Featured Indicator: Gross State Product

September 20, 2021 Jessica Tagliafierro

Gross domestic product (GDP) by state, oftentimes referred to as gross state product (GSP), estimates the value of goods and services produced in a state. The most recent data release from the Bureau of Economic Analysis (BEA) was released June 25, 2021 and included data for the first quarter of 2021.

In the first quarter of 2021, total GDP for the United States was $19,086,375 million. The top five state contributors to this GDP (California, Texas, New York, Florida, and Illinois) make up over 40% of the total national GRP.

According to the BEA, real GDP increased in all 50 states and the District of Columbia in the first quarter of 2021, as real GDP for the nation increased at an annual rate of 6.4%. The percent change in real GDP in the first quarter ranged from 10.9% in Nevada to 2.9% in the District of Columbia.

The BEA notes that the increases in first quarter GDP by state reflect the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. As new variants emerge and business regulations adapt it will be important to continue to follow trends in GDP by state.