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 percentage of the US GDP does New York represent?
- In the calendar year 2019, the state added over 100,000 jobs, a 1.0 percent increase over the national average of 1.4 percent.
- In terms of job growth, New York ranked 20th in 2019 and 15th over the previous five years.
- The unemployment rate in the state has dropped from 4.1 percent in 2018 to 4.0 percent in 2019.
- With a 2.8 percent increase in employment in 2019, education and health services had the highest rate of growth. This industry sector also added the most positions, with almost 72,000 new jobs.
- In 2019, employment grew in seven of the state’s ten areas. The Capital Region, the North Country, and the Southern Tier all had job losses, while New York City had the highest growth rate of any region (2.6 percent).
Wages in the State Increase
- The state’s overall wages climbed by 4.5 percent in 2019. The professional services business grew at the fastest pace of 7.1 percent, while the construction industry grew at the slowest rate of 1.2 percent.
- The average yearly wage in the state climbed by more than $2,400. (3.4 percent).
NYS GDP Reached Nearly $1.5 Trillion
According to the US Bureau of Economic Analysis, a state’s Gross Domestic Product (GDP) is the value of production emanating from all industries in the state. The data above for employment and earnings show a recent trend of increases in those categories, and the same is true for the state’s GDP. In the year 2019:
- The actual GDP of New York State was over $1.5 trillion, accounting for 7.7% of the national total. New York State’s GDP per capita was 29.3 percent greater than the national average.
- With a real GDP gain of 1.8 percent, the state placed 31st in the country for economic growth, up from 1.2 percent in 2018. With 4.4 percent, Texas came in first among the states.
- In 2019, the financial activities sector contributed the most to the state’s GDP, accounting for 29.1 percent. Professional and commercial services, as well as transportation, trade, and utilities, account for 27.2 percent of the total.
New York’s Population Has Grown, But Much More Slowly Than the Nation’s
- The population of the state grew by 0.4 percent between 2010 and 2019, compared to a national rate of 6.3 percent.
- Since 2015, the state’s population has been dropping, with a net loss of roughly 201,000 persons from 2015 to 2019.
- Immigrants have helped to offset the population decline, with a net rise of almost 341,000 people in the same time span.
Is the economy of Texas or California larger?
The most recent statistics available from the US Census Bureau shows that California’s state and local governments spent $16,145 per state resident in 2019. Texas residents spent only $10,024 on average. The median household income in California was $16,879, while in Texas it was $9,997.
California’s GDP per capita ($79,405) is 22% higher than Texas’ ($65,077), although California’s per capita GDP is largely derived from the public sector, which is one-third larger than Texas’.
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Education was the most expensive area of state and local spending in Texas, while social services and income maintenance, which largely comprises Medicaid spending, was the most expensive category in California. According to the study, one out of every three California residents is enrolled in Medicaid, compared to only 16% of Texas citizens.
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.
What will California’s GDP be in 2020?
California’s gross domestic product (GDP) was around 3.09 trillion dollars in 2020, making it the state that contributed the most to the country’s GDP that year. Vermont, on the other hand, had the lowest GDP in the country, with 32.8 billion dollars.
What is San Francisco’s Gross Domestic Product (GDP)?
The San Francisco metropolitan region has a GDP of $501 billion, making it the sixth largest economy in the United States and a significant global economic centre. 1 San Francisco has a typical family income of $96,265 and 99,307 small, non-employer businesses. 2 In addition, the unemployment rate is more than a percentage point lower than the national average, and average hourly wages are $10 higher. 3 While the San Francisco economy is doing well, there is a lot of variety in household and small business financial performance.
Which state has the most developed economy?
Utah is the most economically prosperous state in the country. Colorado, Idaho, Washington, and Massachusetts make out the top five states. Five of the ten states with the best economics are also among the top ten best states in the country. Find out more about the Best States for Business in the list below.
Which country has the highest murder rate? California or Texas?
The cost of police and jail is a considerable expense for state and municipal governments. As seen in Table 6, the crime rates in California and Texas were very comparable in 2019. According to the Federal Bureau of Investigation, California had a violent crime rate of 441.2 per 100,000 people, while Texas had a rate of 418.9 per 100,000 people (FBI, 2020). Texas, on the other hand, had a little higher property crime rate than California, at 2,390.7 per 100,000 vs 2,331.2 per 100,000. Texas and California have slightly higher rates of violent and property crime than the rest of the country. However, it is necessary to take into account the fact that many crimes are under-reported while analyzing this data. Homicides in both states are below the national rate of 5.0 per 100,000 population, despite the fact that they rarely go undetected.
Table 6: Crime and Incarceration
The incarceration rate, which has dropped dramatically at the national level during the last decade, is another potentially key driver of criminal behavior. Despite identical crime rates, Texas has a higher proportion of its population in prison or jail, owing to the state’s stricter sentencing laws. In California, the incarceration rate (including both local jails and state prisons) was 640 per 100,000 persons at the end of 2019, compared to 990 per 100,000 in Texas (BJS, 2021). Given California’s lower incarceration rate, it’s hardly surprising that per-capita spending on prisons and jails in California is 72 percent greater than in Texas ($380 vs. $221).
Why is California so well-known?
What is it about California that makes it so popular? Hollywood stars, Silicon Valley technology, Napa Valley wines, and ancient Redwood and Sequoia forests may all be found in California, the country’s most populous state. The Golden State is also one of the wealthiest and most socially and politically significant states in the country.