Pennsylvania’s real Gross Domestic Product (GDP) was 694.2 billion dollars in 2020.
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.
Which states have the worst economic conditions?
This is a list of states and territories in the United States ranked by gross domestic product (GDP). The nominal GDP of the 50 United States and the District of Columbia is presented in this article at current prices. For the US territories, there is a separate table.
The Bureau of Economic Analysis (BEA) in 2020 is the data source for the list. “The sum of value added from all industries in the state,” according to the BEA.
Nominal GDP does not account for differences in the cost of living between countries, and the findings might vary dramatically from year to year due to movements in the country’s currency exchange rate. Such variations can affect a country’s ranking from one year to the next, even if they have little or no impact on the population’s level of life.
The United States’ current-dollar GDP totalled $22.06 trillion in the first quarter of 2021, compared to $21.56 trillion in the first quarter of 2020. The United States’ territories are not included in these figures.
California ($3.09 trillion), Texas ($1.76 trillion), and New York ($1.70 trillion) were the three states with the largest GDPs in the United States. Vermont ($32.8 billion), Wyoming ($36.2 billion), and Alaska ($50.2 billion) were the three states with the lowest GDPs in the United States.
In 2020, GDP per capita varied greatly across the United States, with New York ($87,866), Massachusetts ($84,722), and Washington ($80,418) recording the three highest GDP per capita figures in the country, and Mississippi ($38,493), West Virginia ($41,299), and Arkansas ($42,591) recording the three lowest. The District of Columbia, on the other hand, had a GDP per capita of $201,360 in 2020, significantly higher than any other US state.
What is the state of the economy in Pennsylvania?
Pennsylvania’s Economy in Context Pennsylvania’s gross state product (GSP) hit $728.0 billion in 2019, up 1.8 percent from the previous five years. In 2018, businesses in Pennsylvania employed a total of 24.2 million people, an increase of 2.6 percent over the previous year.
What is Florida’s Gross Domestic Product (GDP)?
According to the United States Federal Reserve, Florida’s total GDP in January 2020 was $1106035.50000 million dollars. Total GDP in Florida has a history of reaching a high of 1116435.40000 in January 2019 and a low of 401535.30000 in January 1997.
What is the wealthiest town in Pennsylvania?
According to a list just released by Newsweek, Woodside in nearby Bucks County has acquired the title of richest town in Pennsylvania, with a median household income that is 209.2 percent higher than the national average.
Stacker developed the ranking by pulling vital information about each town from the most recent U.S. Census Bureau Five-Year American Community Survey data. The locations are ranked according to the average household income. Towns having populations of less than 1,000 people were left from the list.
The suburbs of Philadelphia benefit from the city’s reputation as a hub for many chemical and financial corporations, as well as its proximity to New Jersey, which is noted for its industrial growth.
The typical household income in Woodside is $186,453, with 44.6 percent of households or 349 earning more than $200,000. Workers earn an average of $79,148 per year.
Furthermore, 99.6 percent of the town’s civilian population is covered by health insurance.
Even in the wealthiest Pennsylvania community, poverty abounds. In reality, 5.7 percent of families earn less than the federal poverty line. In addition, Woodside now has a 2.4 percent unemployment rate.
Is Pennsylvania a low-income state?
At $20,880, Pennsylvania has the twenty-fourth highest per capita income in the United States (2000). It has the fifteenth highest personal per capita income in the country, $31,998 (2003). It has a median household income of $40,106 (2000), which ranks it twenty-eighth in the country, and a median family income of $49,184 (2000), which ranks it twenty-sixth. The median value of an owner-occupied housing unit in 2000 was $97,000, putting it in 34th place in the country.
The suburbs of Pittsburgh, which are located in Allegheny County, and the suburbs of Harrisburg, which comprise Cumberland and Dauphin counties, are among Pennsylvania’s wealthiest areas.
The Delaware Valley, which is comprised of suburban Philadelphia and is located in a wealth corridor that stretches from the suburbs of Washington, DC all the way to southern New Hampshire, is, however, the overall wealthiest area.
Unlike the Delaware Valley, wealthy Pittsburgh neighborhoods are more concentrated in small areas, whereas wealthy Philadelphia neighborhoods are dispersed across four counties (Bucks, Chester, Delaware, and Montgomery) and within the city limits.
The Pennsylvania Main Line, which encompasses the townships of Lower Merion, Radnor, Tredyffrin, Easttown, and Willistown, is a rich area in the Philadelphia area.
These townships are home to some of Pennsylvania’s most wealthy areas and most expensive real estate, including Ardmore, Bala Cynwyd, Gladwyne, Haverford, and Villanova.
Chestnut Hill is another upscale neighborhood, but because it is part of Philadelphia, no census data (save zip code data) exists for it.
The Northeast wealth corridor also runs through Montgomery County, with the highest concentrations in the townships of Whitpain, Lower Gwynedd, Plymouth, Upper Dublin, and Whitemarsh; and into Bucks County, particularly the townships of Solebury, Lower Makefield, and Upper Makefield in the New Hope area.
Pennsylvania is a relatively poorer state outside of the Philadelphia, Pittsburgh, and Harrisburg metropolitan areas, especially in the northern areas and the Appalachian Mountains; only 22% of Pennsylvania places have per capita incomes higher than the national per capita income, and 11.0 percent of the population lives in poverty.