As the U. S. economy grapples with worries of a coming recession, the strength of states’ economies is more applicable than ever. After the turbulence caused by the pandemic in the national economy and in the economies of the states, it is frustrating to face a new recession when it turns out that, despite everything, we are about to come out of the storm.
To discern the strength of state economies, we analyzed the Bureau of Economic Analysis’s (BEA) economic knowledge of 2012 real GDP in chained dollars, used to provide a true picture of economic expansion rather than the use of nominal GDP figures. that do represent inflation. Read on to discover the strength of the economy in terms of states consistent with GDP and to see which states are developing the fastest in terms of GDP expansion over the years.
If we look at the quarterly real GDP update across the state, Hawaii is the state with the highest significant year-over-year growth. From the fourth quarter of 2020 to the fourth quarter of 2021, Hawaii’s GDP grew by 8. 8%, from $6. 98 billion to $75. 98. billion, respectively. Unfortunately, Hawaii’s GDP in the fourth quarter of 2021 is still below 4. 4%, compared to $79. 50 billion in the fourth quarter of 2019, revealing the lingering damage caused by the pandemic.
Below is a table of the states through GDP ranked according to year-over-year growth:
Looking back two years ago, New Hampshire was the state with the greatest expansion in economic output. New Hampshire’s GDP grew 8. 5% over the next two years, from $77. 19 billion in the fourth quarter of 2019 to $83. 72 billion in the fourth quarter of 2021. The industry with the highest GDP expansion in New Hampshire is the one controlled by corporations and companies, with the highest production, of 127. 3% in the last two years.
Below is a table of the states through GDP ranked according to two-year growth:
Now, if we look at the period between the fourth quarter of 2016 and the fourth quarter of 2021, the state with the highest GDP growth is Washington. Over the past five years, Washington’s GDP has grown by 24. 7% in real terms: from $466. 68 billion in 2016 to $582. 10 billion in 2021. This makes sense since this generation encompasses an era of high influx of people moving to Washington, especially Seattle’s dominance and significant business expansion, not to mention a huge increase in real estate costs in the state.
Below is a table of the states through GDP ranked according to five-year growth:
When it comes to GDP expansion across the state over the past 10 years, Washington state takes the cake. Washington’s economy experienced a genuine GDP expansion of 47. 8%: from $393. 86 billion in the fourth quarter of 2011 to $582. 1 billion in the fourth quarter of 2021. It is closely followed by Utah, which has experienced a real GDP expansion of 44. 5% to $128. 78 billion in the fourth quarter of 2011. to $186. 13 billion in the fourth quarter of 2021.
Below is a table of the states through GDP ranked through expansion over 10 years:
When it comes to GDP expansion across the state over the past 15 years, North Dakota has recorded the expansion of its economy. North Dakota’s true GDP expansion has been 79. 6% over the past 15 years: from $30. 92 billion in the fourth quarter of 2006 to $55. 53. billion in the fourth quarter of 2021. Once again, Washington state proved to be an economic booster, arriving at the time with a 15-year expansion. GDP expansion of 62. 7%, from $357. 81 billion to $582. 10 billion.
Below is a table of the states through GDP ranked throughout the expansion over 15 years:
Below is a table of the state’s real GDP in 2012 interleaved dollars over the past 15 years.
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