Despite renewed uncertainties and difficult situations related to the delta variant of Covid-19, the U. S. economy has recovered tremendously from the depths it reached in the first part of 2020. In the United States, all states suffered a first severe impact. Since then, however, the recovery has been highly uneven, with some states returning to their pre-pandemic form and others not so much. Using knowledge from the Bureau of Economic Analysis (BEA), we analyzed the percentage adjustments in the annual figures. and quarterly GDP data to determine which states have noticed their economies growing the fastest over the past two decades (from 2000 to 2020), as well as in recent years. 10 years, five years and year-over-year expansion from the first quarter of 2020 to the first quarter of 2021. Read on to find out which ones are on the list of our top 10 most sensitive states in terms of GDP expansion.
According to the criteria used in the study, most of the states on the list of states with the highest GDP expansion are in the western part of the United States. The rest of the 10 most sensitive states are those in the United States. Here’s a closer look at the best-performing economies in terms of GDP by state.
Utah’s economy has been a driving force for the past few decades, hence why it ranks first. Over the past five years, Utah’s GDP has grown by just 19. 1%, the second-highest rate of expansion of this era among the 50 states. Going back to 2010, Utah’s real GDP grew by more than a third (36. 6%), from about $123. 47 billion in 2010 to an annual average of $168. 62 billion in 2020 (with 2020 adding the most severe effect of the pandemic). And the expansion of Utah’s economy over the past 20 years is even more striking: 82%, from an annual real GDP of $92. 62 billion in 2000 to nearly $169 billion in 2020.
Additionally, during the first quarter of 2021, Utah’s GDP jumped to $178. 20 billion, which is the highest quarterly GDP in Utah’s history. Utah has brought the pandemic under control faster than most states, according to the Salt Lake Tribune, and therefore has the smallest GDP. GDP decline due to the pandemic, and annual genuine GDP fell by just 0. 1% between 2019 and 2020. Hawaii’s economy suffered an 8% year-over-year decline in genuine GDP between 2019 and 2020.
Washington, home to one of the largest concentrations of tech corporations among the 50 states, managed to take second place on our list. Since the turn of the millennium, Washington’s economy has been booming, with genuine annual GDP rising 74. 2%, from $312. 65 billion in 2000. to more than $544. 63 billion in 2020. According to the most recent insights (Q1 2021), Washington’s GDP remains at a record high of $565. 70 billion, a vast improvement from the first quarter of 2020, when it hovered around $13 billion ($552. 60 billion). lower.
Idaho is no stranger to economic and population expansion, although the latter increased markedly when the pandemic hit and urban workforces from the West Coast moved to the state in droves, creating disruption for local employers, according to KREM. In the first quarter of 2021, Idaho’s real GDP is $77. 39 billion, a staggering figure for a state with a population of just 1. 85 million. The economic effect of the pandemic caused Idaho’s GDP to decline slightly, just 1. 1% between 2019 and 2020. Idaho’s economy has recovered very well, experiencing a year-over-year GDP expansion of 2% since the first quarter of 2020 to the first quarter of 2021. Outside of the pandemic, Idaho’s economy has seen incredible expansion, both in the short and long term. Over the past five years, Idaho’s GDP has grown more than 17 percent; In the last 10 years it has increased almost 28%; and from 2000 to 2020, Idaho’s annual genuine GDP increased by 56%, from approximately $47. 49 billion in 2000 to $74. 08 billion in 2020.
Over the past 20 years, Colorado has become one of the most sensible destinations for Americans migrating inland. Many Colorado cities, not just Denver, have experienced an explosion of population and economic activity. As a result, Colorado ranks fourth among states where GDP has grown at its highest over the years. Since the turn of the millennium, Colorado’s genuine GDP has grown by more than half, from $232. 83 billion in 2000 to $351. 07 billion in 2020. Although annual GDP in 2020 is down from about $356. 28 billion in 2019, Colorado’s economy has come a long way since the turn of the millennium. Impact of the pandemic in 2020. Colorado’s genuine GDP in the first quarter of this year increased by 1. 4% compared to the same time last year: from $360. 16 billion in the first quarter of 2020 to $365. 05 billion in the first quarter of 2021.
Arizona’s economy is the nineteenth largest in the United States, based on 2020 annual genuine GDP across the state, with an average GDP of around $320. 66 billion that year. That’s a remarkable 54. 3% increase since 2000, when Arizona’s annual GDP that year was around $207. 77 billion. . The Covid-19 pandemic has caused Arizona some problems, however, the state’s GDP has only fallen by 0. 9%, from about $232. 59 billion in 2019 to $320. 66 billion in 2020. Currently, Arizona’s GDP reached an all-time high of $334. 03 billion in the first quarter of 2021.
Oregon ranks sixth on our list of the most productive states in terms of GDP expansion. The Pacific Northwest appears to be on fire as the economies of Oregon and Washington have shown expansion in recent decades. Over the past five years, Oregon’s economy has grown the fourth fastest in the country (14. 1%) from $191. 86 billion in 2015 to approximately $219 billion in 2020. Oregon’s most recent GDP figures are false (the genuine GDP is estimated to be $226. 53 billion in the first quarter of 2021), but they mask the fact that Oregon’s economy contracted by 2. 8% year-over-year: annual GDP increased from $225. 33 billion in 2019 to $218. 97 billion in 2020.
Although this study only used percentage adjustments in GDP (not absolute dollar amounts) to calculate each state’s scores, California still managed to rank in the top 10 most sensible states in terms of GDP growth. Since the turn of the millennium, California’s GDP has grown by approximately 60%, from approximately $1. 71 trillion in 2000 to an annual average of $2. 72 trillion in 2020. However, California’s economy took the effect of the pandemic the wrong way, with real GDP averaging more than $2. 8 trillion a year. in 2019, before wasting tens of billions of dollars when Covid-19 wreaked havoc throughout 2020. That’s because California’s GDP for the first quarter of 2021 is still lower than last year, when quarterly genuine GDP was about $8 billion higher. the first quarter of 2020.
The wonderful state of Texas is ranked number 8. They say, “Don’t play with Texas,” but Covid-19 has taken a risk. The Texas economy has been hit hard, with genuine annual GDP declining by 3. 5%. This is worse than California’s drop from seventh position (-2. 8%), but comparable to the U. S. ‘s year-over-year decline as a whole (-3. 5%). Fortunately, the Texas economy has rebounded, with real GDP in the first quarter of 2021 increasing by 0. 8% compared to the same time last year: $1. 763 trillion in the first quarter of 2021 compared to $1. 749 in the first quarter of 2020. However, the most impressive figure for Texas is the expansion of the economy since the turn of the millennium. From an annual GDP of just over $998 billion in 2000, Texas’ economy has grown 70. 6% in 20 years, reaching an annual GDP of just under $1. 75 trillion through 2020.
This economic dynamism of the Southeastern United States has grown and in recent decades, Georgia’s economy has become the second largest in the southern United States (behind the heavyweight of Florida). Georgia’s annual GDP in 2000 was $391. 21 billion, before taking off and experiencing an ordinary expansion of 10. 1% over the next 10 years, reaching an annual average of $430. 7 billion in 2010. Since then, Georgia’s economy has returned to growth, and its genuine GDP has grown by about 24%, from $430. 7 billion in 2010 to about $533. 57. In addition, Georgia has been more successful in absorbing the economic effects of the pandemic than most states, with annual GDP falling just 2. 5% from 2019 to 2020, one percentage point above the national average.
Florida is a state that is no stranger to natural disasters, to which hurricanes are added, but the Covid-19 pandemic has turned it upside down. With major tourist destinations like Disneyworld, Universal Studios, and thousands of coveted white-sand beaches, Florida was economically vulnerable to the worst the pandemic had to offer. Fortunately, the state has managed to engage its economic losses, experiencing a 2. 9% drop in annual GDP between 2019 and 2020. This is larger than the overall drop in the United States (-3. 5%) and much larger than the experience of most U. S. states. Florida’s GDP, which was already $641. 25 billion in 2000, has grown by nearly 50% over the past 20 years, reaching an annual real GDP of $935. 67 billion in 2020. , Florida’s GDP is at an all-time high of $969. 56 billion, as of January 1, 2020. Q1 2021, an increase of 0. 7% compared to the first quarter of 2020.
Here you will find a breakdown of the 50 states and their annual real GDP, since 2000. The table is sorted alphabetically, but you can sort it according to the ranking we take into account in the study by clicking on the table header “Ranking”. under study. “
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