Real gross domestic product (GDP) increased in all 50 states and the District of Columbia, in the third  quarter of 2020 compared to the previous quarter. The U.S. Bureau of Economic Analysis reported real GDP growth rates, measured on a seasonally adjusted annual rate basis, ranged from 52.2% in Nevada to 19.2% in the District of Columbia.

Nationwide, real GDP growth increased to 33.4% in the third quarter of 2020, after a decrease of 31.4% in the previous quarter. Healthcare and social assistance; durable goods manufacturing; and accommodation and food services were leading contributors to the increase in real GDP in the third quarter of 2020.

Regionally, real GDP growth rates, ranged from 38.7% in Great Lakes to 29.2% in Southwest in the third quarter of 2020 compared to the second quarter of 2020.

According to the industry statistics, 21 of 22 industry groups contributed to the third quarter increase in real GDP. Within private services-producing industries, the leading contributors to the increase were health care and social assistance; accommodation and food services; retail trade; and wholesale trade. Within private goods-producing industries, the leading contributor to the increase was durable goods manufacturing, led by motor vehicles, bodies and trailers, and parts. The increase in government reflected increases in both state and local government and federal government. Offsetting these increases was a decrease in mining in the third quarter.

In the third quarter, Tennessee followed Nevada (52.2%) to be the state which recorded the second highest real GDP growth rate at 46.5% and Michigan was third at 44.2%. On the lower end, District of Columbia (19.2%), Wyoming (19.4%, and North Dakota (22.4) recorded the slowest growth rates in real GDP.

Tags: gdp, macroeconomics, state and local markets, state GDP