State-Level GDP in 2020

Facebooktwitterpinterestlinkedinmail

Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in 2020 compared to 2019 as a result of widespread economic shutdown due to COVID-19. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 0.1 percent decline in Utah to 8.0 percent decline in Hawaii.

Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, contracted 3.5 percent in 2020, after an increase of 2.2 percent in 2019. Declines in personal consumption expenditures (led by accommodation and food services; arts, entertainment, and recreation; and healthcare and social assistance), exports, private inventory investment, nonresidential fixed investment, and state and local government contributed to the decrease in real GDP across the country.

Regionally, real GDP growth contracted in all the regions from 2019 to 2020. The percent change in real GDP ranged from 1.5 percent decline in Rocky Mountain to 4.7 percent decline in the Mideast.

The private goods and services producing sectors, as well as the state and local government sector contributed to the decrease in real GDP in 2020. Overall, 16 out of 22 industry groups contributing to the decrease in real GDP. Arts, entertainment, and recreation; accommodation and food services; and transportation and warehousing were the leading contributors the decrease in real GDP in 2020.

At the state level, 22 states and the District of Columbia recorded real GDP decline ranging from 0.1 percent to 3.1 percent. The other 28 states reported slower real GDP growth rates compared to the national decline of 3.5 percent. Construction; finance and insurance were the leading contributors to moderating the decrease in Utah, the state with the smallest decline.  Accommodation and food services was the leading contributor to the decrease in Hawaii, the state with the steepest decline of 8.0 percent.



Tags: , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: