March 29, 2021
Real gross domestic product (GDP) in the fourth quarter of 2020 rose 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 fourth ranged from 9.9% in South Dakota to 1.2% in the District of Columbia.”
The leading contributors to the increase in real GDP for the nation were finance and insurance; healthcare and social assistance; and administrative and support and waste management and remediation services.
Finance and insurance rose by 12.9% nationwide, contributing to growth in all 50 states and the District of Columbia. This sector was the main contributor to increases in 25 states, including South Dakota, Texas, Utah, and Connecticut, which had the four highest increases.
Healthcare and social assistance rose by 8.3% for the nation, helping to fuel increases in all 50 states and the District of Columbia. This sector was the primary contributor to the growth in seven states, including Tennessee, which had the fifth highest increase.
Administrative and support and waste management and remediation services rose 21.1% nationwide, contributing to increases in all 50 states and the District of Columbia.
Accommodation and food services fell 7.1% for the nation and tempered the increase in real GDP in 38 states.
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