According to BEA data, Washington’s GDP in 2019 was $612,996,000,000. Washington’s GDP accounts for 2.86 percent of US GDP, making it the country’s tenth largest state economy in 2019.
Which state has the largest gross domestic product?
In the third quarter of 2020, real GDP increased in all 50 states and the District of Columbia. According to the Bureau of Economic Analysis, the United States’ overall real GDP expanded at a rate of 33.4 percent each year. The annual growth rate of real GDP in each state ranged from 19.2 percent in D.C. to 52.2 percent in Nevada. In the second quarter of 2020, real GDP decreased significantly in all 50 states and D.C., ranging from -20.4 percent in D.C. to -42.2 percent in Hawaii and Nevada.
The considerable increases in GDP from Q2 to Q3 indicate ongoing attempts to reopen enterprises and resume economic activity that had been halted due to the COVID-19 outbreak. Healthcare and social assistance, durable goods manufacturing, and lodging and food services were the biggest contributors to the increase in real GDP at the national level. Healthcare and social aid grew at a rate of 75.1 percent nationwide, and was the largest contributor in 26 states.
California ($3,120,386), Texas ($1,772,132), New York ($1,705,127), Florida ($1,111,614), Illinois ($875,671), Pennsylvania ($788,500), Ohio ($683,460), Washington ($632,013), Georgia ($627,667), and New Jersey ($625,659) are the ten states with the highest GDPs (in millions of dollars). California, Texas, New York, and Florida are the four states that contribute more than $1 trillion to the US GDP. With a GDP of $3,120,386,000,000, California has the highest GDP of any state, accounting for nearly 14.7 percent of the country’s overall GDP. With $1,772,132,000,000 in GDP, Texas is in second place, accounting for 8.4% of the country’s total.
What is the Washington GDP?
Washington’s real Gross Domestic Product (GDP) was 544.63 billion dollars in 2020. The state’s actual GDP was 548.69 billion dollars last year, a decline from the previous year.
Why is Texas so prosperous?
If you haven’t heard, Texas is oil countrythe country’s top producer, accounting for more than 40% of total outputand that has been a boon to the state’s economy. Oil and gas employment has been the fastest growing of the country’s key industries. According to the Dallas Fed, since Congress lifted the crude oil export embargo, oil and gas exports have increased from 5.2 percent of state exports to 18 percent, or $45 billion, in the last year. According to HSBC, Texas will overtake OPEC countries Iran and Iraq to become the world’s third largest oil producer next year, accounting for more than half of US output.
Which state generates the greatest revenue?
Using median household income to determine which states are the wealthiest looks very different. Because population has a significant impact on GDP, the states with the highest GDPs tend to be the largest, as shown below. Except for Florida and New York, three of the five richest states’ GDPs correspond to their population ranks. While New York has the third-largest GDP, Florida has the fourth-largest population. For comparison, we’ll also highlight their different median earnings.
California
California, with a GDP of $3,120,386,000, is the most populous state in the country. California has the sixth highest median household income in the country, at $80,440.
Texas
Texas, the country’s second-largest state by population, is also the country’s second-richest state in terms of GDP. The state of Texas has a GDP of $1,772,132,000. The median household income in Texas is $64,034, which is slightly lower than the national average.
New York
With a GDP of $1,705,127,000.0, New York is the third-richest state in the United States. With a median household income of $72,108, New York ranks 15th among all states.
Which state in the United States has the greatest GDP per capita?
Massachusetts has the greatest per-capita real gross domestic product (GDP) of all 50 states in 2019, at $75,258 U.S. dollars.
Which state’s economy is expanding the fastest?
Utah and Florida are the two states with the biggest economic growth this year, according to these metrics. Between January and May, employment in both states increased by 1.5 percent, and unemployment rates are lower than the national average (at 2.7 percent and 5.0 percent , respectively). At a time when housing is in short supply across much of the country, new residential construction is thriving in these states, with average monthly building permits per 100,000 population of 107 and 79, respectively, greatly exceeding the national rate of 43.
Is Texas a wealthier state than California?
Texas’ economy, behind California’s, is the second largest in the United States in terms of GDP. As of 2021, it has a gross state product of $2.0 trillion. Texas is home to six of the Fortune 500’s top 50 firms and 51 in total as of 2015. (third most after New York and California). Texas exported more than $264.5 billion in 2017, surpassing the combined exports of California ($172 billion) and New York ($77.9 billion).
Texas would be the world’s 10th largest economy by GDP if it were a sovereign country, ahead of South Korea and Canada but below Brazil. Texas had a household income of $67,444 in 2019, ranking 26th in the country. In 2012, the state debt was estimated at $121.7 billion, or $7,400 per taxpayer. After California, Texas has the country’s second-largest population.
Which state has the most prosperous economy?
Utah’s economy has been a powerhouse in recent decades, which is why it is ranked first. Utah’s GDP increased by 19.1% in the last five years, the second-highest growth rate among the 50 states during that time period. From roughly $123.47 billion in 2010 to a yearly average of $168.62 billion in 2020 (with 2020 including the pandemic’s most severe impact), Utah’s real GDP increased by more than a third (36.6 percent). Utah’s economy has grown by 82 percent in the last 20 years, from $92.62 billion in annual real GDP in 2000 to over $169 billion in 2020.