US States by GDP in 2023 | Gross Domestic Product Per State in 1st Quarter 2023
Introduction to Gross Domestic Product(GDP) by States in the United States
This article will rank all 50 states and D.C. by their GDP in 2023. It will highlight the states with the highest GDPs down to the lowest. GDP per capita and other relevant economic factors will also be analyzed.
Overview of GDP Per Capita of US States in 2023
The Bureau of Economic Analysis (BEA) provides official GDP data for U.S. states and metro areas. GDP by state is derived from various economic indicators, including personal income, corporate profits, and tax revenue data.
BEA's numbers for GDP by state in 2023 are estimates based on the latest available data through the 1st quarter of the year. GDP totals for all 50 states will change as more data becomes available.
Below, we rank the states by their real GDP in billions of chained 2012 dollars, the metric used by BEA to account for inflation.
Ranking of U.S. 50 States by GDP in 2023
1. California - $3.51 trillion
California boasts the largest economy of any state in 2023, with a GDP of $3.51 trillion. This massive GDP makes California alone the 5th largest economy in the world.
The state economy is highly diversified but relies heavily on information technology, financial services, real estate, tourism, and entertainment. Silicon Valley drives significant tech innovation and economic growth.
2. Texas - $2.13 trillion
Texas has the second-highest GDP among states at $2.13 trillion. The Lone Star State has a booming economy fueled by natural gas and oil production, biomedical research, aerospace, and manufacturing. Texas' business-friendly tax policies attract major significance.
3. New York - $1.94 trillion
New York's GDP amounts to $1.94 trillion, landing it in 3rd place. Wall Street in NYC anchors the state's sizable finance and banking sector. New York also excels in media, real estate, healthcare, retail, and tourism.
4. Florida - $1.35 trillion
Florida holds the 4th spot with a GDP of $1.35 trillion. Tourism, real estate, financial services, construction, and healthcare drive economic growth. Florida has no state income tax, which spurs business activity.
5. Illinois - $1.01 trillion
Illinois takes the #5 position with its GDP of $1.01 trillion. The Land of Lincoln has a diverse economic base, including manufacturing, biotech, green energy, aerospace, and food processing. Chicago is a central financial hub and freight transport Centre.
6. Pennsylvania - $890 billion
Pennsylvania's $890 billion GDP makes it #6. Manufacturing, banking, healthcare, biotech, natural gas production, and agriculture are significant contributors. The state is a critical hub for technology innovation and development.
7. Ohio - $724 billion
At #7 is Ohio, with a GDP of $724 billion. Manufacturing, financial services, healthcare, aerospace, polymers, agriculture, and shale oil/gas production fuel the state's economy. Ohio is a central logistics hub with extensive freight rail networks.
8. New Jersey - $683 billion
9. Washington - $665 billion
Washington's $665 billion GDP places it at #9. Aerospace manufacturing led by Boeing, plus software and tech through Microsoft, drive the state's dynamic economy. Retail, tourism, and green energy also contribute significantly.
10. North Carolina - $642 billion
North Carolina rounds out the top 10 with a GDP of $642 billion. The state has a diverse, fast-growing economy led by finance, technology, pharmaceuticals, manufacturing, and agriculture. Several significant universities also boost economic activity.
11. Massachusetts - $640 billion
Massachusetts comes in at #11 with a GDP of $640 billion. Education, biotech, finance, and healthcare are significant drivers, along with advanced manufacturing and technology near Boston. Tourism also contributes significantly.
12. Georgia - $634 billion
Georgia holds the 12th spot with a GDP of $634 billion. Dominant sectors include financial services, logistics, manufacturing, business services, agriculture, and tourism. Atlanta is home to several Fortune 500 corporate headquarters.
13. Michigan - $572 billion
At #13 is Michigan and its $572 billion GDP. Auto manufacturing, agriculture, finance, medical research, and green energy production lead the state's economy. Tourism centred around the Great Lakes also provides a boost.
14. Virginia - $565 billion
Virginia holds 14th place with a $565 billion GDP. The state has a diverse economy led by government contracting, financial services, shipbuilding, and telecom/tech. Tourism sites near D.C. also fuel growth.
15. Maryland - $456 billion
Maryland comes in 15th with a GDP of $456 billion. The state thrives on financial services, defence contracting, I.T. services, biotech research, tourism, and healthcare. Proximity to federal agencies provides a significant upside.
16. Minnesota - $412 billion
At #16 is Minnesota and its $412 billion GDP. Manufacturing, agriculture, healthcare, finance, and retail are vital industries. Minnesota is also home to significant iron ore and timber production, supporting growth.
17. Colorado - $406 billion
Colorado holds the 17th position with a GDP of $406 billion. Aerospace, renewable energy, biotech, and tourism help drive the Centennial State's diverse, dynamic economy. Finance, healthcare, and tech are also significant contributors.
18. Indiana - $404 billion
Indiana takes the #18 spot with a GDP of $404 billion. Manufacturing, including steel/auto production, pharmaceuticals, finance, retail, healthcare, and logistics, lead the state's economy. Agriculture also plays a sizable role.
19. Arizona - $399 billion
Arizona holds 19th place with its $399 billion GDP. Key industries include aerospace/defense, semiconductor manufacturing, copper mining, healthcare, tourism, and financial services. The state's economy is rapidly expanding.
20. Tennessee - $389 billion
Tennessee rounds out the top 20 with a GDP of $389 billion. Key sectors include finance, healthcare, automotive manufacturing, agriculture, and tourism. Tennessee's lack of income tax draws significant corporations.
21. Missouri - $353 billion
Missouri comes in at #21 with a GDP of $353 billion. Manufacturing, finance, biotech, transportation, retail, and farming/agribusiness drive the Show Me State's economic output. Tourism centred on sports also provides a boost.
22. Wisconsin - $350 billion
Wisconsin holds the 22nd spot with its $350 billion GDP. Agriculture, manufacturing, healthcare, finance, and tourism/recreation are significant contributors. The state is a leading U.S. dairy producer and food processing hub.
23. Connecticut - $298 billion
Connecticut takes 23rd place with a GDP of $298 billion. Finance, defence manufacturing, pharmaceuticals, tourism, and scientific services lead the state's economy. Connecticut benefits significantly from its proximity to New York City.
24. Louisiana - $290 billion
At #24 is Louisiana and its $290 billion GDP—petroleum refining, natural gas production, petrochemical manufacturing, and shipping drive output. Agriculture, biotech, and tourism also provide support.
25. Kentucky - $233 billion
Kentucky holds the 25th spot with a GDP of $233 billion. Manufacturing, including auto production, agriculture, livestock, tourism, coal mining, and tobacco products are major state industries.
26. Alabama - $230 billion
Alabama comes in at 26th with a GDP of $230 billion. Key sectors include manufacturing, retail, healthcare, banking, automotive production, forestry, and agriculture. The state is home to several expanding aerospace facilities.
27. Oregon - $226 billion
Oregon takes the 27th position with its $226 billion GDP. High-tech manufacturing, agriculture, timber production, tourism, and renewable energy drive the state's diverse economy. Nike and Intel provide a significant presence.
28. South Carolina - $226 billion
At #28 is South Carolina, with a GDP of $226 billion. Manufacturing, tourism, agriculture, logging, and e-commerce sustain growth. Major corporations like BMW and Boeing have a sizable presence in the state.
29. Iowa - $205 billion
Iowa holds 29th place with a GDP of $205 billion. Agriculture, biosciences manufacturing, finance, insurance, and renewable energy production lead the Hawkeye State's economy. Pork and corn production are strong suits.
30. Oklahoma - $204 billion
Oklahoma comes in at #30 with a GDP of $204 billion. Key industries include petroleum, natural gas, aerospace, telecom, manufacturing, healthcare, and agriculture. The state economy is strengthening amid energy sector expansion.
31. Utah - $187 billion
Utah holds the 31st position with a GDP of $187 billion. Technology, financial services, tourism, mining, and petroleum production drive economic activity. Rapid population and job growth are bolstering the state's output.
32. Kansas - $173 billion
At #32 is Kansas and its $173 billion GDP. Manufacturing, finance, petroleum production, agriculture and biofuels lead the way. Kansas is a major producer of wheat and aeroplanes from top employers like Textron Aviation.
33. Nevada - $172 billion
Nevada comes in 33rd with a GDP of $172 billion. Tourism, gaming, and conventions centred on Las Vegas and Reno dominate the state's economy. Mining and healthcare also contribute significantly.
34. Arkansas - $149 billion
Arkansas holds the 34th spot with a GDP of $149 billion: poultry/egg production, soybean farming, forestry, finance, and tourism drive output. Walmart's corporate headquarters provides a significant presence in the state.
35. Mississippi - $129 billion
Mississippi takes 35th place with a GDP of $129 billion. Agriculture, manufacturing, oil/gas production, gaming, and shipbuilding are vital industries. Tourism centred on blues music history also provides support.
36. Nebraska - $127 billion
At #36 is Nebraska and its $127 billion GDP. Agriculture leads the way, with the state being a top producer of beef, corn, soybeans, and pork. Manufacturing, telecommunications, and insurance also contribute.
37. New Mexico - $107 billion
New Mexico holds the 37th position with a GDP of $107 billion. Oil and natural gas production, government labs, tourism, and agriculture are central economic pillars. Expanding aerospace facilities provide upside.
38. Idaho - $93 billion
Idaho comes in at #38 with a GDP of $93 billion—agriculture, mining, timber, manufacturing, and tourism drive output. The state is a major producer of potatoes, trout, and dairy products.
39. Rhode Island - $67 billion
At #39 is Rhode Island and its $67 billion GDP. Healthcare, education, biotech, and financial services lead the state's economy. Tourism centred around beaches, and Newport also provides a boost.
40. Maine - $66 billion
Maine holds 40th place with a $66 billion GDP. Forestry/timber, agriculture, fishing, shipbuilding, and tourism are significant contributors. The state is seeing growth in professional services and green energy.
41. Hawaii - $103 billion
Hawaii takes the 41st spot with its $103 billion GDP. Tourism makes up the most significant chunk of economic activity. Defence, agriculture, and fishing also provide support. The state's economy is expanding but faces geographic constraints.
42. New Hampshire - $92 billion
New Hampshire comes in at #42 with a GDP of $92 billion. High-tech manufacturing, tourism, financial services, and agriculture lead the way. The state has no sales tax, which helps attract businesses.
43. West Virginia - $80 billion
West Virginia holds 43rd place with a GDP of $80 billion. Coal mining, natural gas production, manufacturing, chemicals, timber, and tourism are significant contributors. Government spending also props up the state's economy.
44. Delaware - $79 billion
At #44 is Delaware, with a GDP of $79 billion. Dominant industries include banking/finance, pharmaceuticals, chemical production, agriculture, biotech, and tourism. Delaware is a famous state for incorporating businesses.
45. Vermont - $37 billion
Vermont takes the 45th spot with a GDP of $37 billion. Manufacturing, agriculture, tourism, finance, and food/beverage production lead the way. IBM is Vermont's largest private employer.
46. Alaska - $56 billion
Alaska comes in at #46 with a GDP of $56 billion. Petroleum extraction and refining account for most economic activity: fishing, tourism, mining, and forestry round out the state's major industries.
47. South Dakota - $55 billion
South Dakota holds 47th place with a $55 billion GDP. Key sectors include finance, manufacturing, healthcare, and agriculture/livestock. Tourism centered on Mount Rushmore also bolsters the economy.
48. North Dakota - $55 billion
At #48 is North Dakota and its $55 billion GDP. Petroleum, natural gas production, agriculture, and high-tech manufacturing are driving forces. North Dakota saw rapid growth amid the fracking boom.
49. Wyoming - $43 billion
Wyoming takes the 49th position with a GDP of $43 billion. Mineral extraction, including coal, oil, and natural gas, dominates economic activity. Tourism centered on Yellowstone also contributes.
50. Montana - $55 billion
Montana comes in 50th with a GDP of $55 billion. Key industries include agriculture, ranching, oil/gas production, mining, and tourism. The state's economy is gaining strength across multiple sectors.
51. District of Columbia - $152 billion
The District of Columbia has a GDP of $152 billion, which would rank it #31 compared to states. Professional services and government agencies concentrated in D.C. drive its economic engine. Tourism also provides a sizable benefit.
Conclusion
Moving forward, broader U.S. economic performance, along with local industry changes, will impact states differently. Overall, monitoring GDP by state provides critical insights into the health, growth, and diversity of state and regional economies. Comparing outputs and GDP per capita can pinpoint strengths, weaknesses, and emerging opportunities.
Key Takeaways
- California has the highest GDP among states at $3.51 trillion, followed by Texas, New York, Florida, and Illinois in the top five.
- Top states by GDP, like California and Texas, would rank among the world's ten largest economies on their own.
- The District of Columbia, at $152 billion, would rank #31 compared to state GDP totals for 2023.
- The lowest GDP states include Montana, Wyoming, North Dakota, and South Dakota, but all still produce vital economic output.
- State GDP can expand or contract each year, with Texas, California, and others projected among the fastest-growing state economies.
Frequently Asked Questions
What is GDP by state?
Gross domestic Product by state measures the total value of all goods and services produced by a state's economy in a set period. It encapsulates all private and public consumption, government spending, investments, and net exports.
What state has the highest GDP in 2023?
California has the highest GDP among states at $3.51 trillion. Texas, New York, Florida, and Illinois round out the top five states by GDP.
What is the GDP of the United States?
US GDP is estimated at over $23 trillion in 2023, making it the world's largest economy. This includes the combined GDP contributions from all 50 states and Washington, D.C.
Which states have the smallest GDP?
The states with the lowest GDPs in 2023 include South Dakota, North Dakota, Wyoming, and Montana. But even these states contribute billions in economic output annually.
How is each state's GDP calculated?
State GDP is calculated by the Bureau of Economic Analysis using state personal income data, tax information, corporate profits, and other economic indicators that encompass all goods and services produced.
No comments:
Post a Comment