GDP by State — A Complete Rundown

The gross domestic product (GDP) represents the monetary value of all services and goods made in a country within a given period. Experts use GDP to establish a country’s economic state and potential. While usually calculated for countries, in the United States, the GDP by state is equally important. It tells volumes about how each state is doing financially, and whether there is progress on the horizon. We also use the GDP of each state to determine what share of the US GDP they represent. The percentage gives a clear picture of each state’s contribution and prosperity. 

 

GDP of the United States

Before providing data on the GDP of every state, let’s quickly go over the essential figures regarding the US GDP. Below, we’ll also see how each region is doing compared to the rest. Then, we’ll focus on the GDP by US state.

US Region GDP in Q1 2019 in Millions of Dollars GDP in Q1 2020 in Millions of Dollars Percentage of the US GDP
United States 21,098,827 21,539,689 100%
New England 1,118,703 1,143,978 5.3%
Mideast 3,786,089 3,847,859 17.9%
Great Lakes 2,823,073 2,869,616 13.3%
Plains 1,297,962 1,329,587 6.2%
Southeast 4,448,171 4,548,107 21.1%
Southwest 2,518,586 2,567,618 11.9%
Rocky Mountain 738,616 756,429 3.5%
Far West 4,248,594 4,353,459 20.2%

 

As you can see, the US had a GDP of $21.53 trillion in the first quarter of 2020. In 2019, the country’s GDP per capita was $58,107 and is expected to hit $76,252 by 2024.

Among the US regions, the Far West contributed the most towards the country’s total GDP, or $4.35 trillion. The Rocky Mountain region, by contrast, had the lowest contribution in Q1 of 2020 of $756 billion.

 

GDP by State

What state has the highest GDP? What state contributes the least toward the US GDP?

Scroll down to find out.

State GDP Millions of Dollars Q1 2020 Percent of the U.S. Q1 2020 GDP GDP per capita in 2019 in $
California 3,164,380 14.7 70,662
Texas 1,891,360 8.8 61,682
New York 1,729,575 8 75,131
Florida 1,104,271 5.1 44,267
Illinois 901,480 4.2 61,713
Pennsylvania 815,081 3.8 56,868
Ohio 699,088 3.2 52,664
New Jersey 647,177 3 63,492
Georgia 621,478 2.9 50,816
Washington 606,919 2.8 69,761
Massachusetts 600,554 2.8 75,258
North Carolina 592,520 2.8 48,496
Virginia 560,006 2.6 56,938
Michigan 541,622 2.5 47,448
Maryland 431,856 2 61,926
Colorado 392,477 1.8 61,311
Minnesota 383,694 1.8 60,066
Tennessee 381,898 1.8 48,440
Indiana 378,131 1.8 49,321
Arizona 370,660 1.7 44,161
Wisconsin 349,295 1.6 52,534
Missouri 334,660 1.6 47,407
Connecticut 287,711 1.3 69,789
Louisiana 262,168 1.2 51,729
Oregon 253,990 1.2 52,726
South Carolina 248,291 1.2 41,457
Alabama 232,089 1.1 41,389
Kentucky 215,237 1 42,386
Oklahoma 202,134 0.9 50,876
Iowa 196,619 0.9 55,051
Utah 191,419 0.9 51,407
Nevada 177,114 0.8 50,043
Kansas 175,124 0.8 53,528
D.C. 148,085 0.7 178,442
Arkansas 133,966 0.6 39,580
Nebraska 129,161 0.6 59,386
Mississippi 119,353 0.6 35,015
New Mexico 103,464 0.5 46,304
Hawaii 97,089 0.5 58,981
New Hampshire 89,128 0.4 57,272
Idaho 81,807 0.4 40,566
West Virginia 76,831 0.4 40,265
Delaware 76,086 0.4 64,985
Maine 67,793 0.3 43,541
Rhode Island 63,865 0.3 51,963
North Dakota 56,241 0.3 70,991
South Dakota 54,089 0.3 52,913
Alaska 53,966 0.3 74,422
Montana 52,243 0.2 44,145
Wyoming 38,483 0.2 67,915
Vermont 34,927 0.2 48,855

 

Alabama

Alabama’s GDP represents only 1.1% of the US GDP. The state ranked 48th, with the Alabama GDP per capita totaling $41,389. Alabama saw its GDP, however, increase over the past four quarters. In Q1 of 2019, it was $227.73 billion, while a year later, it jumped to $232.08 billion.

  • Q1 2020 GDP – $232.08 billion
  • Percent of the U.S. Q1 2020 GDP – 1.1%
  • GDP per capita in 2019 – $41,389

 

Alaska

Alaska has a modest GDP but a surprisingly high GDP per capita by state. Its $74,422 per capita GDP made Alaska the 4th state with the largest US GDP per capita. As for the state’s GDP in US dollars, it dropped in Q1 of 2020. In 2019, it was $54.94 billion only to settle at $53.96 billion in Q1 of 2020. Alaska is also among the five states with the lowest contribution towards the US GDP, with 0.3%.

  • Q1 2020 GDP – $53.96 billion
  • Percent of the U.S. Q1 2020 GDP – 0.3%
  • GDP per capita in 2019 – $74,422

 

Arizona

Arizona has the 10th lowest per capita GDP by state in the US. With a GDP of over $370 billion, the state represents 1.7% of the US GDP. Arizona’s GDP jumped from $359 billion in Q1, 2019 to $372 billion in Q4, 2019, only to drop the next quarter again.

  • Q1 2020 GDP – $370.66 billion
  • Percent of the U.S. Q1 2020 GDP – 1.7%
  • GDP per capita in 2019 44,161

 

Arkansas

Arkansas has the 2nd worst GDP per capita in the US. With a GDP of over $133 billion, the state contributes about 0.6% of the total GDP of the country. Arkansas saw its gross domestic product drop in the period between Q4 of 2019 and Q1 of 2020. It went from $135 billion to $133 billion, making Arkansas one of the state economies that weakened in 2020.

  • Q1 2020 GDP – $133,96 billion
  • Percent of the U.S. Q1 2020 GDP – 0.6%
  • GDP per capita in 2019 – $39,580

 

California

California had the largest GDP by state in Q1 of 2019, Q4 of 2019, and Q1 of 2020. The California percentage of the US GDP in Q1 of 2020 was an impressive 14.6%. For comparison, Texas had the second-highest percentage of 8.8%. California not only tops the list of states with the largest economies — besides having a high GDP, California is also among the states with the best job market, too. The state is also great for real estate investing and a generally great destination to settle in.

  • Q1 2020 GDP – $3,164.38 billion
  • Percent of the U.S. Q1 2020 GDP – 14.6%
  • GDP per capita in 2019 – $70,662

 

Colorado

Colorado has the 16th largest US GDP by state of over $392 billion. This jurisdiction represents only 1.8% of the US total GDP and has a $61,311 GDP per capita. These figures place Colorado among the top 20 states with the highest GDP and establish it as a developed economy. Colorado’s GDP increased between Q1 2019 and Q1 of 2020, from $383 billion to $392 billion.

  • Q1 2020 GDP – $392.47 billion
  • Percent of the U.S. Q1 2020 GDP – 1.8%
  • GDP per capita in 2019 – $61,311

 

Connecticut

With its GDP of $287 million, Connecticut doesn’t have fantastic state rankings by GDP. It belongs, however, among the top 10 states when it comes to GDP per capita. Its state GDP per capita of $69,789 earned Connecticut the 6th place, right under California. The state’s GDP increased from $281 billion to $287 billion, noting a solid economic growth by state.

  • Q1 2020 GDP – $287.71 billion
  • Percent of the U.S. Q1 2020 GDP – 1.3%
  • GDP per capita in 2019 – $69,789

 

D.C.

D.C. tops the list of the US states ranked by GDP per capita. The state’s GDP per capita is a soaring $178,442 and over two times more than the 2nd highest GDP per capita of $75,258. As for its GDP in US dollars, D.C. is among the 20 states with the lowest GDP by state. Still, D.C. saw its economy grow from $144 billion in Q1 of 2019 to $148 billion in Q1 of 2020.

  • Q1 2020 GDP – $148.08 billion
  • GDP percent of the U.S. Q1 2020 – 0.7%
  • GDP per capita in 2019 – $178,442

 

Delaware

Being a small state, Delaware’s percentage of the US GDP is only 0.4%. Still, the state has a solid GDP per capita of $64,985. Delaware is also one of the states that noted a GDP growth by state in the period between 2019 and 2020.

  • Q1 2020 GDP – $76.08 billion
  • Percent of the U.S. Q1 2020 GDP – 0.4%
  • GDP per capita in 2019 – $64,985

 

Florida

When it comes to GDP of US states per capita, Florida is nearly at the bottom of the list with its $44,267. Florida saw its GDP improve at least. It totaled $1.07 trillion at the beginning of 2019, only to reach $1.10 trillion by the end of Q4 of 2020. With such a GDP, Florida represents a significant 5.1% of the US GDP. This state, in fact, has the 4th largest gross domestic product by the state in the United States.

  • Q1 2020 GDP – $1.10 trillion
  • Percent of the U.S. Q1 2020 GDP – 5.1%
  • GDP per capita in 2019 – $44,267

 

Georgia

Georgia is the 10th richest state in the USA by GDP. The state’s GDP of $621 billion is 2.9% of the total gross domestic product in the US. Georgia’s GDP per capita of $50,816, however, places the state in the worse half in this category.

  • Q1 2020 GDP – $621.47 billion
  • Percent of the U.S. Q1 2020 GDP – 2.9%
  • GDP per capita in 2019 – $50,816

 

Hawaii

Hawaii has the 13th lowest US GDP per state of $97 billion and represents only 0.5% of the country’s gross domestic product. Hawaii ranks better with its GDP per capita. Its $58,981 got the state the 18th place in the respective US states economy ranking.

  • Q1 2020 GDP – $97.08 billion
  • Percent of the U.S. Q1 2020 GDP – 0.5%
  • GDP per capita in 2019 – $58,981

 

Idaho

When we analyzed the US economy by state, Idaho didn’t have impressive results. Its GDP per capita of $40,566 places it 4th among the economies with the smallest GDP per capita. Idaho is also the 10th state with the lowest US state GDP contribution of only 0.4%. Idaho’s year-on-year GDP by state, at least, has been on the rise. It improved from $79 billion in Q1 of 2019 to $81 billion in Q1 of 2020.

  • Q1 2020 GDP – $81.80 billion
  • Percent of the U.S. Q1 2020 GDP – 0.4%
  • GDP per capita in 2019 – $40,566

 

Illinois

In our ranking of the US states by economy, Illinois got the 5th place with its 2020 GDP of $901 billion. Illinois’ economic output by state represents 4.2% of the overall US GDP. The state’s gross domestic product per capita is $61,713. Thus, further supporting the thesis that Illinois is one of the largest state economies in the US.

  • Q1 2020 GDP – $901.48 billion
  • Percent of the U.S. Q1 2020 GDP – 4.2%
  • GDP per capita in 2019 – $61,713

 

Indiana

Indiana’s state ranking by GDP is among the top 20 as the state’s gross domestic product is $378 billion. Indiana contributes 1.8% towards the total American GDP, just like Colorado, Minnesota, and Tennessee. Indiana’s GDP has been varying in the period between Q1, 2019 and Q1, 2020. In Q1 of 2019, it was $372 billion and jumped to $385 three quarters later. In Q1 of 2020, however, it dropped to $383. While Indiana’s gross domestic product size is significant, the GDP per capita in the state is only $49,321.

  • Q1 2020 GDP – $378.13 billion
  • Percent of the U.S. Q1 2020 GDP – 1.8%
  • GDP per capita in 2019 – $49,321

 

Iowa

With a GDP by state of $196 billion and GDP per capita of $55,051, Iowa is neither a leader nor an underperformer. Iowa is far from the state with the highest GDP, but that doesn’t negate the fact its economy has been improving. After the first quarter of 2019, the state’s GDP was $192 billion. By the end of Q1 of 2020, the economy improved by over $4 billion, and its gross domestic product reached $196 billion.

  • Q1 2020 GDP – $196.61 billion
  • Percent of the U.S. Q1 2020 GDP – 0.9%
  • GDP per capita in 2019 – $55,051

 

Kansas

Kansas is equally unimpressive as Iowa when we consider the state rankings by GDP. The state noted an impressive improvement of its GDP between the first quarter of 2019 and the first quarter of 2020. During the period, Kansas saw its state GDP jump from $170 billion to $175 billion or by nearly $5 billion. Kansas has a gross domestic product per capita of $53,528.

  • Q1 2020 GDP – $175.12 billion
  • Percent of the U.S. Q1 2020 GDP – 0.8%
  • GDP per capita in 2019 – $53,528

 

Kentucky

Kentucky holds the 28th place on our list, with all the state economies ranked. The state’s 2020 GDP was $215 billion, placing it in the company of Alabama, South Carolina, and Oklahoma. Kentucky has a much worse ranking for GDP per capita by state. The $42,386 per capita earned Kentucky the 7th worst place in the category.

  • Q1 2020 GDP – $215.23 billion
  • Percent of the U.S. Q1 2020 GDP – 1%
  • GDP per capita in 2019 – $42,386

 

Louisiana

Louisiana’s GDP of $262 billion represents 1.2% of the total US gross domestic product. When the GDP of each state is considered, Louisiana falls among the top 25 states. Meaning, this is a stable economy, even if its growth has recently slowed down. From the beginning of 2019, by the end of the same year, Louisiana’s GDP improved from $260 billion to $267 billion. In the next quarter, however, the state’s GDP dropped to the current $262 billion.

  • Q1 2020 GDP – $262.16 billion
  • Percent of the U.S. Q1 2020 GDP – 1.2%
  • GDP per capita in 2019 – $51,729

 

Maine

Maine is the 4th destination with the worst GDP by US state. Its gross domestic product was only $67 billion in 2020, while the state’s per capita GDP was $43,541. With such a low gross domestic product, Maine’s economy represents only 0.3% of the US GDP.

  • Q1 2020 GDP – $67.79 billion
  • Percent of the U.S. Q1 2020 GDP – 0.3%
  • GDP per capita in 2019 – $43,541

 

Maryland

With the total size of the United States economy at $21.53 trillion, Maryland’s GDP of $431 billion accounts for 2% of the total. We’d like to highlight the impressive GDP growth by state Maryland achieved between 2019 and 2020. Maryland started 2019 with a gross domestic product of $422 billion. By the end of the first quarter of 2020, the state’s economy was worth an impressive $431 billion.

  • Q1 2020 GDP – $431.85 billion
  • Percent of the U.S. Q1 2020 GDP – 2%
  • GDP per capita in 2019 – $61,926

 

Massachusetts

Massachusetts holds the second-highest GDP per capita of $75,258 when all the US states are ranked by economy. Our analysis of the best GDP of states places Massachusetts in the 10th position, as well. So, it’s easy to conclude that Massachusetts is a leading economy in the country. The state’s gross domestic product represents 2.8% of the entire US economy. Massachusetts, in fact, has many great things going on. Boston, for example, is one of the best places to flip houses in the US.

  • Q1 2020 GDP – $600.55 billion
  • Percent of the U.S. Q1 2020 GDP – 2.8%
  • GDP per capita in 2019 – $75,258

 

Michigan

Michigan is another jurisdiction with an excellent GDP by state of $541 billion. The state’s economy has been on the rise and reached the current size from $534 billion in Q1 of 2020. Michigan’s gross domestic product per capita of $47,448, however, could use improvement.

  • Q1 2020 GDP – $541.62 billion
  • Percent of the U.S. Q1 2020 GDP – 2.5%
  • GDP per capita in 2019 – $47,448

 

Minnesota

Minnesota’s $60,066 makes the state the 16th destination with the highest GDP per capita. Minnesota is also the 17th richest state in the USA by GDP, with a gross domestic product size of $383 billion. Just like many other state economies, Minnesota saw its GDP increase in Q4 of 2019 only to drop by Q1 of 2020. The progress was as follows: $375 billion in Q1 of 2019, $385 billion in Q4 of 2019, and $383 billion in Q1 of 2020.

  • Q1 2020 GDP – $383.69 billion
  • Percent of the U.S. Q1 2020 GDP – 1.8%
  • GDP per capita in 2019 – $60,066

 

Mississippi

The Mississippi GDP per capita is modest $35,015, placing the state right at the bottom after Arkansas and West Virginia. Mississippi noted a slow growth of its GDP by state by year. The state’s economy was worth $116 billion at the beginning of 2019 and improved only to $119 billion in early 2020.

  • Q1 2020 GDP – $119.35 billion
  • Percent of the U.S. Q1 2020 GDP – 0.6%
  • GDP per capita in 2019 – $35,015

 

Missouri

Missouri is yet another US state with a low gross domestic per capita of under $50,000. The state’s GDP in Q1 of 2019 was $326 billion, and it reached an impressive $334 billion in Q1 of 2020. Missouri’s GDP was 1.5% of the total size of the United States economy.

  • Q1 2020 GDP – $334.66 billion
  • Percent of the U.S. Q1 2020 GDP – 1.5%
  • GDP per capita in 2019 – $47,407

 

Montana

With a GDP per capita by state of only $44,145, Montana is among the 10 worst states in this regard. The Big Sky State is also the 3rd with the lowest gross domestic product of $52 billion. With that GDP, Montana’s economy accounts for only 0.2% of the GDP of the United States.

  • Q1 2020 GDP – $52.24 billion
  • Percent of the U.S. Q1 2020 GDP – 0.2%
  • GDP per capita in 2019 – $44,145

 

Nebraska

Nebraska doesn’t stand out at all when it comes to the state’s economy. Its gross domestic product is $129 billion in US dollars and nearly $60,000 per capita. Between 2019 and 2020, Nebraska’s GDP increased by almost $5 billion from $124 billion to the current $129 billion.

  • Q1 2020 GDP – $129.16 billion
  • Percent of the U.S. Q1 2020 GDP – 0.6%
  • GDP per capita in 2019 – $59,386

 

Nevada

Nevada’s state rankings by GDP aren’t the best either. The state’s share of the US economy is only 0.8% or $177 billion. In 2019, Nevada recorded an average gross domestic product per capita of $50,043.

  • Q1 2020 GDP – $177.11 billion
  • Percent of the U.S. Q1 2020 GDP – 0.8%
  • GDP per capita in 2019 – $50,043

 

New Hampshire

New Hampshire has a GDP of $89 billion, which makes it the 12th state that contributes the least towards the US economy. The gross domestic product of the state slightly improved between Q1 of 2019 and Q1 of 2020, jumping from $87 billion to $89 billion. Regarding the per capita GDP, New Hampshire’s $57,272 earned the state the 19th place.

  • Q1 2020 GDP – $89.12 billion
  • Percent of the U.S. Q1 2020 GDP – 0.4%
  • GDP per capita in 2019 – $57,272

 

New Jersey

New Jersey has always been a huge part of the US economy. The state’s gross domestic product of $647 billion makes the Garden State the 8th economy with the highest US GDP per state. New Jersey’s growth from $636 billion in 2019 to the $647 billion in 2020 is even more impressive. The state represents about 3% of the US gross domestic product and has a GDP per capita of $63,492.

  • Q1 2020 GDP – $647.17 billion
  • Percent of the U.S. Q1 2020 GDP – 3%
  • GDP per capita in 2019 – $63,492

 

New Mexico

New Mexico is on the wrong side of the list regardless of whether we analyze the GDP in US dollars or per capita. The state’s gross domestic product in Q1 of 2020 was $103 billion or about 0.5% of the US GDP. Its GDP per capita was $46,304, a bit better than that of Florida.

  • Q1 2020 GDP – $103.46 billion
  • Percent of the U.S. Q1 2020 GDP – 0.5%
  • GDP per capita in 2019 – $46,304

 

New York

The size of the New York economy compared to the country’s is about 8.1%. Meaning, New York’s third-largest US GDP by state of 1.72 trillion plays a significant role in the nation’s economy. That’s not surprising as New York is a developed business center, not only in the US but globally. Everything is higher here, including house prices, living costs, and the GDP. New York, for instance, has the highest cigarette prices by state, which isn’t at all surprising. Even the state’s GDP per capita of $75,131 is among the top three stateside.

  • Q1 2020 GDP – $1.72 trillion
  • Percent of the U.S. Q1 2020 GDP – 8.1%
  • GDP per capita in 2019 – $75,131

 

North Carolina

North Carolina is among the 15 states with the highest GDP in the United States. Its economy is worth $592 billion or 2.7% of the country’s GDP. The state’s per capita GDP, however, isn’t the best at only $48,496.

  • Q1 2020 GDP – $592.52 billion
  • Percent of the U.S. Q1 2020 GDP – 2.7%
  • GDP per capita in 2019 – $48,496

 

North Dakota

With a gross domestic product of only $56 billion, North Dakota doesn’t have an impressive state ranking by GDP. Plus, the y-o-y change in North Dakota’s GDP is nearly insignificant, yet negative. The surprise comes when we shift focus to the state’s GDP per capita. Here, North Dakota is among the top five states with its $70,991.

  • Q1 2020 GDP – $56.24 billion
  • Percent of the U.S. Q1 2020 GDP – 0.3%
  • GDP per capita in 2019 – $70,991

 

Ohio

Ohio is another leading US economy with a GDP of nearly $700 billion or, more precisely, $699 billion. This state’s economic output by state represents 3.3% of the American GDP. Ohio, however, has a modest gross domestic product per capita of $52,664.

  • Q1 2020 GDP – $699.08 billion
  • Percent of the U.S. Q1 2020 GDP – 3.3%
  • GDP per capita in 2019 – $52,664

 

Oklahoma

Oklahoma is quite the average economy when one considers gross domestic product by state. Oklahoma’s GDP of $202 billion is 1% of the total US GDP. This American economy weakened between 2019 and 2020. In Q1 of 2019, Oklahoma’s GDP was $204 billion, only to drop by $2 billion in Q1 of 2020. The state has a GDP per capita of $50,876.

  • Q1 2020 GDP – $202.13 billion
  • Percent of the U.S. Q1 2020 GDP – 1%
  • GDP per capita in 2019 – $50,876

 

Oregon

With its GDP of $253 billion, Oregon landed right in the middle of our list of states with the largest economies. This state’s gross domestic product accounts for 1.2% of the US GDP. Oregon’s GDP jumped by $6 billion between 2019 and 2020, which is a good sign for the state’s economy. Besides having a positive GDP by state by year, Oregon also has a decent GDP per capita of $52,726.

  • Q1 2020 GDP – $253.99 billion
  • Percent of the U.S. Q1 2020 GDP – 1.2%
  • GDP per capita in 2019 – $52,726

 

Pennsylvania

Pennsylvania is another major US economy. The state’s GDP of $815 billion makes for 3.8% of the total US gross domestic product in US dollars. Pennsylvania noted a serious growth of its economy from Q1 of 2019 to Q1 of 2020. Its GDP was $801 billion in 2019, only to reach an impressive $815 billion. The latter figure, however, is lower than the $824 billion recorded in Q4 of 2019.

  • Q1 2020 GDP – $815.08 billion
  • Percent of the U.S. Q1 2020 GDP – 3.8%
  • GDP per capita in 2019 – $56,868

 

Rhode Island

When it comes to the state ranking by GDP, Rhode Island is in the bad company of Maine and North Dakota. Rhode Island’s gross domestic product is both low and hardly improving. In Q1 of 2019, it was $62 billion, to grow to only $63 billion in 2020.

  • Q1 2020 GDP – $63.86 billion
  • Percent of the U.S. Q1 2020 GDP – 0.3%
  • GDP per capita in 2019 – $51,963

 

South Carolina

South Carolina has a considerable gross domestic product of $248 billion. More importantly, the state’s economy has been growing and hit the current $248 billion from $242 billion in Q1 of 2019. South Carolina’s GDP per capita is, however, fairly low at $41,457.

  • Q1 2020 GDP – $248.29 billion
  • Percent of the U.S. Q1 2020 GDP – 1.1%
  • GDP per capita in 2019 – $41,457

 

South Dakota

Alongside Alaska, Montana, Wyoming, and Vermont, South Dakota has one of the worst state rankings by GDP. Still, this US economy has been slowly growing in the past several quarters. It started 2019 worth $52 billion and then reached $54 billion by the end of the first quarter of 2020. As for South Dakota’s per-capita gross domestic product, it’s actually a solid $52,913.

  • Q1 2020 GDP – $54.08 billion
  • Percent of the U.S. Q1 2020 GDP – 0.2%
  • GDP per capita in 2019 – $52,913

 

Tennessee

Tennessee is quite the opposite of South Dakota. The state has a significant gross domestic product of $381 billion and makes for 1.8% of the American economy. Its negative aspect, unlike South Dakota’s, is the state’s GDP per capita of only $48,440.

  • Q1 2020 GDP – $381.89 billion
  • Percent of the U.S. Q1 2020 GDP – 1.8%
  • GDP per capita in 2019 – $48,440

 

Texas

Texas has the 2nd largest gross domestic product by state in the US. This jurisdiction has always been a strong economy, and its economic output by state is an impressive $1.89 trillion. Texas represents 8.8% of the total GDP of the United States. In Q4 of 2019, the economy even hit the $1.91 trillion mark before dropping to the current $1.89 trillion. With the per-capita gross domestic product of the state being $61,682, the Texas GDP ranking in this category is a bit worse. Here, the Lone Star State ranks 14th, right between Illinois and Colorado.

  • Q1 2020 GDP – $1.89 trillion
  • Percent of the U.S. Q1 2020 GDP – 8.8%
  • GDP per capita in 2019 – $61,682

 

Utah

Utah is another growing American economy with a gross domestic product of $191 billion. Utah has been on the rise, as its GDP in Q1 2019 was $184 billion. Its per-capita GDP of $51,407 earned Utah the 30th position on the per capita GDP by state ranking.

While Utah isn’t among the states with the highest GDP, it’s still a great destination with strong growth potential. In fact, Utah tops the list of the best places to invest in real estate in the USA. The state has a stable house flipping market too.

  • Q1 2020 GDP – $191.41 billion
  • Percent of the U.S. Q1 2020 GDP – 0.9%
  • GDP per capita in 2019 – $51,407

 

Vermont

With the Vermont GDP in Q1 of 2020 being only $34 billion, this state is the worst US economy. It represents 0.2% of the American GDP, and the Green Mountain State’s growth is insignificant. In Q1 of 2019, the state’s gross domestic product was $34.28 billion, and it improved to $34.92 billion within the next 12 months. Besides having the worst GDP by state, Vermont’s GDP per capita of $48,855 in 2019 was among the 15 lowest.

  • Q1 2020 GDP – $34.92 billion
  • Percent of the U.S. Q1 2020 GDP – 0.2%
  • GDP per capita in 2019 – $48,855

 

Virginia

Virginia’s gross domestic product of $560 billion was enough to earn the state the 13th place here. The state represents 2.6% of the US economy and has a GDP per capita of $56,938. Between 2019 and 2020, this economy grew significantly from $546 billion to $560 billion. This $14 billion jump is an impressive GDP growth by state.

  • Q1 2020 GDP – $560.00 billion
  • Percent of the U.S. Q1 2020 GDP – 2.6%
  • GDP per capita in 2019 – $56,938

 

Washington

Washington is another one of the largest state economies in the US. The state noted an impressive growth of its GDP from $578 billion to $606 billion. Washington also has the 8th highest gross domestic product per capita of nearly $70,000.

  • Q1 2020 GDP – $606.91 billion
  • Percent of the U.S. Q1 2020 GDP – 2.8%
  • GDP per capita in 2019 – $69,761

 

West Virginia

West Virginia’s GDP by state by year has been decreasing, bringing bad news to this American economy. In Q1 of 2019, the GDP of West Virginia was $77 billion, and it briefly jumped to $78 billion. By the end of Q1 of 2020, West Virginia’s economy was worth $76 billion. The state also has the 3rd worst per capita GDP of $40,265.

  • Q1 2020 GDP – $76.83 billion
  • Percent of the U.S. Q1 2020 GDP – 0.4%
  • GDP per capita in 2019 – $40,265

 

Wisconsin

Wisconsin holds the 21st position with its GDP of $349, but it’s far behind Arizona and its $370 billion. This state’s economy contributes 1.6% of the total US GDP. Wisconsin’s per capita GDP of $52,534 makes it an average state in this regard.

  • Q1 2020 GDP – $349.29 billion
  • Percent of the U.S. Q1 2020 GDP – 1.6%
  • GDP per capita in 2019 – $52,534

 

Wyoming

Interestingly, Wyoming has the 2nd worst US GDP by state but also the 8th best GDP per capita. The state’s gross domestic product in US dollars and per capita are $38 billion and $67,915, respectively. Besides being low already, Wyoming’s GRP has been decreasing too. In Q1 of 2019, for instance, the economy was worth $39 billion.

  • Q1 2020 GDP – $38.48 billion
  • Percent of the U.S. Q1 2020 GDP – 0.2%
  • GDP per capita in 2019 – $67,915

 

Final Words

The United States has been a leading global economy for years now. The country’s GDP, however, depends on the performance of each and every American state. Knowing the GDP by state, therefore, is essential for forecasting how the US economy will do in the months to come. Due to the coronavirus crisis, most American state economies have slowed down. Still, their results are better than early 2019, making experts hopeful that the US GDP will keep growing. As for what states contribute the most, we must mention California, Texas, New York, and Florida as the absolute leaders.

 

References: BEA, Statista

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