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Economic Growth Decreased in All 50 States During the Second Quarter

Economic growth, as expressed in real gross domestic product (GDP), decreased in all 50 states…

  • October 20, 2020

Economic growth, as expressed in real gross domestic product (GDP), decreased in all 50 states and the District of Columbia in the second quarter of 2020, as real GDP for the nation decreased at an annual rate of 31.4 percent, according to statistics released by the U.S. Bureau of Economic Analysis.

The percent change in real GDP in the second quarter ranged from -20.4 percent in the District of Columbia to -42.2 percent in Hawaii and Nevada.

Accommodation and food services; healthcare and social assistance; and durable goods manufacturing were the leading contributors to the decrease in real GDP nationally. Accommodation and food services was the leading contributor to the decreases in Hawaii and Nevada.

Accommodation and food services decreased 88.4 percent nationally and contributed to the decreases in all 50 states and the District of Columbia. This industry was the leading contributor to the decreases in 17 states and the District of Columbia.

Healthcare and social assistance decreased 48.1 percent nationally and contributed to the decreases in all 50 states and the District of Columbia. This industry was the leading contributor to the decreases in 18 states, including Tennessee the state with the third largest decrease.

Durable goods manufacturing decreased 43.3 percent nationally and contributed to the decreases in all 50 states and the District of Columbia.

This industry was the leading contributor to the decreases in eight states.

Finance and insurance increased 11.9 percent nationally. This industry moderated decreases in real GDP in 48 states and the District of Columbia.

This industry was the leading offset to the decline in Delaware, the state with the smallest decrease in real GDP.