July 7, 2020
Real gross domestic product (GDP) in the first quarter of 2020 declined in all 50 states and the District of Columbia. According to the U.S. Bureau of Economic Analysis (BEA), “the percent change in real GDP in the first quarter ranged from -1.3% in Nebraska to -8.2% in New York and Nevada.”
The leading contributors to the decline in real GDP for the nation were accommodation and food services; finance and insurance; healthcare and social assistance; and arts, entertainment, and recreation. Accommodation and food services, and finance and insurance; were the leading contributor to decrease in Nevada and New York, respectively.
Accommodation and food services fell 26.8% for the nation and contributed to decline in all 50 states, thereby being the leading contributor to the
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 contributed to the decline in all 50 states and the District of Columbia by decreasing 9.0%, 7.8%, and 34.7%, respectively.
However, for the nation, real GDP for Agriculture, forestry, fishing, and hunting rose 15.5%. This industry was the leading contributor to tempering the decreases in 17 states including Nebraska, the state with the smallest decrease.
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