South Dakota Enjoyed Largest Increase in Economic Growth at End of 2020

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the fourth quarter of 2020, as real GDP for the nation increased at an annual rate of 4.3 percent, according to statistics released today by the U.S. Bureau of Economic Analysis.

The percent change in real GDP in the fourth quarter ranged from 9.9 percent in South Dakota to 1.2 percent in the District of Columbia.

Finance and insurance; healthcare and social assistance; and administrative and support and waste management and remediation services were the leading contributors to the increase in real GDP nationally.

Other highlights

Finance and insurance increased 12.9 percent nationally and contributed to the increases in all 50 states and the District of Columbia. This industry was the leading contributor to the increases in 25 states including South Dakota, Texas, Utah, and Connecticut, the states with the four largest increases.

Healthcare and social assistance increased 8.3 percent nationally and contributed to the increases in all 50 states and the District of Columbia. This industry was the leading contributor to the increase in seven states including Tennessee, the state with the fifth largest increase.

Administrative and support and waste management and remediation services increased 21.1 percent nationally and contributed to the increases in all 50 states and the District of Columbia.

Accommodation and food services decreased 7.1 percent nationally. This industry moderated increases in real GDP in 38 states.

GDP by State, Annual 2020

Real GDP decreased in all 50 states and the District of Columbia in 2020. The percent change in real GDP ranged from –0.1 percent in Utah to –8.0 percent in Hawaii.

Accommodation and food services; arts, entertainment, and recreation; and healthcare and social assistance were the leading contributors to the decrease in real GDP nationally. Accommodation and food services was the leading contributor to the decrease in Hawaii.

Other highlights

Accommodation and food services contributed to the decreases in all 50 states and the District of Columbia. This industry was also the leading contributor to the decreases in 38 states and the District of Columbia, including New York, the fourth slowest growing state.

Both arts, entertainment, and recreation and healthcare and social assistance contributed to the decreases in all 50 states and the District of Columbia.

Construction and finance and insurance were the leading contributors to moderating the decrease in Utah, the state with the smallest decline.

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