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 American state has the most prosperous 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.
What states generate the greatest revenue for the United States?
The average state’s contribution to US GDP would be two percent if there were 50 states in the Union and 100 percent to go around. While many states fall within that 25% range, there are a few economic powerhouses that easily exceed it.
According to the Bureau of Economic Analysis, the seven most populous states are also the seven largest producers to US GDP: California, Texas, Florida, New York, Illinois, Pennsylvania, and Ohio. California, on the other hand, is far ahead of the pack in terms of per-capita contribution. Despite the fact that California is home to only 12% of Americans, the state generated 14.8 percent of GDP in 2020. In 2020, New York state, which is home to 6.3 percent of Americans, had a 7.6 percent share of GDP. Florida, which has a population of 6%, generated only 5.1 percent of GDP.
In terms of geographies, the Southeast, which includes the populous states of Florida, Georgia, and North Carolina, generated about a fifth of US GDP. California accounted for just under a sixth of the Far West’s share.
Which state’s economy is expanding the fastest?
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.
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 is North America’s wealthiest state?
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.
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.
What accounts for Texas’s high GDP?
3 In terms of employment and total energy production, Texas leads the way among states in the energy sector. Energy companies also contribute a disproportionate amount of GDP to overall employment, highlighting the industry’s importance to the Texas economy.
What is the poorest state in America?
Mississippi is the poorest state in the United States. Mississippi has the lowest median household income in the US, at $45,792, with a living wage of $46,000. Furthermore, the state has the highest poverty rate of any state, at 19.6 percent. Mississippi also has the country’s highest obesity rate of 40.8 percent and the shortest life expectancy of 74.5 years. With a median household income of $48,850 and a poverty rate of 17.54 percent, West Virginia is the second poorest state in the United States. West Virginia has a poor educational attainment rate, with the second-lowest life expectancy of 74.8 years and the lowest percentage of persons with a Bachelor’s degree or higher.
Louisiana, Arkansas, and New Mexico round out the top five poorest states in the country. Louisiana is the third poorest state in the country. The median household income in Louisiana is $51,073, which is more than the state’s living wage of $48,000. However, it has the country’s second-highest poverty rate of 19.0 percent. Louisiana’s public schools are regarded as some of the worst in the country. Arkansas is the poorest state in the United States. Arkansas has the third-lowest median household income, at $48,952. The state has the fifth-highest poverty rate in the US, at 16.2 percent. Arkansas has the third-highest obesity rate in the country, trailing only West Virginia and Mississippi. New Mexico is the poorest state in the United States. New Mexico has the third-highest poverty rate in the US, with a median household income of $51,945. New Mexico’s public schools, unfortunately, are the poorest in the country, with the highest dropout rates of any state.
What is America’s wealthiest city?
You may not be aware of the tranquil town of Atherton, California, unless you live in or near Silicon Valley. This community of less than 7,500 individuals is nearly equidistant from San Francisco and San Jose and is home to some of America’s wealthiest families. The average household income in the United States is $525,000. Atherton is home to tech titans like Sheryl Sandberg of Facebook and Eric Schmidt of Google. A number of celebrities and athletes, including NBA star Steph Curry of the Golden State Warriors, have residences in the area.