2022 GDP by State Rankings
The USA ended 2021 with a GDP of $23.315 trillion. Data indicates growth in the US economy in both the first and second quarters of 2022. In Q1, US GDP increased to $24.740 trillion, while in Q2, it reached $25.248 trillion.
As of the second quarter of 2022, the Southeast region of the country accounts for the largest share of its GDP, with $5.461 trillion, while the Rocky Mountains region for the smallest share of $858 billion.
The following table shows the US states ranked by GDP as of Q2 of 2022. The figures are not adjusted for inflation and are shown in millions of current dollars:
Rank | State | Q1 of 2022 GDP | Q2 of 2022 GDP | 2021 GDP |
1 | California | $3,497,723.7 | $3,558,511.9 | $3,373,240.7 |
2 | Texas | $2,247,573.3 | $2,354,455.1 | $2,051,768.6 |
3 | New York | $2,008,813.4 | $2,034,912.3 | $1,901,296.5 |
4 | Florida | $1,344,330.4 | $1,371,467.9 | $1,255,558.3 |
5 | Illinois | $1,009,986.4 | $1,024,018.9 | $945,673.8 |
6 | Pennsylvania | $897,583.5 | $915,423.8 | $844,496.5 |
7 | Ohio | $802,978.4 | $817,626.8 | $756,617.2 |
8 | Georgia | $734,843.1 | $747,535.2 | $691,626.9 |
9 | New Jersey | $726,277.1 | $737,654.4 | $682,945.9 |
10 | North Carolina | $709,209.3 | $723,163.4 | $662,120.8 (↑ from 11th) |
11 | Washington | $705,408.5 | $717,336.2 | $677,489.5 (↓ from 10th) |
12 | Massachusetts | $673,975.8 | $679,121.7 | $641,332.2 |
13 | Virginia | $633,880.9 | $642,755.1 | $604,957.6 |
14 | Michigan | $605,464.0 | $615,407.9 | $572,205.8 |
15 | Colorado | $471,814.2 | $480,828.3 | $436,359.5 (↑ from 16th) |
16 | Tennessee | $461,010.0 | $469,937.6 | $427,125.5 (↑ from 17th) |
17 | Maryland | $459,380.5 | $465,635.4 | $443,929.9 (↓ from 15th) |
18 | Arizona | $446,397.1 | $453,602.3 | $420,026.7 |
19 | Indiana | $444,654.4 | $452,422.4 | $412,975.2 |
20 | Minnesota | $434,830.4 | $442,528.3 | $412,458.6 |
21 | Wisconsin | $392,030.7 | $398,850.0 | $368,611.3 |
22 | Missouri | $380,398.6 | $386,397.3 | $358,572.0 |
23 | Connecticut | $317,332.9 | $317,906.7 | $298,395.2 |
24 | Oregon | $290,176.7 | $294,324.8 | $272,190.9 |
25 | South Carolina | $287,065.0 | $292,932.0 | $269,802.5 |
26 | Louisiana | $272,699.1 | $281,047.1 | $258,571.3 |
27 | Alabama | $269,436.4 | $275,396.0 | $254,109.7 |
28 | Kentucky | $253,190.8 | $258,293.5 | $237,182.0 |
29 | Utah | $240,864.2 | $245,830.9 | $225,340.3 |
30 | Oklahoma | $231,584.4 | $242,302.6 | $215,336.3 (↑ from 31th) |
31 | Iowa | $224,774.5 | $230,104.3 | $216,860.2 (↓ from 30th) |
32 | Nevada | $208,428.9 | $213,409.5 | $194,486.6 |
33 | Kansas | $205,050.5 | $209,272.0 | $191,380.6 |
34 | Arkansas | $160,869.8 | $163,778.9 | $148,676.1 |
35 | Nebraska | $157,030.0 | $161,259.6 | $146,285.4 |
36 | Mississippi | $134,848.6 | $138,156.3 | $127,307.7 |
37 | New Mexico | $118,291.5 | $122,358.8 | $109,582.8 |
38 | Idaho | $105,798.8 | $108,437.8 | $96,282.8 (↑ from 39th) |
39 | New Hampshire | $103,235.1 | $104,172.5 | $99,673.3 (↓ from 38th) |
40 | Hawaii | $95,278.7 | $96,978.9 | $91,096.1 |
41 | West Virginia | $91,498.0 | $96,723.7 | $85,434.2 |
42 | Delaware | $85,163.0 | $86,672.7 | $81,160.0 |
43 | Maine | $82,352.3 | $83,514.4 | $77,963.3 |
44 | North Dakota | $69,932.9 | $74,744.6 | $63,559.6 (↑ from 45th) |
45 | Rhode Island | $69,643.3 | $70,759.5 | $66,570.9 (↓ from 44th) |
46 | South Dakota | $65,964.0 | $67,489.3 | $61,684.7 |
47 | Montana | $63,044.0 | $64,757.4 | $58,699.8 |
48 | Alaska | $60,944.2 | $64,256.6 | $57,349.4 |
49 | Wyoming | $45,693.3 | $48,043.5 | $41,510.2 |
50 | Vermont | $39,538.6 | $40,248.6 | $37,103.8 |
— | District of Columbia | $159,774.7 | $160,728.2 | $153,670.5 |
As the data indicates, there have been no changes in the rankings in the previous two quarters, though, a few states went up or down for one or two spots compared to 2021. Notably, Maryland dropped two spots, from the 15th in 2021 to the 17th in 2022, which allowed Tennessee and Colorado each to climb one spot higher to the 16th and 15th place, respectively.
Furthermore, the data on GDP ranking by state also indicates North Carolina took Washington’s place and joined the top ten in 2022, while Oklahoma changed places with Iowa for the 30th position. Finally, Idaho took New Hampshire’s place on the 38th spot, pushing it one spot lower, and North Dakota climbed to 44th while Rhode Island dropped to 45th.
States With the Highest GDP
Below are some details about the states with the highest GDP in the US. The collective GDP contribution of these five states is over 40% of the national GDP.
1. California ($3.558 trillion)
As you might have guessed, the home of Silicon Valley and Hollywood has the highest GDP by state in the US. California’s GDP is so great that if it were its own country, it would have the fifth-highest GDP in the world. In addition to these two global enterprises, California is the most populous state in the US, which is the biggest factor for its gigantic GDP.
As a result, the real estate industry in the Golden Coast accounts for the biggest share of its GDP, with $452 billion. Manufacturing is the second-largest industry with $421 billion, while government enterprises contribute $392 billion. Information and professional, scientific, and technical services are the fourth and fifth largest industries in California, contributing $352 billion and $347 billion, respectively.
2. Texas ($2.354 trillion)
GDP growth by state statistics show that Texas had one of highest growth rates in the USA entering the year 2022. From $2.051 trillion in 2021, Texas increased its GDP by 9.54% to $2.247 trillion in Q1 and then grew it by another 4.75%, reaching $2.354 trillion in Q2.
The Lone Star State has the largest mining, quarrying, and oil and gas extraction industry, in the USA. Moreover, the stats show that the largest share of its GDP, or $282 billion, comes from this industry. The manufacturing and real estate sectors are also big in Texas, each contributing $260 billion to the state’s GDP in Q2 of 2022.
3. New York ($2.034 trillion)
Data on the GDP per capita by state show that New York is number one in this regard, even though it is number three when ranked based on total GDP. The Empire State has an enormous GDP, even though its population is half the one of California.
New York’s finance and insurance industry is the largest in the state as well as the USA, with a GDP of $425 billion. Its education sector is also number one in the country though it contributes only $39 billion to the GDP. Other big sectors in New York include real estate and professional scientific and technical services, with $248 billion and $179 billion in contributions to the state’s GDP.
4. Florida ($1.371 trillion)
While Florida is in the fourth spot in GDP contribution by state, its economy is very diverse and has multiple successful industries. Considering how big tourism is in the Everglade State, real estate is its largest industry, with $247 billion, only topped by the top three states in the US.
Florida’s accommodation and food services industry is second-best in the country, only inferior to Califonia’s, and its GDP reached $62 billion in the second quarter of 2022. In addition, the wholesale trade industry in Florida is also big, with a $103 billion GDP, and so are the healthcare and professional, scientific, and technical services, with a GDP of $109 billion each.
5. Illinois ($1.024 trillion)
Illinois had the fifth-largest GDP by state in 2021 as well, though it wasn’t until the first quarter of 2022 that it reached the trillion mark after growing by 6.8%. It has the second-best agriculture, forestry, fishing, and hunting industry in the USA, with a current GDP of $14 billion, only exceeded by California.
Additionally, the Prairie State has the third-largest manufacturing industry in the country, with a GDP of $132 billion and the fourth-highest GDP of $41 billion in transportation and warehousing.
States With the Lowest GDP
Below is some data on the GDP by state in ascending order. The collective contribution to the nation’s GDP of the bottom five states is 1%.
1. South Dakota ($65.964 billion)
With $11 billion in the second quarter of 2022, the finance and insurance sector is the largest contributor to South Dakota’s GDP. What’s interesting is that Mount Rushmore State is 46th in both GDP and population in the US but has the 14th largest agriculture, forestry, fishing, and hunting industry in the country. In almost all other sectors, South Dakota is among the bottom five.
2. Montana ($63.044 billion)
According to the latest data on US GDP by state, the largest contributors to Montana’s GDP are its government enterprises and real estate industry, each contributing $8 billion. When it comes to contributing to the national GDP, the Treasure State is the 20th largest contributor in the mining, quarrying, and oil and gas extraction industry, with $2.4 billion. However, its management of companies and enterprises sector only contributes $269 million, and it is second to last in the entire country.
3. Alaska ($60.944 billion)
Even though it is on the 48th spot in both GDP and population, Alaska’s GDP by state per capita is 8th in the USA. While it is second to last in most sectors, America’s Icebox has the 10th biggest mining, quarrying, and oil and gas extraction industry in the US, with a GDP of $12 billion. Transportation and warehousing is also a big sector in Alaska, contributing $9.1 billion to its GDP. On the other hand, Alaska’s finance and insurance sector is the smallest in the USA, with a contribution of only 1.4 billion.
4. Wyoming ($45.693 billion)
The state of Wyoming is financially very similar to Alaska in many respects. The per capita GDP by state statistics place Wyoming in the 10th position, even though it is second to last by total GDP. Wyoming’s largest industry is mining, quarrying, and oil and gas extraction, with a GDP of $9 billion, and it is the 12th highest contributor in the country in this sector. In quite a few other sectors, Wyoming has the 50th or the smallest GDP in the USA.
5. Vermont ($39.538 billion)
The very last entry on our gross domestic product by state rankings is also the least populated state in the USA. Vermont’s GDP accounts for only about 0.15% of the USA’s national GDP. Unlike the other states in the bottom five, Vermont doesn’t have any specific industry going for it, and it is among the bottom 10 states by GDP across every sector.
The Bottom Line
After reviewing the GDP of each state and having a closer look at the top and bottom five states in the country, we can see that economic growth is evident everywhere in the US. Of course, GDP is not the only viable indicator of economic health, and there are other means of measuring the financial well-being of any country. However, the fact that a single state has a GDP big enough to be the fifth-largest economy in the world speaks for itself.
FAQs
What state has the highest gross domestic product?
What is the poorest state by GDP?
Which US city has the highest GDP?
Hristina Nikolovska
Hristina is a Finance and Crypto Content Specialist with a decade of experience in digital content creation, particularly in the field of cryptocurrency. Her focus is on using her strong research skills and understanding of English to develop content that educates and informs readers about the intricacies of the finance and crypto markets. Hristina's expertise is particularly valuable for MoneyTransfers.com, where clarity and accuracy in financial communication are key.
Sure, it seems like you're delving into the detailed breakdown of the GDP rankings by state in the US for the second quarter of 2022. I have quite an in-depth understanding of economic indicators like GDP and how they reflect regional economic health.
The GDP figures you've provided showcase the economic output of each state, offering insights into their industries and contributions to the overall national economy. These numbers typically reflect the size and diversity of a state's economy, including sectors like real estate, manufacturing, finance, and more. For instance, California's leading GDP, driven by industries like technology, entertainment, real estate, and professional services, illustrates the state's economic prowess.
Texas, known for its oil and gas industry, shows a significant growth trajectory in its GDP, indicating the strength of its primary industries. Meanwhile, states like Florida highlight the significance of tourism, reflected in its real estate and accommodation sectors.
Conversely, states with lower GDP rankings like Vermont or Wyoming often lack dominant industries compared to the top-ranking states. Their contributions might be relatively smaller and more evenly distributed across various sectors.
Now, onto the breakdown:
- GDP: Gross Domestic Product, the total value of goods and services produced within a country's borders within a specific time frame.
- State GDP Rankings: A listing of US states based on their economic output.
- Regional Contributions: The Southeast region stands out for its substantial GDP contribution, while the Rocky Mountains region has a smaller share.
- GDP Growth: The increase in GDP from 2021 to Q1 and Q2 of 2022 indicates overall economic growth.
- Changes in Rankings: States shifting positions from 2021 to 2022 reflect changes in their economic performance.
- Top States' Industries: Insights into key industries driving GDP in top-ranking states like California (tech, entertainment), Texas (oil and gas), New York (finance, real estate), Florida (tourism, real estate), and Illinois (agriculture, manufacturing).
- Lowest GDP States: Examination of states with lower GDP rankings, emphasizing their major industries and economic contributions.
This breakdown encompasses the intricacies of GDP rankings, economic growth patterns, and the industries driving each state's economy, offering a comprehensive view of the US economic landscape.
