Gross Domestic Product by State, 1st Quarter 2020
Decreases in All States and the District of Columbia in the First Quarter
Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the first quarter of 2020, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the first quarter ranged from -1.3 percent in Nebraska to -8.2 percent in New York and Nevada (table 1).
Accommodation and food services; finance and insurance; healthcare and social assistance; and arts, entertainment, and recreation were the leading contributors to the decrease in real GDP nationally (table 2). Accommodation and food services was the leading contributor to the decrease in Nevada. Finance and insurance was the leading contributor to the decrease in New York.
- Accommodation and food services decreased 26.8 percent nationally and contributed to the decreases in all 50 states and the District of Columbia (GDP by Industry table 1). This industry was the leading contributor to decreases in 29 states and the District of Columbia, including Hawaii the state with the third largest decrease.
- Finance and insurance; healthcare and social assistance; and arts, entertainment, and recreation decreased 9.0 percent, 7.8 percent, and 34.7 percent, respectively, and also contributed to the decreases in all 50 states and the District of Columbia.
- Agriculture, forestry, fishing, and hunting increased 15.5 percent nationally. This industry was the leading contributor to moderating decreases in 17 states including Nebraska, the state with the smallest decrease.
The 2020 Q1 estimates of GDP by state were impacted by the response to the spread of COVID-19, as governments issued "stay-at-home" orders. This led to rapid changes in demand, as businesses and schools switched to remote work or canceled operations, and consumers canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP by state estimates for 2020 Q1 because the impacts are generally embedded in source data and cannot be separately identified.
Next release: October 2, 2020 at 8:30 A.M. EDT
Gross Domestic Product by State, 2nd Quarter 2020 and Annual Update