Real gross domestic product (GDP) increased in 42 states and the District of Columbia in 2022 according to the U.S. Bureau of Economic Analysis (BEA). Six states recorded declines while Maryland and New Hampshire reported no change. The percent change in real GDP ranged from 4.9 percent increase in Idaho to 2.4 percent decline in Alaska.
Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, increased 2.1 percent in 2022, after a strong 2021 (+5.9 percent). Professional, scientific, and technical services; information; and real estate and rental and leasing were the leading contributors to the increase in real GDP across the country.
Regionally, real GDP growth increased in all the regions between 2021 and 2022. The percent change in real GDP ranged from 3.0 percent increase in the Rocky Mountain region (Colorado, Idaho, Montana, Utah, and Wyoming) to 0.8 percent increase in the Far West region (Alaska, California, Hawaii, Nevada, Oregon, and Washington) and the Plains region (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota).
Overall, 15 out of 21 industry groups contributing to the increase in real GDP. Arts, entertainment, and recreation; administrative and support and waste management; and information services were the leading contributors the increase in real GDP in 2022. Construction sector was the biggest drag on the economy in 2022.
At the state level, real estate and rental and leasing industry was the leading contributor to the real GDP increase in Idaho, the state with the largest increase. Following Idaho, Tennessee, Florida, Nevada, and Texas had the top five increases in real GDP in 2022. Alaska, Louisiana, Iowa, North Dakota, Oklahoma, and Wyoming saw real GDP decline last year.
Related
