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GDP Growth

GDP Growth
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Introduction

Economies, are significant not in their static state but in their dynamic progression. The Gross Domestic Product (GDP), or as synonymous with Gross State Product (GSP) at the state level, quantifies this dynamism, reflecting the health of an economy by the monetary value of all finished goods and services produced within a state's borders. It lays bare the economic veins, revealing the pulsating flows of production, consumption, government spending, and net exports. It forms a comprehensive view, integrating the income earned and expenditure incurred, displaying the economic rhythm in quarterly heartbeats. 

  • Texas leads the pack with an impressive 7.0% GDP growth, closely followed by Oregon (5.6%), Nevada (5.3%), West Virginia (5.2%), and New Mexico (4.8%). This top-five list is an interesting blend of states known for energy, technology, and tourism.
  • Despite being known for its extensive agricultural production, states of the Midwest like South Dakota (-4.3%), Nebraska (-3.4%), and Iowa (-1.2%) showcase a slump, implying the existence of recessional or stagnation trends in these territories.
  • On the eastern seaboard, the GDP Growth varies, with modest growth rates exhibited by New Jersey (1.1%), New York (0%), and Connecticut (0.1%) while Delaware stands noticeably higher at 2.7%.
  • In contrast, the states on the western coastline show a robust economic vigor. Oregon demonstrates strong economic growth with a 5.6% GDP growth rate while California, the nation's largest economy, maintains a steady stride at 2.4%.
  • The southern states display an inspiring growth narrative with Tennessee (4.3%), Oklahoma (4.3%), and Alabama (3.9%) registering robust growth, signifying the growing clout of these states in the national economy.

States with the Biggest GDP Growth

Leading the pack of United States regions with the most significant GDP growth is Texas. The Lone Star state boasted an amazing 7.00% GDP growth in just one year. This impressive growth can be attributed to the state's diversified economy, with key sectors including energy, aeronautics, technology, and biomedical research. 

Following in second place, Oregon experienced an impressive 5.6% increase in its state GDP. Renowned for its technology industry, Oregon continues to thrive and make substantial economic strides. Nevada is hot on Oregon's heels, with a GDP growth of 5.3%. Known for its robust tourism industry, Nevada's significant growth reflects the resurgence of travel and leisure in the silver state.

Sitting comfortably in the fourth position is West Virginia with a GDP growth of 5.2%. With an economy centered on mining and heavy industry, the state's economic growth continues its upward trajectory. New Mexico, known for its oil and gas production as well as federal government spending, saw a significant GDP growth of 4.8%, putting it in the fifth position. 

Next, we head to Wyoming which experienced a GDP growth of 4.5%. Wyoming's economy is primarily driven by mineral extraction, tourism, agriculture, and manufacturing industries. Tennessee and Oklahoma achieved equal GDP growth rates of 4.3%, reflecting their success in sectors like automotive manufacturing, energy, and healthcare. 

Utah, with its diverse economy comprising sectors like mining, petroleum, tourism, and a growing tech industry, saw a GDP growth of 4.2%. Finally, Alaska concluded the top ten states with the biggest GDP growth, with a growth rate of 4.1%, driven by sectors like natural resource extraction, federal government spending, and tourism.

States with the Biggest GDP Growth:

  1. Texas - 7.00%
  2. Oregon - 5.6%
  3. Nevada - 5.3%
  4. West Virginia - 5.2%
  5. New Mexico - 4.8%
  6. Wyoming - 4.5%
  7. Tennessee - 4.3%
  8. Oklahoma - 4.3%
  9. Utah - 4.2%
  10. Alaska - 4.1%

Full Data Set

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Methodology