Markets
Animation: The 20 Largest State Economies by GDP in the Last 50 Years
Animation: The 20 Largest State Economies by GDP
When it comes to understanding the size and scope of the $18 trillion U.S. economy, it’s sometimes easier to consider that it’s the sum of many parts.
Many states already have economies that are comparable to some of the world’s largest countries, giving you a sense of what they might be combined.
And while every state plays a role in the bigger picture, some states such as New York and California have an outsized impact on fueling the country’s overall economic engine.
The State of State Economies
Today’s animation comes to us from SavingSpot, and it covers the size of state economies by GDP going back all the way to 1963.
The video uses inflation-adjusted data from the U.S. Bureau of Economic Analysis, showing how the ranking of top state economies has changed over time as different states have taken advantage of economic booms.
Let’s dive into the data to see how things have changed.
Going Back in Time
The earliest data in the animation comes from 1963, when New York led the pack with a $70.6 billion economy in inflation-adjusted terms.
State Economies by GDP, Inflation-Adjusted Chained $USD (1963)
Rank | State Economy | GDP, Billions of USD (1963) | Share of U.S. Economy |
---|---|---|---|
#1 | New York | $70.6 | 11.6% |
#2 | California | $67.8 | 11.2% |
#3 | Illinois | $39.5 | 6.5% |
#4 | Pennsylvania | $34.5 | 5.7% |
#5 | Ohio | $33.3 | 5.5% |
#6 | Michigan | $30.5 | 5.0% |
#7 | Texas | $29.3 | 4.8% |
#8 | New Jersey | $23.4 | 3.9% |
#9 | Massachusetts | $17.4 | 2.9% |
#10 | Indiana | $15.6 | 2.6% |
#11 | Florida | $14.7 | 2.4% |
#12 | Missouri | $13.6 | 2.2% |
#13 | Wisconsin | $12.7 | 2.1% |
#14 | North Carolina | $12.6 | 2.1% |
#15 | Virginia | $11.7 | 1.9% |
#16 | Washington | $11.2 | 1.8% |
#17 | Minnesota | $10.7 | 1.8% |
#18 | Georgia | $10.3 | 1.7% |
#19 | Maryland | $10.3 | 1.7% |
#20 | Connecticut | $9.9 | 1.6% |
#21 | Louisiana | $9.7 | 1.6% |
#22 | Tennessee | $9.1 | 1.5% |
#23 | Kentucky | $8.4 | 1.4% |
#24 | Iowa | $7.9 | 1.3% |
#25 | Alabama | $7.3 | 1.2% |
#26 | Oklahoma | $6.2 | 1.0% |
#27 | Kansas | $6.1 | 1.0% |
#28 | Colorado | $5.9 | 1.0% |
#29 | Oregon | $5.7 | 0.9% |
#30 | District of Columbia | $5.1 | 0.8% |
#31 | South Carolina | $5.1 | 0.8% |
#32 | West Virginia | $4.6 | 0.8% |
#33 | Arizona | $4.5 | 0.7% |
#34 | Mississippi | $4.4 | 0.7% |
#35 | Nebraska | $4.3 | 0.7% |
#36 | Arkansas | $3.8 | 0.6% |
#37 | New Mexico | $3.0 | 0.5% |
#38 | Utah | $3.0 | 0.5% |
#39 | Rhode Island | $2.7 | 0.4% |
#40 | Maine | $2.4 | 0.4% |
#41 | Hawaii | $2.4 | 0.4% |
#42 | Montana | $2.0 | 0.3% |
#43 | Delaware | $1.9 | 0.3% |
#44 | Idaho | $1.8 | 0.3% |
#45 | Nevada | $1.8 | 0.3% |
#46 | New Hampshire | $1.7 | 0.3% |
#47 | North Dakota | $1.6 | 0.3% |
#48 | South Dakota | $1.6 | 0.3% |
#49 | Wyoming | $1.4 | 0.2% |
#50 | Alaska | $1.1 | 0.2% |
#51 | Vermont | $1.0 | 0.2% |
🇺🇸 United States (Total) | $607.0 | 100.0% |
California ($67.8 billion), Illinois ($39.5 billion), Pennsylvania ($34.5 billion) and Ohio ($33.3 billion) round out the top five, and together they added up to 40.5% of the national GDP.
The Largest State Economies by GDP Today
Looking at the most recent data from 2017, you can see the ranking changes significantly:
State Economies by GDP, Inflation-Adjusted Chained $USD (2017)
Rank | State Economy | GDP, Billions of USD (2017) | Share of U.S. Economy |
---|---|---|---|
#1 | California | $2,576 | 14.3% |
#2 | Texas | $1,616 | 9.0% |
#3 | New York | $1,414 | 7.8% |
#4 | Florida | $883 | 4.9% |
#5 | Illinois | $745 | 4.1% |
#6 | Pennsylvania | $701 | 3.9% |
#7 | Ohio | $591 | 3.3% |
#8 | New Jersey | $547 | 3.0% |
#9 | Georgia | $511 | 2.8% |
#10 | Michigan | $459 | 2.5% |
#11 | North Carolina | $484 | 2.7% |
#12 | Virginia | $464 | 2.6% |
#13 | Massachusetts | $490 | 2.7% |
#14 | Washington | $481 | 2.7% |
#15 | Maryland | $363 | 2.0% |
#16 | Indiana | $321 | 1.8% |
#17 | Arizona | $297 | 1.6% |
#18 | Minnesota | $322 | 1.8% |
#19 | Tennessee | $315 | 1.7% |
#20 | Wisconsin | $292 | 1.6% |
#21 | Colorado | $323 | 1.8% |
#22 | Missouri | $276 | 1.5% |
#23 | Connecticut | $239 | 1.3% |
#24 | Louisiana | $227 | 1.3% |
#25 | Alabama | $193 | 1.1% |
#26 | South Carolina | $199 | 1.1% |
#27 | Kentucky | $185 | 1.0% |
#28 | Oregon | $208 | 1.2% |
#29 | Oklahoma | $191 | 1.1% |
#30 | Iowa | $169 | 0.9% |
#31 | Nevada | $143 | 0.8% |
#32 | Kansas | $148 | 0.8% |
#33 | Utah | $150 | 0.8% |
#34 | Arkansas | $114 | 0.6% |
#35 | District of Columbia | $122 | 0.7% |
#36 | Mississippi | $100 | 0.6% |
#37 | Nebraska | $111 | 0.6% |
#38 | New Mexico | $91 | 0.5% |
#39 | Hawaii | $79 | 0.4% |
#40 | West Virginia | $71 | 0.4% |
#41 | New Hampshire | $74 | 0.4% |
#42 | Delaware | $64 | 0.4% |
#43 | Idaho | $67 | 0.4% |
#44 | Maine | $56 | 0.3% |
#45 | Rhode Island | $53 | 0.3% |
#46 | Alaska | $52 | 0.3% |
#47 | Montana | $44 | 0.2% |
#48 | Wyoming | $39 | 0.2% |
#49 | South Dakota | $45 | 0.3% |
#50 | North Dakota | $51 | 0.3% |
#51 | Vermont | $30 | 0.2% |
🇺🇸 United States (Total) | $18,051 | 100% |
California is the largest economy today – it has a state GDP of $2.6 trillion, which is comparable to the United Kingdom.
Meanwhile, Florida and Georgia are two states that did not crack the top 10 back in the 1960s, while Texas jumped up to become the second largest state economy. It’s actually not a coincidence that all of these states are in the southern half of the country, as air conditioning has played a surprisingly pivotal role in shaping modern America.
In fact, the share of the nation’s population living in the Sunbelt rose from 28% in 1950 to 40% in 2000, and this increase in population has coincided with economic growth in many of the states that used to be a sweaty mess.
A Final Look
Here is a final animated version of the top 10 largest states by GDP, also provided by SavingSpot:
Technology
Which Companies Make Up the “Magnificent Seven” Stocks?
FAANG is dead… meet the ‘Magnificent Seven’ stocks that now make up over 25% of the S&P 500.

Which Companies Make Up the “Magnificent Seven” Stocks?
In 2013 CNBC analyst Jim Cramer popularized “FANG,” comprised of Facebook (now Meta), Amazon, Netflix, and Google (now Alphabet), as a shorthand for the best performing technology stocks on the market. Apple, added in 2017, made it FAANG.
However, over the last year a new moniker given by Bank of America analyst Michael Hartnett highlights the most valuable and popularly-owned companies on the American stock market: the “Magnificent Seven” stocks.
We visualize the Magnificent Seven’s market capitalization and 5-year stock performance as of November 2023 using data from Google Finance and CompaniesMarketCap.
The Magnificent Seven Stocks by Market Cap and 5-Year Return
The Magnificent Seven stocks are megacap companies focused and capitalizing on tech growth trends including AI, cloud computing, and cutting-edge hardware and software.
Four of the five FAANG stocks retain their place amongst the Magnificent Seven, with newcomers Nvidia, Tesla, and Microsoft joining the group. Following a poor 2022 performance and having more difficulty capitalizing on tech trends, Netflix is the sole FAANG company not included.
Here’s a look at the companies ranked by their market capitalization on November 6, 2023, alongside their 5-year stock performance:
Rank | Company | Market Cap | 5 Year Performance |
---|---|---|---|
1 | Apple | $2.8 trillion | +250% |
2 | Microsoft | $2.6 trillion | +224% |
3 | Alphabet | $1.6 trillion | +141% |
4 | Amazon | $1.4 trillion | +63% |
5 | Nvidia | $1.1 trillion | +783% |
6 | Meta | $811 billion | +118% |
7 | Tesla | $690 billion | +829% |
The Magnificent Seven make up more than one-quarter of the S&P 500 and more than half of the Nasdaq 100.
Meanwhile, five of the seven are part of the rare trillion dollar club, with Nvidia being the most recent entry.
A common theme among the Magnificent Seven is their ability to collect vast amounts of customer data, create cutting-edge hardware and software, as well as harness the power of AI.
However, if Netflix gets back on track—recently announcing its new ad-supported membership tier has 15 million subscribers—we could soon see a “Magnificent Eight.”
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