota had the best performance with an annualized rate of 3.44%.
Year over year, Wyoming had the worst performance with an annualized rate of -9.10% while Utah had the best performance with an annualized rate of 3.15%.
Washington had the worst change in its growth rate between its year-over-year growth and its annualized quarterly growth slowing its rate by 1.15 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 12.03 percentage points.
Wyoming (from 50th best growth rate over the same quarter last year to the 4th best growth rate over the previous quarter) rose 46 spots. Conversely, Washington (from 2nd to 48th) fell 46 spots. Only one state had growth rates in the top five both over the same quarter last year and over the previous quarter: South Dakota (3rd highest growth year-over year, highest growth over the previous quarter). One state had growth rates in the bottom five both over the same quarter last year and over the previous quarter: Hawaii (49th highest year-over-year, 47th highest quarterly).
Sources
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed March 30, 2021. https://www.bea.gov/data/gdp/gdp-state.