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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Tuesday, July 7, 2020

BEA 20—35

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).

Chart: percent change in Real GDP by State, 2019:Q4-2020:Q1

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.

Other highlights

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.

Coronavirus (COVID-19) Impact on First Quarter 2020 GDP by State

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

Full Release & Tables (PDF)

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Interactive Tables

Todd Siebeneck

(301) 278-9705

gdpbystate@bea.gov

Catherine Wang

(301) 278-9670

gdpbystate@bea.gov

News Media

Jeannine Aversa

(301) 278-9003

Jeannine.Aversa@bea.gov

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Definitions

Gross domestic product (GDP) by state is the market value of goods and services produced by the labor and property located in a state. GDP by state is the state counterpart of the Nation's GDP, the Bureau's featured and most comprehensive measure of U.S. economic activity.

Current-dollar statistics are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal GDP" or "current-price GDP."

Real values are inflation-adjusted statistics—that is, these exclude the effects of price changes.

Contributions to growth are an industry's contribution to the state's overall percent change in real GDP. The contributions are additive and can be summed to the state's overall percent change.

Statistical Conventions

Seasonal adjustment and annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR). For details, see the FAQ "Why does BEA publish estimates at annual rates?"

Quantities and prices. Quantities, or "real" measures, are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). "Real" dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2012) and then dividing by 100. Percent changes calculated from chained-dollar levels and quantity indexes are conceptually the same; any differences are due to rounding.

Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year.

Chained-dollar values of GDP by state are derived by applying national chain-type price indexes to the current dollar values of GDP by state for the 21 NAICS-based industry sectors. The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by state and real GDP by state at more aggregated industry levels. Real GDP by state may reflect a substantial volume of output that is sold to other states and countries. To the extent that a state's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the states produce. However, real GDP by state does not capture geographic differences in the prices of goods and services that are produced and sold locally.

List of News Release Tables

Table 1. Percent Change in Real Gross Domestic Product (GDP) by State and Region, 2019:Q1–2020:Q1

Table 2. Contributions to Percent Change in Real Gross Domestic Product (GDP) by State and Region, 2019:Q4–2020:Q1

Table 3. Current-Dollar Gross Domestic Product (GDP) by State, 2019:Q1–2020:Q1