Markets
The Top 10 States by Real GDP Growth in 2023
See this visualization first on the Voronoi app.
The Top 10 States by Real GDP Growth in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Fueled by strong consumer spending and a resilient job market, the U.S. economy expanded faster than expected in 2023, with a real GDP growth rate of 2.5%.
Oil-rich states were among the strongest performers in the country as production boomed. Much of this was due to the war in Ukraine driving up the price of oil, spurring companies to boost output. Other sectors, such as retail trade, also played a key role in driving growth amid robust consumer demand.
This graphic shows the fastest growing states by real GDP, based on data from the Bureau of Economic Analysis.
Strongest State Economies in 2023
As the world’s largest oil producer, the U.S. hit a historic 12.9 million barrels per day in crude oil production in 2023—more than any other country ever.
Given these tailwinds, the top five fastest-growing states by real GDP in 2023 were all powered by the mining, quarrying, and oil and gas extraction sector. Below, we show the strongest state economies by real GDP growth last year:
| Rank | State | Real GDP Growth 2023 YoY | Real GDP 2023 |
|---|---|---|---|
| 1 | North Dakota | +5.9% | $58B |
| 2 | Texas | +5.7% | $2.0T |
| 3 | Wyoming | +5.4% | $39B |
| 4 | Alaska | +5.3% | $53B |
| 5 | Oklahoma | +5.3% | $202B |
| 6 | Nebraska | +5.2% | $144B |
| 7 | Florida | +5.0% | $1.3T |
| 8 | Washington | +4.8% | $672B |
| 9 | West Virginia | +4.7% | $80B |
| 10 | Kansas | +4.3% | $182B |
| U.S. | +2.5% | $22.4T |
North Dakota witnessed the highest growth, with real GDP rising by 5.9%.
As the third largest oil-producing state, it also has one of the strongest job markets in the country. In February 2024, the state’s unemployment rate was 2.0%, significantly lower than the national average of 3.9%.
Falling in second is Texas, whose economy surged to $2 trillion in inflation-adjusted terms. In 2023, the oil and gas industry generated about $72 million per day in local and state taxes in addition to state royalties. Roughly half of U.S. crude oil exports are shipped from Corpus Christi Bay, a port along the Texas coastline.
As the seventh-fastest growing state, Florida’s economy was largely supported by retail trade, its biggest driver. Moreover, Florida boasted the highest growth rates nationwide in both personal and property income, rising at 7.0% and 8.8%, respectively, over the year.
By contrast, some of the slowest growing states were Delaware, Mississippi, and New York, each with a real GDP growth rate falling below 1%.
Maps
Mapped: The 10 U.S. States With the Lowest Real GDP Growth
In this graphic, we show where real GDP lagged the most across America in 2023 as high interest rates weighed on state economies.
The Top 10 U.S. States, by Lowest Real GDP Growth
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
While the U.S. economy defied expectations in 2023, posting 2.5% in real GDP growth, several states lagged behind.
Last year, oil-producing states led the pack in terms of real GDP growth across America, while the lowest growth was seen in states that were more sensitive to the impact of high interest rates, particularly due to slowdowns in the manufacturing and finance sectors.
This graphic shows the 10 states with the least robust real GDP growth in 2023, based on data from the Bureau of Economic Analysis.
Weakest State Economies in 2023
Below, we show the states with the slowest economic activity in inflation-adjusted terms, using chained 2017 dollars:
| Rank | State | Real GDP Growth 2023 YoY | Real GDP 2023 |
|---|---|---|---|
| 1 | Delaware | -1.2% | $74B |
| 2 | Wisconsin | +0.2% | $337B |
| 3 | New York | +0.7% | $1.8T |
| 4 | Missississippi | +0.7% | $115B |
| 5 | Georgia | +0.8% | $661B |
| 6 | Minnesota | +1.2% | $384B |
| 7 | New Hampshire | +1.2% | $91B |
| 8 | Ohio | +1.2% | $698B |
| 9 | Iowa | +1.3% | $200B |
| 10 | Illinois | +1.3% | $876B |
| U.S. | +2.5% | $22.4T |
Delaware witnessed the slowest growth in the country, with real GDP growth of -1.2% over the year as a sluggish finance and insurance sector dampened the state’s economy.
Like Delaware, the Midwestern state of Wisconsin also experienced declines across the finance and insurance sector, in addition to steep drops in the agriculture and manufacturing industries.
America’s third-biggest economy, New York, grew just 0.7% in 2023, falling far below the U.S. average. High interest rates took a toll on key sectors, with notable slowdowns in the construction and manufacturing sectors. In addition, falling home prices and a weaker job market contributed to slower economic growth.
Meanwhile, Georgia experienced the fifth-lowest real GDP growth rate. In March 2024, Rivian paused plans to build a $5 billion EV factory in Georgia, which was set to be one of the biggest economic development initiatives in the state in history.
These delays are likely to exacerbate setbacks for the state, however, both Kia and Hyundai have made significant investments in the EV industry, which could help boost Georgia’s manufacturing sector looking ahead.
-
Personal Finance1 week agoVisualizing the Tax Burden of Every U.S. State
-
Misc6 days agoVisualized: Aircraft Carriers by Country
-
Culture6 days agoHow Popular Snack Brand Logos Have Changed
-
Mining1 week agoVisualizing Copper Production by Country in 2023
-
Misc1 week agoCharted: How Americans Feel About Federal Government Agencies
-
Healthcare1 week agoWhich Countries Have the Highest Infant Mortality Rates?
-
Demographics1 week agoMapped: U.S. Immigrants by Region
-
Maps1 week agoMapped: Southeast Asia’s GDP Per Capita, by Country