The real US gross domestic product (GDP) — the value of all goods and services produced in the US, adjusted for inflation to make GDP comparable over time — increased by 1.9% in 2022. In today’s dollars (also known as nominal GDP), the national GDP surpassed $25 trillion for the first time in history.
The real GDP, $21.82 trillion in 2022, has increased by 5.5% since 2019 ($20.69 trillion). But 2022 had a slower annual growth rate than 2021, when the US recorded its highest annual GDP growth rate in 37 years — an increase of 5.8%, from $20.23 trillion in 2020 to $21.41 trillion in 2021.
Which states contribute the most and the least to the GDP?
California, Texas, New York, Florida, and Illinois had the nation’s highest GDPs in both 2022 and 2021. Each recorded a state GDP of over $1 trillion, the only states in the country to reach that mark. Combined, these five states contributed approximately 41% of the national GDP.
The states with the lowest GDPs include Vermont, Wyoming, Alaska, Montana, and South Dakota, also the same in both 2022 and 2021. The combined GDP of these states accounts for 1.1% of the US GDP.
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Is GDP per capita a better measure?
Not all states contribute to the GDP equally — more-populated states tend to contribute more than less-populated ones. But the productivity and income of each state's economy matter. GDP per capita (per person) adjusts for differences in population size, and is a better measure of states’ economic activity and standards of living.
Which states have the highest and lowest GDP per capita?
In 2022, the real GDP per capita was highest in New York ($104,100), the only state that topped $100,000. Other more-populated states with high GDPs per capita also rank highly in total GDP, such as California (first in total, fourth per person), but many less-populated states have lower total GDPs but much higher GDPs per capita:
Massachusetts — 12th in total GDP, but 2nd in GDP per capita ($99,035)
North Dakota — 45th in total GDP, but 5th in GDP per capita ($93,231)
Delaware — 42nd in total GDP, but 7th in GDP per capita ($88,579)
What is each state’s biggest contributor to the nation’s GDP?
Nearly half of the 2022 US GDP was generated by four industries: real estate and rental and leasing (13.2%), professional and business services (12.9%), government and government enterprises (11.4%), and manufacturing (10.3%).
Manufacturing is the top contributor for 12 states, and real estate is the top contributor in another 12. Professional and business services — including industries like finance and insurance — contribute the most to the GDPs of 10 states, including several of the largest contributors to national GDP, such as California and Illinois.
In North Dakota, West Virginia, and Wyoming, the mining, quarrying, and oil and gas extraction industries contribute the most to state GDPs.
Two states had unique top contributors: In Washington, the information sector — which includes broadcasting, telecommunications, and data processing services — contributes the most. And in Nevada, the arts, entertainment, recreation, accommodation, and food services industries are the largest contributor to the state GDP.
State economies have different strengths based on their natural resources and core industries. For example, Washington, DC, is the home of much of the federal government. Government and governmental enterprises are its biggest contributors.
How have state GDPs changed since the pandemic?
From 2021 to 2022, real GDP increased in 43 states and Washington, DC, led by Florida (4.6%), Idaho (4.2%), and Tennessee (3.9%). Twenty-one states recorded annual GDP increases of 2% or greater.
Of the eight states that experienced either flat or declining annual growth in GDP in 2022, none declined more than 2.4%.
Comparing state GDPs between 2019 and 2022 offers insight into current economic activity compared to pre-pandemic levels. Seven states had a lower GDP in 2022 than in 2019. North Dakota, Louisiana, Hawaii, and Oklahoma have experienced the biggest declines since 2019. At the same time, Florida, Idaho, Arizona, Tennessee, and Utah all recorded increases in state real GDP of more than 10%.