The United States has fifty states, economies, cultures, and governments. While some of the wealthiest states might not be surprising to you, others are curious. Let’s look at this ranking of the 50 wealthiest states in the U.S. This article provides the 51 U.S. states and their nominal GDP at current prices.
1. California
As of 2021, California is the largest economy in the United States, with a gross state product (GSP) of $3.37 trillion. It is the world’s largest subnational economy. If California were a sovereign nation in 2022, it would be the fifth largest economy in terms of nominal GDP, behind Japan and Germany, and the tenth largest in terms of PPP GDP, after Brazil and France. In addition, Silicon Valley in California is home to some of the most valuable technology businesses in the world, including Apple, Alphabet, and Nvidia.
GDP | $3.37 trillion (2021) |
GDP growth | 7.8% (2021) |
Population below poverty line | 13.3% (absolute)19.0% (relative) |
Labor force | 18,946,000 (December 2021) |
Unemployment | 4.1% (Aug. 2022) |
2. Texas
Texas’s economy is the second largest in terms of GDP in the United States after California’s. As of 2021, its gross domestic product is $2 trillion. In 2021, Texas exported more than $300 billion annually, more than California and New York combined ($175 billion and $100 billion). As an independent nation in 2016, Texas would rank tenth in terms of GDP, ahead of South Korea and Canada but behind Brazil.
GDP | $2.1 trillion (2021) |
GDP growth | $69,486 (2021) |
Population below poverty line | 10% (15% considering cost of living) |
Labor force | 15,500,000 (January 1, 2022) |
Unemployment | 4.1% (Aug. 2022) |
3. New York
The gross state product of the State of New York was $2.0 trillion in the second quarter of 2022, ranking it third in size behind California and Texas. New York State would have the world’s tenth-largest economy if it were a sovereign nation. Nonetheless, in 2019, the multi-state, New York City-centered metropolitan statistical area produced a gross metropolitan product (GMP) of $2.0 trillion, ranking first in the United States by a large margin with just nine nations’ GDPs ahead of it.
GDP | $2.0 trillion (2022-Q2) |
GDP growth | $102,587 (2022-Q2) |
Population below poverty line | 13.6% |
Labor force | 9,633,503 (2018) |
Unemployment | 4.7% (Aug. 2022) |
4. Florida
As of 2021, Florida has the fourth-largest economy in the United States, with a gross state product (GSP) of $1.3 trillion. According to the International Monetary Fund, if Florida were a sovereign nation in 2021, it would have the world’s sixteenth-largest economy, ahead of Indonesia and behind Mexico. Florida contributes 5.23 percent to the almost $21 trillion gross domestic product of the United States (GDP). The state’s economic development in the 20th century was aided by tourism, business, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial spaceflight.
GDP | $1.3 trillion (2021) |
GDP growth | $57,644 (2021) |
Annual GDP change at current prices(2020–2021) | 265,433.0 / 10.9% |
Nominal GDP per capita (2022) | $62,965 |
Unemployment | 2.7% (Aug. 2022) |
5. Illinois
Illinois‘ economy is the fifth largest by GDP and one of the most varied in the entire globe. Many of the largest corporations in the United States are headquartered in the Chicago metropolitan region, fueled by Chicago’s economy. Illinois placed fourth in the nation in terms of Fortune 500 firms in 2017, with a total of 36. Illinois’ gross state product in 2018 was $857 billion, ranking fifth in the nation. The median household income in 2017 was $62,992, ranking among the highest in the country. Corn and soy are essential agricultural commodities. Notable service sectors include finance, higher education, logistics, and medicine.
GDP | $1.024 trillion (2022-Q2) |
GDP per capita | $80,812 (2022-Q2) |
Annual GDP change at current prices(2020–2021) | 165,653.4 / 9.3% |
Real GDP growth rate (2020–2021) | 5.0% |
Unemployment | 4.5% (Aug. 2022) |
6. Pennsylvania
Pennsylvania, officially known as The Mid-Atlantic, Northeast, Appalachian, and Great Lakes areas of the United States, is all included in the Commonwealth of Pennsylvania. Delaware borders Maryland to the southeast, West Virginia to the south, Ohio to the southwest, Ohio borders West Virginia, Lake Erie borders the Canadian state of Ontario, New York borders the north, the Delaware River borders New Jersey, and Delaware borders Delaware.
It also shares borders with West Virginia, Maryland, and Delaware to the north. Pennsylvania’s nominal GDP at current prices (2022) is 915,424 million U.S. dollars, and nominal GDP per capita (2022) is $70,612. As of 2020, Pennsylvania had over 13 million residents, making it the fifth-most populous state in the nation. It is the 33rd largest state by area and ranks ninth in population density among all states.
GDP (millions of U.S. dollars) | 915,424 |
GDP growth | 4.4% |
Annual GDP change at current prices(2020–2021) | 143,527.6 / 8.7% |
Nominal GDP per capita | $70,612 |
% GDP of national | 3.67% |
7. Ohio
According to the 2017 GDP estimates of the International Monetary Fund, Ohio‘s economy would be the twenty-first largest in the world, behind Saudi Arabia and ahead of Argentina. The Bureau of Economic Analysis claims that the state’s GDP in the third quarter of 2017 was $656.19 billion, up from $517.1 billion in 2012 and $501.3 billion in 2011.
Site Selection magazine named Ohio among the top ten states with the best business climate in 2013, based on a database of business activity. Only Texas and Nebraska edged out the state for the 2013 Governor’s Cup award based on corporate growth and economic development.
GDP (millions of U.S. dollars) | 817,627 |
GDP growth | 4.3% |
Annual GDP change at current prices(2020–2021) | 140,066.6 / 8.7% |
Nominal GDP per capita | $69,408 |
% GDP of national | 3.22% |
8. Georgia
Georgia‘s current flag was adopted on February 19, 2003. The flag has three horizontal stripes (a red-white-red triband) and a blue canton with thirteen white stars surrounding the state’s golden coat of arms. The ring of stars encircling Georgia’s coat of arms is a reminder that it was one of the original Thirteen Colonies. Current prices show the nominal GDP in 2022 is 747,535 million U.S. dollars. The nominal GDP per capita in 2022 is $69,222, while the national percentage is 2.99%. The annual rise in GDP at current prices (2020–2021) is 124,908,3, representing a 9.7% increase.
GDP (millions of U.S. dollars) | 747,535 |
GDP growth | 5.8% |
Annual GDP change at current prices(2020–2021) | 124,908.3 / 9.7% |
Nominal GDP per capita | $69,222 |
% GDP of national | 2.99% |
9. New Jersey
The United States Northeastern and Mid-Atlantic regions both contain New Jersey. New York borders it to the north and east, the Atlantic Ocean to the east, southeast, and south, the Delaware River and Pennsylvania to the west, and Delaware Bay and Delaware to the southwest. The fourth quarter of 2018 saw New Jersey’s gross state product reach an estimated $639.8 billion, according to the U.S. Bureau of Economic Analysis.
The estimated 2015 taxpayer burden in New Jersey was $59,400 per taxpayer. The per capita gross state product of New Jersey consistently ranks among the top in the United States. In 2020, New Jersey had the most millionaires per capita and a square mile in the United States, with 9.76% of households being millionaires. [18] With 76.4% of its communities having per capita incomes above the national average, the state is ranked second in the country. Nine counties in New Jersey are among the 100 wealthiest in the United States.
GDP (millions of U.S. dollars) | 737,654 |
GDP growth | 4.9% |
Annual GDP change at current prices(2020–2021) | 119,075.1 / 8.7% |
Nominal GDP per capita | $79,594 |
% GDP of national | 2.94% |
10. North Carolina
In 2019, the gross state product of North Carolina was approximately $591 billion. The Bureau of Economic Analysis claims that the state’s total gross state output for 2010 was $424.9 billion, placing it eighth in gross domestic product. Its income per capita in 2007 was $33,731, ranking it 36th in the nation. The “Top States for Business for 2010” list compiled by CNBC ranks North Carolina as the fourth-best state, after Texas, Virginia, and Colorado.
Charlotte, the largest city in North Carolina, continues to enjoy tremendous expansion, mainly due to the banking and financial sector. Bank of America and Trust Financial is headquartered in Charlotte, the United States’ second-largest banking hub. The Charlotte metropolitan area is home to six other Fortune 500 companies.
GDP (millions of U.S. dollars) | 723,163 |
GDP growth | 6.7% |
Annual GDP change at current prices(2020–2021) | 133,334.7/11.0% |
Nominal GDP per capita | $68,539 |
% GDP of national | 2.87% |
11. Washington
In 2016, the economy of the northwestern U.S. state of Washington expanded by 3.7%, roughly 1.5 times the national average. In 2009, the average per capita income was $41,751, ranking 12th among U.S. states. Government, real estate and rental leasing, and information are the leading economic sectors; manufacturing is fourth (8.6% of the state’s GDP). The production of fruits and vegetables, as well as hydroelectric power, are also significant industries. Boeing, Starbucks, Amazon, Costco, and Microsoft are prominent Washington-based corporations. Washington collects revenue through sales tax, property tax, and a gross receipts tax on enterprises.
GDP (millions of U.S. dollars) | 717,336 |
GDP growth | 6.7% |
Annual GDP change at current prices(2020–2021) | 113,083.0 / 10.5% |
Nominal GDP per capita | $92,703 |
% GDP of national | 2.92% |
12. Massachusetts
Massachusetts is the most populous New England state. In the twenty-first century, Massachusetts is a global leader in biotechnology, engineering, higher education, finance, and marine trade. Its three foreign-trade zones are the Massachusetts Port Authority of Boston, the Port of New Bedford, and the City of Holyoke.
The United States Bureau of Economic Analysis projects that the gross state product of Massachusetts in 2020 was $584 billion. In 2012, its per capita income was $53,221, making it the third-highest state in the country. As of January 2022, the state minimum wage in Massachusetts is $14.25 per hour.
GDP (millions of U.S. dollars) | 679,122 |
GDP growth | 6.4% |
Annual GDP change at current prices(2020–2021) | 96,646.5 / 9.3% |
Nominal GDP per capita | $97,239 |
% GDP of national | 2.79% |
13. Virginia
The Commonwealth of Virginia‘s economy is well-balanced and supported by various income sources. In 2007, Virginia’s state GDP was $383 billion, greater than the more significant state of Michigan and comparable to Saudi Arabia. In 2004, the per capita personal income was $35,477. As of 2000, Virginia had the most counties and independent cities in the top one hundred wealthiest jurisdictions in the United States, with fifteen. Additionally, with ten, Virginia tied with Colorado for the most counties in the top one hundred by per capita income.
Forbes magazine named Virginia the state with the best business climate in the United States in 2006 and 2007, citing economic growth, business costs/incentives, and quality of life. In 2007, CNBC also ranked Virginia as the best state for business.
GDP (millions of U.S. dollars) | 642,755 |
GDP growth | 4.0% |
Annual GDP change at current prices(2020–2021) | 93,220.2 / 7.7% |
Nominal GDP per capita | $74,375 |
% GDP of national | 2.59% |
14. Michigan
Michigan is a state in the upper Midwest Great Lakes region of the United States. Michigan is the largest state by area east of the Mississippi River and the tenth-largest by population.
The U.S. Bureau of Economic Analysis estimated Michigan’s gross state product for the third quarter of 2018 to be $538 billion, placing it fourteenth among the fifty states. As of June 2021, the Bureau of Labor Statistics estimated the state’s seasonally adjusted unemployment rate to be 6.3%. In 2012, Michigan became the 24th right-to-work state in the United States.
GDP (millions of U.S. dollars) | 615,408 |
GDP growth | 6.2% |
Annual GDP change at current prices(2020–2021) | 100,289.3/ 10.3% |
Nominal GDP per capita | $61,234 |
% GDP of national | 2.49% |
15. Colorado
Colorado‘s gross state product in 2021 was $421 billion, ranking it the sixteenth largest economy in the United States. In 2019, Colorado ranked 12th in the nation with a personal income per capita of $61,157. The industrial and service sectors grew substantially in the second half of the 20th century. The state’s economy is characterized by its concentration on scientific research and high-tech industries. Tourism and food processing are different industries. Denver is an important economic hub.
GDP (millions of U.S. dollars) | 480,828 |
GDP growth | 5.8% |
Annual GDP change at current prices(2020–2021) | 98,244.7 / 10.3% |
Nominal GDP per capita | $82,730 |
% GDP of national | 1.85% |
16. Tennessee
Tennessee’s economy is diverse and made up of many different sectors. Tennessee’s gross state product in 2020 was $364.5 billion. The state’s per-person personal income in 2019 was $29,859. The median income for a household was $53,320. Approximately 13.9% of the population lived below the poverty level. In 2018, the state reported 2,683,214 employed individuals and 138,269 employer firms.
In 2012, the state’s asset surplus was $533 million, making it one of eight states to post a surplus. As with most of its southern neighbors, Tennessee is a right-to-work state. Unionization has been historically low and continues to fall, as in most of the United States.
GDP (millions of U.S. dollars) | 469,938 |
GDP growth | 8.6% |
Annual GDP change at current prices(2020–2021) | 100,364.9 / 13.2% |
Nominal GDP per capita | $67,374 |
% GDP of national | 1.83% |
17. Maryland
Maryland is a Mid-Atlantic state in the United States. It shares borders to the south and west with Virginia, West Virginia, and the District of Columbia; to the north with Pennsylvania; and to the east with Delaware and the Atlantic Ocean. According to the Bureau of Economic Analysis, Maryland’s gross state product in 2016 was around $382,4 billion.
With a median household income of $72,483 in 2013, Maryland households are currently the wealthiest in the nation, according to the U.S. Census Bureau, exceeding those of New Jersey and Connecticut, ranked second and third, respectively. Howard and Montgomery counties are the second and eleventh wealthiest counties in the United States. In 2013, 7.7 percent of the state’s population was composed of millionaires. Also, the state has the lowest poverty rate in the country, at 7.8 percent. In 2006, the per capita personal income was $43,500, ranking seventh in the nation. As of March 2022, the unemployment rate in the state was 4.6%.
GDP (millions of U.S. dollars) | 465,635 |
GDP growth | 3.2% |
Annual GDP change at current prices(2020–2021) | 54,961.2 / 6.7% |
Nominal GDP per capita | $75,528 |
% GDP of national | 1.92% |
18. Arizona
In 2020, Arizona‘s economy had a total gross state product of $373 billion. However, health care, transportation, and government remain the dominant sectors. The state ranks 39th in the U.S. with a per capita income of $40,828. The state ranked 22nd in the nation, barely below the national average, with a typical household income of $50,448. Arizona’s economy once depended on the “five C’s”: cotton, cattle, citrus, and climate (see Copper mining in Arizona). Large open-pit and underground mines continue to provide most of the nation’s copper needs.
GDP (millions of U.S. dollars) | 453,602 |
GDP growth | 5.3% |
Annual GDP change at current prices(2020–2021) | 79,883.8 / 10.0% |
Nominal GDP per capita | $62,342 |
% GDP of national | 1.80% |
19. Indiana
Indiana is a Midwestern state in the United States. According to the 2010 census, the median household income in Indiana was $44,616, placing it 36th among the fifty states and the District of Columbia. In 2017, Indiana had the 15th most significant civilian labor force in the United States, with roughly 3.4 million workers.
Indiana’s unemployment rate is lower than the national average, at 3.4%. In 2016, the overall gross state product was $347,2 billion. A significant portion of Indiana’s income is derived from manufacturing. The Bureau of Labor Statistics reports that approximately 17% of the state’s non-farm workforce is involved in manufacturing, the most significant percentage of any U.S. state.
GDP (millions of U.S. dollars) | 452,422 |
GDP growth | 6.9% |
Annual GDP change at current prices(2020–2021) | 77,086.5 / 12.0% |
Nominal GDP per capita | $66,483 |
% GDP of national | 1.84% |
20. Minnesota
In 2014, Minnesota‘s economy generated $312 billion in gross domestic product. In 2011, 31 publicly traded firms with headquarters in Minnesota were among the 1,000 largest U.S. companies by revenue. This includes Target and UnitedHealth Group, among others. In 2016, the per capita personal income was $51,990, ranking fifteenth nationally. At $60,900 in 2013, the median household income ranked twelfth in the nation.
GDP (millions of U.S. dollars) | 442,528 |
GDP growth | 5.7% |
Annual GDP change at current prices(2020–2021) | 68,789.5 / 10.2% |
Nominal GDP per capita | $82,344 |
% GDP of national | 1.80% |
21. Wisconsin
Wisconsin is a state in the upper Midwest region of the United States. Wisconsin ranks twenty-five in terms of population and total area. In 2019, the gross state product of Wisconsin was $349.416 billion, ranking it twenty-first among U.S. states. Manufacturing, agriculture, and healthcare are the three main sectors of Wisconsin’s economy.
In 2008, the state’s manufacturing gross domestic product was $48.9 billion, ranking it tenth among states in manufacturing GDP. About 20% of the state’s total domestic product is derived from manufacturing, ranking third among states. In 2008, the per capita personal income was $35,239. In March 2017, the unemployment rate in the state was 3.4%.
GDP (millions of U.S. dollars) | 398,850 |
GDP growth | 3.8% |
Annual GDP change at current prices(2020–2021) | 61,136.3 / 8.4% |
Nominal GDP per capita | $67,659 |
% GDP of national | 1.60% |
22. Missouri
The state of Missouri is a part of the United States Midwestern area. Eight states surround it (tied with Tennessee). It ranks 21st in the land area: Iowa to the north, Illinois, Kentucky, and Tennessee to the east, Arkansas to the south, and Oklahoma, Kansas, and Nebraska to the west. Missouri’s 2016 gross state product was projected by the U.S. Department of Commerce’s Bureau of Economic Analysis to be $299.1 billion, ranking it 22nd among U.S. states. In 2006, the per capita personal income was $32,705, placing 26th in the country. All significant sectors include aerospace, transportation equipment, food processing, chemicals, printing/publishing, electrical equipment, light manufacturing, financial services, and beer.
GDP (millions of U.S. dollars) | 386,397 |
GDP growth | 4.6% |
Annual GDP change at current prices(2020–2021) | 57,030.8 / 9.3% |
Nominal GDP per capita | $62,645 |
% GDP of national | 1.58% |
23. Connecticut
In 2013, Connecticut had the highest per capita personal income of any state, at $60,847. There remains, however, a considerable inequality in incomes throughout the state; after New York, Connecticut had the second-greatest gap in the U.S. between the top 1% and the bottom 99% of earners in terms of average income. According to a 2013 report by Phoenix Marketing International, Connecticut has the third-highest millionaire population per capita in the United States, at 7.32 percent.
Seasonally adjusted unemployment in the state was 3.6% in September 2019, making it the 30th highest in the nation.
GDP (millions of U.S. dollars) | 317,907 |
GDP growth | 4.2% |
Annual GDP change at current prices(2020–2021) | 41,485.7 / 7.3% |
Nominal GDP per capita | $88,185 |
% GDP of national | 1.30% |
24. Oregon
Oregon‘s economy consists of various sectors. Throughout the 1990s and 2000s, Oregon made an effort to change its economy from one dependent on natural resources to one combining manufacturing, services, and high technology.
In 2021, Oregon’s Gross Domestic Product (GDP) was $270.12 billion, ranking it as the 25th wealthiest state in the United States. In 2021, the state’s per capita personal income was $59,484. The state’s unemployment rate is 4.2% as of November 2021. Unemployment in Oregon is ranked 37th in the nation.
GDP (millions of U.S. dollars) | 294,325 |
GDP growth | 5.4% |
Annual GDP change at current prices(2020–2021) | 50,549.3 / 9.5% |
Nominal GDP per capita | $69,318 |
% GDP of national | 1.17% |
25. South Carolina
In 2020, South Carolina‘s economy ranked as the twenty-fifth largest in the United States based on gross domestic product. The state’s largest industry is tourism, centered around Myrtle Beach, Charleston, and Hilton Head Island.
During the COVID-19 pandemic, South Carolina fared better economically than many other states, particularly in the upstate region. By the end of 2020, the unemployment rate in the state was 4.2%. However, economists anticipate that South Carolina’s employment levels will not return to pre-pandemic levels until February 2022. The real GDP of South Carolina fell 4.1% from 2019 to 2020.
GDP (millions of U.S. dollars) | 292,932 |
GDP growth | 5.9% |
Annual GDP change at current prices(2020–2021) | 48,051.3 / 10.3% |
Nominal GDP per capita | $56,441 |
% GDP of national | 1.18% |
26. Louisiana
Louisiana is a state in the United States’ Deep South and South Central regions. It is the twentieth smallest state by area and the twenty-fifth most populous of the fifty U.S. states. From 2010 to 2020, the gross state product of Louisiana went from $213.6 billion to $253.3 billion, making it the 26th largest economy in the United States at the time. As of the year 2020, its GSP exceeds those of Greece, Peru, and New Zealand.
In 2014, its residents’ per capita personal income ranked 41st in the United States at $30,952; in 2019, it declined to $28,662. According to the 2019 American Community Survey, the median household income was $51,073, while the national average was $65,712 per household. The state’s unemployment rate declined from 5.3% in July 2017 to 4.4% in 2019.
GDP (millions of U.S. dollars) | 281,047 |
GDP growth | 2.4% |
Annual GDP change at current prices(2020–2021) | 45,610.2 / 8.4% |
Nominal GDP per capita | $60,780 |
% GDP of national | 1.12% |
27. Alabama
The state of Alabama has invested in aerospace, education, healthcare, banking, and a variety of heavy industries, such as automobile manufacturing, mineral extraction, and steel production and fabrication.
The total gross state product in 2008 was $170 billion, or $29,411 per capita, according to the U.S. Bureau of Economic Analysis. The state of Alabama’s gross domestic product increased 1.2% from 2011 to 2012. The information sector experienced the greatest growth. In 2010, the state’s per capita income was $22,984. In April 2015, the state’s seasonally adjusted unemployment rate was 5.8%. This compares to a seasonally adjusted national rate of 5.4%. Alabama has the sixth highest poverty rate in the United States as of 2018.
GDP (millions of U.S. dollars) | 275,396 |
GDP growth | 4.1% |
Annual GDP change at current prices(2020–2021) | 48,500.0 / 8.9% |
Nominal GDP per capita | $54,652 |
% GDP of national | 1.08% |
28. Kentucky
Early in its history, Kentucky became known for its favorable agricultural circumstances. It was the location of the first commercial vineyard in the United States, which was established in Jessamine County in 1799, and due to the high calcium concentration of the soil in the Bluegrass region, it became a prominent horse breeding (and later racing) region.
Today, Kentucky ranks fifth in goat farming, eighth in beef cattle production, and fourteenth in maize output on the national scale. In 2020, the overall gross domestic product was $212.539 billion. In 2017, its per capita income was $25,888. As of 2011, the Institute for Truth in Accounting calculated that the state government’s obligations surpassed its available assets by $26,300 per taxpayer, making the state the fifth state with the largest debt burden. As of December 2021, the unemployment rate in the state is 3.9%. In 2014, Kentucky was reported to have the lowest cost of living in the United States.
GDP (millions of U.S. dollars) | 258,293 |
GDP growth | 4.7% |
Annual GDP change at current prices(2020–2021) | 45,754.6 / 10.3% |
Nominal GDP per capita | $57,283 |
% GDP of national | 1.03% |
29. Utah
Utah‘s economy is diverse, including industries such as tourism, mining, agriculture, manufacturing, information technology, finance, and oil production. The Wasatch Front, which includes the state capital Salt Lake City, produces the majority of Utah’s gross domestic output.
According to the Bureau of Economic Analysis, Utah’s gross state product in 2021 will be $220 billion. In 2020, individual income per capita was $52,204. Utah’s most important industries include coal mining, cattle ranching, salt production, and government services.
GDP (millions of U.S. dollars) | 245,831 |
GDP growth | 6.7% |
Annual GDP change at current prices(2020–2021) | 48,270.1 / 11.5% |
Nominal GDP per capita | $73,995 |
% GDP of national | 0.96% |
30. Oklahoma
Oklahoma has the 29th largest economy in the United States. As of December 2018, the gross state product (GSP) of Oklahoma is roughly $197,2 billion. According to the Bureau of Economic Analysis and the U.S. Census, the history of Oklahoma’s GSP is presented.
GDP (millions of U.S. dollars) | 242,303 |
GDP growth | 2.2% |
Annual GDP change at current prices(2020–2021) | 54,247.9 / 9.9% |
Nominal GDP per capita | $60,788 |
% GDP of national | 0.90% |
31. Iowa
Iowa is a state in the Midwestern region of the United States, bordered to the east by the Mississippi River and to the west by the Missouri River and Big Sioux River. 1,354,487 people in the state were employed in total in 2016, and there were 81,563 employer establishments overall.
Gross domestic product, a common indicator of economic health, put Iowa’s economy at about $124 billion in 2005.
[149] According to gross state product, it was $113.5 billion in 2005. In 2006, it had a per-capita income of $23,340. Standard & Poor’s assigned Iowa’s credit a AAA rating on July 2, 2009.GDP (millions of U.S. dollars) | 230,104 |
GDP growth | 6.4% |
Annual GDP change at current prices(2020–2021) | 35,837.1 / 13.2% |
Nominal GDP per capita | $72,065 |
% GDP of national | 0.96% |
32. Nevada
The state of Nevada is located in the country’s West. Utah’s eastern border is shared with Oregon’s northwest, Idaho’s northeast, California’s west, Arizona’s southeast, and Oregon’s northwest.
Nevada’s economy is reliant on mining, cattle ranching, and tourism, particularly those associated to entertainment and casinos. Tourism, entertainment, mining, equipment, printing and publishing, food processing, and electric equipment are among Nevada’s industrial outputs. The total state product of Nevada, according to the Bureau of Economic Analysis, was $170 billion in 2018. The state has the 31st-highest per capita personal income in the US in 2020, at $53,635. According to estimates, Nevada’s state debt in 2012 was $7.5 billion, or $3,100 for each taxpayer. The state’s unemployment rate was 7.8% as of May 2021.
GDP (millions of U.S. dollars) | 213,410 |
GDP growth | 7.1% |
Annual GDP change at current prices(2020–2021) | 42,467.0 / 12.9% |
Nominal GDP per capita | $67,895 |
% GDP of national | 0.84% |
33. Kansas
Kansas is a state in the American Midwest. Its main city is Wichita, while Topeka serves as its capitol. Kansas is a landlocked state that is surrounded by the states of Colorado to the west, Nebraska to the north, Missouri to the east, and Oklahoma to the south.
Kansas’s total gross domestic product was estimated by the Bureau of Economic Analysis to be $140.964 billion in 2014. Only “10,900 total nonfarm jobs” were added in 2015, making it one of the lowest rates in America for job creation. The average annual wage in 2015 was $42,930, according to the 2016 data from the Kansas Department of Labor. The state’s unemployment rate was 4.2% as of April 2016.
GDP (millions of U.S. dollars) | 209,272 |
GDP growth | 3.8% |
Annual GDP change at current prices(2020–2021) | 34,131.8 / 9.8% |
Nominal GDP per capita | $71,326 |
% GDP of national | 0.84% |
34. Arkansas
In 2015, the state of Arkansas‘s economy generated a GDP of US$119 billion. Arkansas is home to six Fortune 500 companies, including Walmart, the largest company in the world by revenue. In 2010, the per capita income in Arkansas was $36,027. From 2009 to 2011, the three-year median household income was $39,806, which placed it forty-ninth in the country.
Arkansas is currently ranked as the 35th best state for businesses by CNBC. It has the 8th lowest cost of living, the 10th lowest cost of doing business, the 41st best workforce, the 29th best economic climate, the 41st best infrastructure, and the 41st best workforce in terms of education. In the rankings of the best states for business since 2011, Arkansas rose by twelve spots.
GDP (millions of U.S. dollars) | 163,779 |
GDP growth | 5.0% |
Annual GDP change at current prices(2020–2021) | 33,029.7 / 10.6% |
Nominal GDP per capita | $54,141 |
% GDP of national | 0.63% |
35. Nebraska
The state of Nebraska is located in the American Midwest. It is surrounded by South Dakota to the north, Iowa to the east, Kansas to the south, Colorado to the southwest, and Wyoming to the west. These states are separated by the Missouri River. The only three-times-landlocked US state is it.
Nebraska’s gross state product was estimated by the Bureau of Economic Analysis to be $89.8 billion in 2010. In 2004, the per capita personal income was $31,339, ranking 25th nationally. A significant producer of livestock, pigs, wheat, corn (maize), soybeans, and sorghum, Nebraska has a sizable agricultural sector. Freight transportation (by rail and truck), manufacturing, telecommunications, information technology, and insurance are some further significant economic sectors. The state had the fifth-lowest unemployment rate in the country as of November 2018, at 2.8%.
GDP (millions of U.S. dollars) | 161,260 |
GDP growth | 5.3% |
Annual GDP change at current prices(2020–2021) | 27,821.7 / 12.7% |
Nominal GDP per capita | $82,149 |
% GDP of national | 0.66% |
36. District of Columbia
The capital city and federal district of the United States is Washington, D.C., usually known as the District of Columbia or just Washington. The Washington, D.C. area boasts one of the biggest and most developed economies in the nation. Along with more conventional jobs rooted in tourism, entertainment, and government, its expanding and diverse economy features an increasing share of professional and business service jobs.
Washington continuously placed among the top U.S. states for GDP per capita between 2009 and 2016. At $160,472, its GDP per capita in 2016 was about three times greater than Massachusetts’s, which was rated second in the country. The unemployment rate in the Washington Metropolitan Area was 6.2% as of 2011, making it the second-lowest among the country’s 49 major metro areas.
GDP (millions of U.S. dollars) | 160,728 |
GDP growth | 2.8% |
Annual GDP change at current prices(2020–2021) | 16,174.1 / 5.2% |
Nominal GDP per capita | $239,861 |
% GDP of national | 0.67% |
37. Mississippi
Mississippi is a state in the Southeastern part of the United States, bordered by Tennessee to the north, Alabama to the east, the Gulf of Mexico to the south, Louisiana to the southwest, and Arkansas to the northwest.
According to estimates from the Bureau of Economic Analysis, Mississippi’s gross state product in 2010 was $98 billion. According to Dr. Darrin Webb, the state’s chief economist, the GDP grew by.5 percent in 2015 and is projected to expand by 2.4 percent in 2016. He emphasized that this would mark the state’s second straight year of positive growth following the recession.
Although the state boasts the nation’s lowest living costs, its per capita personal income in 2006 was $26,908, the lowest of any state. According to 2015 data, the adjusted personal income per capita was $40,105. The highest charity contributions per capita are continuously made by Mississippians.
GDP (millions of U.S. dollars) | 138,156 |
GDP growth | 4.4% |
Annual GDP change at current prices(2020–2021) | 24,311.3 / 9.9% |
Nominal GDP per capita | $46,848 |
% GDP of national | 0.55% |
38. New Mexico
The economy of New Mexico is significantly influenced by the production of oil and gas, tourism, and federal government spending. To encourage the creation of new jobs and business investment, particularly in emerging technologies, the state government has put in place a complex system of tax credits and technical support.
Gross domestic product (GDP) for New Mexico was $94.2 billion in 2017. The personal income per person in 2017 was $39,811. 17.1% of people in 2008 were considered to be living in poverty.
GDP (millions of U.S. dollars) | 122,359 |
GDP growth | 2.5% |
Annual GDP change at current prices(2020–2021) | 23,887.9 / 10.6% |
Nominal GDP per capita | $57,852 |
% GDP of national | 0.48% |
39. New Hampshire
A state in the northeastern United States’ New England region is called New Hampshire. Massachusetts to the south, Vermont to the west, Maine and the Gulf of Maine to the east, and Quebec in Canada to the north are its neighbors. The total state product of New Hampshire, according to the Bureau of Economic Analysis, was estimated to be $86 billion in 2018, placing it 40th in the nation. 2017 had a $74,801 median household income, ranking it fourth highest in the nation (including Washington, DC).
Its agricultural products include dairy goods, baby animals, cattle, apples, and eggs. Tourism is a significant part of the country’s economy, and its industrial outputs include rubber and plastic goods, electric and electronic equipment, and machinery.
GDP (millions of U.S. dollars) | 104,172 |
GDP growth | 8.5% |
Annual GDP change at current prices(2020–2021) | 16,551.8 / 12.1% |
Nominal GDP per capita | $74,998 |
% GDP of national | 0.43% |
40. Idaho
The state of Idaho‘s gross state product in 2015 was $64.9 billion, and the estimated population in 2015 resulted in a per capita income of $39,100. Nearly one-third of the potatoes grown in the United States are produced in Idaho, a significant agricultural state. The state grows all three types of wheat: hard red, soft white, and dark northern spring.
GDP (millions of U.S. dollars) | 108,438 |
GDP growth | 5.8% |
Annual GDP change at current prices(2020–2021) | 24,617.2 / 12.5% |
Nominal GDP per capita | $57,072 |
% GDP of national | 0.41% |
41. Hawaii
Sandalwood, whaling, sugarcane, pineapple, the military, tourism, and education are a few of the major industries that have shaped Hawaii‘s economy over the years. The state’s unemployment rate was 3.2% as of December 2015.
The nominal GDP is 96,979 million dollars at today’s exchange rates (2022). A nominal $67,299 is the GDP per person (2022). (2020–2021), the real GDP growth rate is 4.6%.
GDP (millions of U.S. dollars) | 96,979 |
GDP growth | 4.6% |
Annual GDP change at current prices(2020–2021) | 14,095.8 / 8.7% |
Nominal GDP per capita | $67,299 |
% GDP of national | 0.39% |
42. West Virginia
According to 2009 predictions from the World Bank and the International Monetary Fund, respectively, West Virginia‘s nominal economy would rank 62nd globally, after China, Iraq, and ahead of Croatia, and 64th overall, behind Iraq and ahead of Libya. According to a Bureau of Economic Analysis estimate from November 2010, the state’s nominal GDP is projected to be $63.34 billion in 2009, but its actual GDP is $55.04 billion. The state had the seventh-best real GDP growth in the nation in 2009, at.7%. With a growth rate of 5.1% in 2014, West Virginia’s economy increased, coming in third among the states with the greatest growth in the US, after North Dakota and Texas and Wyoming.
The unemployment rate in West Virginia was 4.6% in August 2019, which was the lowest level since the beginning of the Great Recession.
GDP (millions of U.S. dollars) | 96,724 |
GDP growth | 4.0% |
Annual GDP change at current prices(2020–2021) | 20,869.5 / 15.2% |
Nominal GDP per capita | $54,278 |
% GDP of national | 0.38% |
43. Delaware
Delaware had a ratio of 6.20 percent, ranking ninth in the nation for millionaires per capita, according to a 2013 report by Phoenix Marketing International. Statewide unemployment stood at 5.1% as of October 2015. Delaware is the state where 63% of the Fortune 500 and more than 50% of all publicly traded American businesses are based.
There are 86,673 million dollars in nominal GDP at the current exchange rate (2022). There is a $86,413 nominal GDP per person (2022). In 2020 and 2021, the real GDP growth rate is 3.7%.
GDP (millions of U.S. dollars) | 86,673 |
GDP growth | 3.7% |
Annual GDP change at current prices(2020–2021) | 10,887.7 / 6.5% |
% GDP of national | $86,413 |
% GDP of national | 0.35% |
44. Maine
Maine is a state in the Northeastern and New England parts of the country. It shares borders with the Canadian provinces of New Brunswick and Quebec to the northeast and northwest, respectively, as well as New Hampshire to the west, the Gulf of Maine to the southeast, and the Gulf of Maine.
The overall gross state product for Maine, according to the Bureau of Economic Analysis, was $77.96 billion in 2021. It ranked 30th in the nation for per capita personal income in 2021 with $58,484. Maine’s unemployment rate as of September 2022 is 3.3%.
GDP (millions of U.S. dollars) | 83,514 |
GDP growth | 5.2% |
Annual GDP change at current prices(2020–2021) | 14,243.4 / 9.8% |
Nominal GDP per capita | $60,870 |
% GDP of national | 0.33% |
45. North Dakota
After the native Dakota Sioux people, North Dakota is a state in the Upper Midwest of the United States. North Dakota shares borders with the Canadian provinces of Saskatchewan and Manitoba to the north, Minnesota to the east, South Dakota to the south, and Montana to the west.
Although petroleum, food processing, and technology are also significant industries in North Dakota, agriculture remains the state’s largest industry. Its growth rate is roughly 4.1%. The North Dakota economy had a gross domestic product of $55.180 billion in the second quarter of 2018, according to the U.S. Bureau of Economic Analysis. The United States Department of Commerce calculated the state’s per capita income between 2013 and 2017 to be $34,256. From 2013 to 2017, the three-year median household income was $61,285.
GDP (millions of U.S. dollars) | 74,745 |
GDP growth | 2.1% |
Annual GDP change at current prices(2020–2021) | 19,891.6 / 15.6% |
Nominal GDP per capita | $96,570 |
% GDP of national | 0.28% |
46. Rhode Island
The state of Rhode Island is located in the Northeastern United States’ New England region. With little fewer than 1.1 million inhabitants as of 2020, it is the seventh-least populous U.S. state by area, although it is the second-most densely inhabited after New Jersey.
The major industry in Rhode Island is health services. The second largest industry is tourism, which provides 39,000 jobs and generated sales of $4.56 billion in 2000 (inflation-adjusted). Making is the third-largest industry. The nominal GDP is equal to 70,759 million dollars at the current exchange rate. A nominal $64,620 is the GDP per person. Real GDP growth is 5.5% between 2020 and 2021.
GDP (millions of U.S. dollars) | 70,759 |
GDP growth | 5.5% |
Annual GDP change at current prices(2020–2021) | 10,203.9 / 8.9% |
Nominal GDP per capita | $64,620 |
% GDP of national | 0.29% |
47. South Dakota
A state of the United States, South Dakota is located in the country’s North Central region. Additionally, it is a part of the Great Plains. South Dakota had the fifth-smallest total state output in the United States as of 2010 with a gross state product valued at $39.8 billion in current dollars. In 2010, the per capita personal income was $38,865, ranking 25th in the United States, and in 2008, 12.5% of the population lived below the poverty line. South Dakota is ranked as the seventh best state in the country on CNBC’s list of the “Top States for Business for 2010.” The state’s unemployment rate was 4.7% in July 2011.
GDP (millions of U.S. dollars) | 67,489 |
GDP growth | 4.9% |
Annual GDP change at current prices(2020–2021) | 12,700.1 / 11.7% |
Nominal GDP per capita | $75,406 |
% GDP of national | 0.27% |
48. Montana
The state of Montana is located in the Mountain West region of the Western US. Wyoming is to the south, Idaho is to the west, North and South Dakota are to the east, and Alberta, British Columbia, and Saskatchewan are to the north.
According to estimates from the U.S. Bureau of Economic Analysis, in 2020, Montana’s state product ranked 47th in the nation with $51.91 billion and its per capita personal income was $41,280. (37th in the nation). According to the number of craft breweries per population in 2011, Montana ranked third in the US as a relative hub for microbrewing beer. Mineral extraction and lumber production are significant sectors in the state; its resources include gold, coal, silver, talc, and vermiculite. The state’s unemployment rate was 3.5% as of August 2021.
GDP (millions of U.S. dollars) | 64,757 |
GDP growth | 6.7% |
Annual GDP change at current prices(2020–2021) | 13,249.0 / 15.1% |
Nominal GDP per capita | $58,656 |
% GDP of national | 0.26% |
49. Alaska
The Alaskan government compiled a report that showed Alaska’s real GDP to be $51.1 billion in 2011, $52.9 billion in 2012, and $51.5 billion in 2013. The decline in the mining industry, specifically the oil and gas sectors, as a result of decreased production, has been blamed for the decline between 2012 and 2013. Compared to Texas (30.6%), North Dakota (10.2%), and California (8.3%), Alaska produced 8.1% less crude oil in the United States in 2012.
GDP (millions of U.S. dollars) | 64,257 |
GDP growth | 0.3% |
Annual GDP change at current prices(2020–2021) | 14,437.1 / 10.3% |
Nominal GDP per capita | $87,782 |
% GDP of national | 0.24% |
50. Wyoming
Wyoming is a state in the Western United States’ Mountain West area. It is surrounded by Montana to the north and northwest, South Dakota, Nebraska, Idaho, Utah, Colorado, and Montana to the west and southwest.
Wyoming’s gross state product was $38.4 billion in 2012, according to a report from the United States Bureau of Economic Analysis. The population was slightly increasing as of 2014, with tourist-friendly regions like Teton County seeing the highest development. The main economic movers in Wyoming are the mining and travel and tourist industries.
GDP (millions of U.S. dollars) | 48,044 |
GDP growth | 1.1% |
Annual GDP change at current prices(2020–2021) | 11,721.9 / 14.6% |
Nominal GDP per capita | $83,121 |
% GDP of national | 0.18% |
51. Vermont
The US state of Vermont is located in the New England region’s northeast. Massachusetts to the south, New Hampshire to the east, New York to the west, and the Canadian province of Quebec to the north border Vermont. With a gross regional domestic product (GDP) of $19.3 billion as of 2017, Vermont had the second-smallest GDP among the 50 states. It came in at number 34 among states in terms of per capita GDP with $51,600.
GDP (millions of U.S. dollars) | 40,249 |
GDP growth | 3.5% |
Annual GDP change at current prices(2020–2021) | 6,814.1 / 8.2% |
Nominal GDP per capita | $62,401 (2022) |
% GDP of national | 0.16% |