Economy

What is the gross domestic product (GDP) in the US?

Data updated January 9, 2025
About $23.4 trillion in Q3 2024. Gross domestic product (GDP) measures the value of goods and services a country or state produces — it’s the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of its economy. The $23.4 trillion is the “real GDP,” which is adjusted to account for inflation to make it easier to compare the size of an economy over time.
Showing data for

$23.4T

Real GDP (Q3 2024)

+2.7%

Change in real GDP (Q3 2023 to Q3 2024)
Changes in spending and investment cause the GDP to fluctuate; the dip in GDP during the COVID-19 pandemic was due to a decrease in consumer spending, investment, and exports that was only slightly offset by increased government spending.
As of Q3 2024, the real GDP was $23.4 trillion, up 2.7% from Q3 in 2023.

Real GDP increased from Q3 2023 to reach $23.4 trillion in Q3 2024.

Adjusted for inflation (chained 2017 dollars), seasonally adjusted at annual rates

The GDP can also be broken down and compared across industries — useful, as different industries experience different economic pressures.

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The real estate, rental, and leasing industry contributed the most to the United States GDP in 2023, generating a value of $3.8 trillion, or about 13.7% of the GDP. It was followed by professional and business services (13.0%) and government (11.2%).
The five biggest industries in the US generated about 57% of the GDP in 2023.

In 2023, the real estate, rental, and leasing industry contributed the most to GDP in the US.

Real gross domestic product by industry, chained 2017 dollars

Another way to understand a population’s standard of living is by taking the GDP and dividing it by the total number of people in the population. This figure offers insight into the average economic output per individual. When the GDP per person goes up, it suggests that individuals are becoming wealthier and/or resources are being used more efficiently. This helps economists understand whether economic growth is outpacing population growth.
In 2023, the US GDP per person was $67,692, up 2.4% from 2022.

In 2023, real GDP was equivalent to $67,692 per person.

Real gross domestic product per person, chained 2017 dollars

In 2023, the real (that is, inflation-adjusted) GDP per person exceeded $85,000 in three states (New York, Massachusetts, and Washington) and was less than $48,000 in three states (Arkansas, West Virginia, and Mississippi).
GDP and the economic experience varies by location due to factors like cost of living, population density, workforce education, and the area’s main industries.

In 2023, New York had the highest GDP per person and Mississippi had the lowest.

Real gross domestic product per person by state (2023)

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Methodology

USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.

The analysis was generated with the help of AI and reviewed by USAFacts for accuracy.

Page sources

USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.

  • U.S. Bureau of Economic Analysis

    Interactive Access to Industry Economic Accounts Data and 3 others

    U.S. Bureau of Economic Analysis logo

  • United States Census Bureau

    Population Estimates Program and Population Estimates Program

    United States Census Bureau logo