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Mapped: The Largest 15 U.S. Cities by GDP
Mapped: The Largest 15 U.S. Cities by GDP
The United States has the largest GDP in the world in nominal terms, and urban areas are a major contributor to the country’s economic might. In fact, metropolitan areas account for roughly 90% of U.S. economic output.
In this visual we’ve ranked the economic output of the top 15 U.S. cities from New York City to Minneapolis, using data from the U.S. Bureau of Economic Analysis. The data covers 2021, which is the most recent release from BEA.
It’s important to note that the data considers entire surrounding metropolitan areas, so as an example, New York City includes neighboring population centers such as Newark, NJ, as well as Jersey City—reaching a GDP of nearly $2 trillion.
Measuring a city’s economy at the metro level can provide a more accurate representation of its economic activity. This is because the metropolitan areas include not only the central city but also the surrounding suburban and rural areas that are economically connected to it.
America’s Economic Hubs
There are some obvious winners when it comes to the largest U.S. cities by GDP, including NYC, Los Angeles, Dallas, and San Francisco.
In the table below, we’ve listed each of the 384 metropolitan areas out of the dataset all the way down to last place, Sebring-Avon Park, Florida, alongside respective ranks and GDP:
Rank | City | GDP (in thousands) |
---|---|---|
#1 | New York-Newark-Jersey City, NY-NJ-PA | $1,992,779,274 |
#2 | Los Angeles-Long Beach-Anaheim, CA | $1,124,682,354 |
#3 | Chicago-Naperville-Elgin, IL-IN-WI | $764,583,227 |
#4 | San Francisco-Oakland-Berkeley, CA | $668,677,573 |
#5 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $607,628,505 |
#6 | Dallas-Fort Worth-Arlington, TX | $598,333,263 |
#7 | Houston-The Woodlands-Sugar Land, TX | $537,066,232 |
#8 | Boston-Cambridge-Newton, MA-NH | $531,671,846 |
#9 | Seattle-Tacoma-Bellevue, WA | $479,966,484 |
#10 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $477,580,629 |
#11 | Atlanta-Sandy Springs-Alpharetta, GA | $473,823,474 |
#12 | Miami-Fort Lauderdale-Pompano Beach, FL | $417,147,866 |
#13 | San Jose-Sunnyvale-Santa Clara, CA | $410,418,579 |
#14 | Phoenix-Mesa-Chandler, AZ | $316,090,586 |
#15 | Minneapolis-St. Paul-Bloomington, MN-WI | $296,969,112 |
#16 | Detroit-Warren-Dearborn, MI | $283,660,258 |
#17 | San Diego-Chula Vista-Carlsbad, CA | $267,973,544 |
#18 | Denver-Aurora-Lakewood, CO | $253,399,051 |
#19 | Baltimore-Columbia-Towson, MD | $222,967,241 |
#20 | Riverside-San Bernardino-Ontario, CA | $213,183,465 |
#21 | Charlotte-Concord-Gastonia, NC-SC | $207,866,150 |
#22 | Austin-Round Rock-Georgetown, TX | $193,773,558 |
#23 | Tampa-St. Petersburg-Clearwater, FL | $190,708,533 |
#24 | St. Louis, MO-IL | $187,569,544 |
#25 | Portland-Vancouver-Hillsboro, OR-WA | $186,570,323 |
#26 | Cincinnati, OH-KY-IN | $171,737,526 |
#27 | Pittsburgh, PA | $168,021,049 |
#28 | Orlando-Kissimmee-Sanford, FL | $167,279,974 |
#29 | Nashville-Davidson--Murfreesboro--Franklin, TN | $163,031,737 |
#30 | Indianapolis-Carmel-Anderson, IN | $162,062,985 |
#31 | Sacramento-Roseville-Folsom, CA | $160,542,566 |
#32 | Columbus, OH | $154,509,800 |
#33 | Kansas City, MO-KS | $154,328,892 |
#34 | Cleveland-Elyria, OH | $147,637,827 |
#35 | San Antonio-New Braunfels, TX | $144,384,474 |
#36 | Las Vegas-Henderson-Paradise, NV | $136,198,676 |
#37 | Salt Lake City, UT | $118,494,536 |
#38 | Milwaukee-Waukesha, WI | $111,479,649 |
#39 | Raleigh-Cary, NC | $108,288,115 |
#40 | Virginia Beach-Norfolk-Newport News, VA-NC | $107,067,798 |
#41 | Hartford-East Hartford-Middletown, CT | $106,507,622 |
#42 | Jacksonville, FL | $101,367,263 |
#43 | Richmond, VA | $99,388,754 |
#44 | Bridgeport-Stamford-Norwalk, CT | $98,751,750 |
#45 | Providence-Warwick, RI-MA | $96,913,356 |
#46 | Oklahoma City, OK | $86,662,243 |
#47 | Memphis, TN-MS-AR | $86,493,147 |
#48 | Louisville/Jefferson County, KY-IN | $82,866,115 |
#49 | New Orleans-Metairie, LA | $81,829,573 |
#50 | Buffalo-Cheektowaga, NY | $76,991,435 |
#51 | Albany-Schenectady-Troy, NY | $73,995,509 |
#52 | Omaha-Council Bluffs, NE-IA | $73,876,512 |
#53 | Birmingham-Hoover, AL | $70,874,148 |
#54 | Rochester, NY | $69,341,714 |
#55 | Grand Rapids-Kentwood, MI | $68,401,313 |
#56 | Urban Honolulu, HI | $67,383,319 |
#57 | Des Moines-West Des Moines, IA | $61,171,285 |
#58 | Durham-Chapel Hill, NC | $60,814,699 |
#59 | Tulsa, OK | $60,392,165 |
#60 | Oxnard-Thousand Oaks-Ventura, CA | $58,332,732 |
#61 | New Haven-Milford, CT | $57,541,201 |
#62 | Madison, WI | $56,636,713 |
#63 | Baton Rouge, LA | $56,199,218 |
#64 | Worcester, MA-CT | $54,941,620 |
#65 | Knoxville, TN | $52,343,257 |
#66 | Greenville-Anderson, SC | $52,328,843 |
#67 | Bakersfield, CA | $52,239,044 |
#68 | Allentown-Bethlehem-Easton, PA-NJ | $50,960,155 |
#69 | Charleston-North Charleston, SC | $50,704,392 |
#70 | Tucson, AZ | $50,231,611 |
#71 | Fresno, CA | $49,987,063 |
#72 | Dayton-Kettering, OH | $49,548,210 |
#73 | Albuquerque, NM | $49,480,431 |
#74 | Columbia, SC | $48,214,448 |
#75 | Syracuse, NY | $46,414,861 |
#76 | Greensboro-High Point, NC | $45,574,221 |
#77 | North Port-Sarasota-Bradenton, FL | $44,746,013 |
#78 | Harrisburg-Carlisle, PA | $43,867,213 |
#79 | Trenton-Princeton, NJ | $43,633,044 |
#80 | Boise City, ID | $43,601,402 |
#81 | Colorado Springs, CO | $43,522,096 |
#82 | Little Rock-North Little Rock-Conway, AR | $42,669,983 |
#83 | Midland, TX | $42,035,915 |
#84 | Akron, OH | $41,058,875 |
#85 | Wichita, KS | $40,586,374 |
#86 | Toledo, OH | $40,546,884 |
#87 | Cape Coral-Fort Myers, FL | $39,813,620 |
#88 | Poughkeepsie-Newburgh-Middletown, NY | $39,375,465 |
#89 | Portland-South Portland, ME | $39,089,209 |
#90 | Winston-Salem, NC | $38,504,784 |
#91 | El Paso, TX | $37,507,586 |
#92 | Springfield, MA | $37,189,530 |
#93 | Provo-Orem, UT | $36,866,060 |
#94 | Stockton, CA | $36,790,065 |
#95 | Reno, NV | $35,471,910 |
#96 | Ogden-Clearfield, UT | $35,071,325 |
#97 | Santa Rosa-Petaluma, CA | $34,450,601 |
#98 | Chattanooga, TN-GA | $34,425,793 |
#99 | Huntsville, AL | $34,086,472 |
#100 | Santa Maria-Santa Barbara, CA | $33,306,884 |
#101 | Boulder, CO | $33,182,418 |
#102 | Lakeland-Winter Haven, FL | $33,144,404 |
#103 | Fayetteville-Springdale-Rogers, AR | $33,102,945 |
#104 | Vallejo, CA | $33,100,194 |
#105 | Lancaster, PA | $33,048,548 |
#106 | Lexington-Fayette, KY | $32,851,535 |
#107 | Manchester-Nashua, NH | $32,729,580 |
#108 | Spokane-Spokane Valley, WA | $32,178,609 |
#109 | Augusta-Richmond County, GA-SC | $31,718,339 |
#110 | Jackson, MS | $30,785,111 |
#111 | Salinas, CA | $30,712,263 |
#112 | Palm Bay-Melbourne-Titusville, FL | $30,589,541 |
#113 | Scranton--Wilkes-Barre, PA | $30,040,721 |
#114 | Lansing-East Lansing, MI | $29,363,629 |
#115 | Ann Arbor, MI | $28,604,834 |
#116 | Anchorage, AK | $28,210,676 |
#117 | Modesto, CA | $26,519,792 |
#118 | Sioux Falls, SD | $26,063,548 |
#119 | Savannah, GA | $25,681,434 |
#120 | Deltona-Daytona Beach-Ormond Beach, FL | $25,516,019 |
#121 | McAllen-Edinburg-Mission, TX | $25,508,724 |
#122 | Salisbury, MD-DE | $25,194,103 |
#123 | Fort Wayne, IN | $25,156,180 |
#124 | Corpus Christi, TX | $24,937,471 |
#125 | Davenport-Moline-Rock Island, IA-IL | $24,603,801 |
#126 | Beaumont-Port Arthur, TX | $24,407,762 |
#127 | Fort Collins, CO | $24,381,467 |
#128 | Asheville, NC | $24,350,043 |
#129 | Pensacola-Ferry Pass-Brent, FL | $24,309,017 |
#130 | Fayetteville, NC | $24,254,218 |
#131 | Shreveport-Bossier City, LA | $24,153,731 |
#132 | Naples-Marco Island, FL | $24,020,049 |
#133 | Springfield, MO | $23,930,761 |
#134 | Mobile, AL | $23,876,616 |
#135 | Peoria, IL | $23,599,643 |
#136 | York-Hanover, PA | $23,406,852 |
#137 | Youngstown-Warren-Boardman, OH-PA | $23,284,271 |
#138 | Lafayette, LA | $22,650,406 |
#139 | Lincoln, NE | $22,492,557 |
#140 | Greeley, CO | $22,082,249 |
#141 | Reading, PA | $22,055,785 |
#142 | Green Bay, WI | $21,991,068 |
#143 | Killeen-Temple, TX | $21,967,641 |
#144 | Myrtle Beach-Conway-North Myrtle Beach, SC-NC | $21,787,862 |
#145 | Salem, OR | $21,487,178 |
#146 | Evansville, IN-KY | $21,248,968 |
#147 | Gulfport-Biloxi, MS | $21,177,139 |
#148 | Port St. Lucie, FL | $20,762,211 |
#149 | Norwich-New London, CT | $20,743,047 |
#150 | Visalia, CA | $20,580,771 |
#151 | Montgomery, AL | $20,250,047 |
#152 | Canton-Massillon, OH | $20,167,014 |
#153 | Tallahassee, FL | $20,148,962 |
#154 | Cedar Rapids, IA | $19,793,178 |
#155 | San Luis Obispo-Paso Robles, CA | $19,639,637 |
#156 | Elkhart-Goshen, IN | $19,271,838 |
#157 | Crestview-Fort Walton Beach-Destin, FL | $18,899,397 |
#158 | Eugene-Springfield, OR | $18,848,436 |
#159 | Gainesville, FL | $18,353,884 |
#160 | Roanoke, VA | $18,297,657 |
#161 | Wilmington, NC | $18,203,444 |
#162 | Santa Cruz-Watsonville, CA | $18,076,112 |
#163 | Spartanburg, SC | $17,914,096 |
#164 | Kennewick-Richland, WA | $17,836,850 |
#165 | Fargo, ND-MN | $17,706,417 |
#166 | Flint, MI | $17,234,628 |
#167 | Longview, TX | $17,134,932 |
#168 | South Bend-Mishawaka, IN-MI | $17,031,977 |
#169 | Rockford, IL | $17,005,386 |
#170 | Hickory-Lenoir-Morganton, NC | $16,787,117 |
#171 | Huntington-Ashland, WV-KY-OH | $16,470,842 |
#172 | Columbus, GA-AL | $16,456,091 |
#173 | Lubbock, TX | $16,402,001 |
#174 | Amarillo, TX | $16,313,319 |
#175 | Olympia-Lacey-Tumwater, WA | $16,245,024 |
#176 | Appleton, WI | $16,202,188 |
#177 | Bellingham, WA | $16,036,428 |
#178 | Kalamazoo-Portage, MI | $15,946,455 |
#179 | Duluth, MN-WI | $15,905,385 |
#180 | College Station-Bryan, TX | $15,896,707 |
#181 | Lake Charles, LA | $15,791,901 |
#182 | Charlottesville, VA | $15,762,678 |
#183 | Burlington-South Burlington, VT | $15,669,774 |
#184 | Rochester, MN | $15,644,852 |
#185 | Atlantic City-Hammonton, NJ | $15,313,041 |
#186 | Barnstable Town, MA | $15,150,695 |
#187 | Bloomington, IL | $15,140,725 |
#188 | Waco, TX | $15,125,143 |
#189 | Kingsport-Bristol, TN-VA | $15,104,427 |
#190 | Utica-Rome, NY | $14,678,570 |
#191 | Clarksville, TN-KY | $14,546,292 |
#192 | Bremerton-Silverdale-Port Orchard, WA | $14,373,182 |
#193 | Laredo, TX | $13,581,543 |
#194 | Gainesville, GA | $13,561,088 |
#195 | Charleston, WV | $13,553,478 |
#196 | Brownsville-Harlingen, TX | $13,225,538 |
#197 | Champaign-Urbana, IL | $13,219,093 |
#198 | Topeka, KS | $13,204,822 |
#199 | Springfield, IL | $13,019,072 |
#200 | Tyler, TX | $13,002,122 |
#201 | Tuscaloosa, AL | $12,913,789 |
#202 | Ocala, FL | $12,907,979 |
#203 | Hagerstown-Martinsburg, MD-WV | $12,755,632 |
#204 | Bend, OR | $12,618,710 |
#205 | Lafayette-West Lafayette, IN | $12,537,390 |
#206 | Erie, PA | $12,509,399 |
#207 | Napa, CA | $12,387,136 |
#208 | Binghamton, NY | $12,314,327 |
#209 | St. Cloud, MN | $12,202,920 |
#210 | Columbia, MO | $12,077,178 |
#211 | Iowa City, IA | $11,989,228 |
#212 | Yakima, WA | $11,864,827 |
#213 | Macon-Bibb County, GA | $11,818,017 |
#214 | Oshkosh-Neenah, WI | $11,586,606 |
#215 | Billings, MT | $11,570,641 |
#216 | Athens-Clarke County, GA | $11,562,554 |
#217 | Hilton Head Island-Bluffton, SC | $11,497,194 |
#218 | Lynchburg, VA | $11,430,306 |
#219 | Odessa, TX | $11,399,343 |
#220 | Wausau-Weston, WI | $11,250,695 |
#221 | Wheeling, WV-OH | $11,239,365 |
#222 | Waterloo-Cedar Falls, IA | $11,197,979 |
#223 | Florence, SC | $11,018,873 |
#224 | Medford, OR | $10,949,122 |
#225 | Fort Smith, AR-OK | $10,920,156 |
#226 | Greenville, NC | $10,841,765 |
#227 | Merced, CA | $10,465,518 |
#228 | Kahului-Wailuku-Lahaina, HI | $10,356,019 |
#229 | Eau Claire, WI | $10,308,773 |
#230 | Panama City, FL | $10,269,545 |
#231 | Sioux City, IA-NE-SD | $10,111,866 |
#232 | Chico, CA | $10,006,052 |
#233 | Dover, DE | $9,984,324 |
#234 | Idaho Falls, ID | $9,915,330 |
#235 | El Centro, CA | $9,912,905 |
#236 | Jacksonville, NC | $9,900,984 |
#237 | Daphne-Fairhope-Foley, AL | $9,891,548 |
#238 | Jackson, TN | $9,779,929 |
#239 | State College, PA | $9,750,456 |
#240 | Harrisonburg, VA | $9,499,442 |
#241 | Redding, CA | $9,419,468 |
#242 | Saginaw, MI | $9,363,549 |
#243 | Houma-Thibodaux, LA | $9,350,744 |
#244 | La Crosse-Onalaska, WI-MN | $9,294,924 |
#245 | Johnson City, TN | $9,219,695 |
#246 | Racine, WI | $9,100,374 |
#247 | Warner Robins, GA | $8,993,124 |
#248 | Yuma, AZ | $8,977,170 |
#249 | Lima, OH | $8,962,374 |
#250 | Jefferson City, MO | $8,956,976 |
#251 | Abilene, TX | $8,848,793 |
#252 | Prescott Valley-Prescott, AZ | $8,796,885 |
#253 | Monroe, LA | $8,699,152 |
#254 | Kingston, NY | $8,622,165 |
#255 | Morgantown, WV | $8,597,534 |
#256 | California-Lexington Park, MD | $8,554,244 |
#257 | Janesville-Beloit, WI | $8,530,214 |
#258 | Terre Haute, IN | $8,502,107 |
#259 | East Stroudsburg, PA | $8,493,417 |
#260 | Niles, MI | $8,455,695 |
#261 | Flagstaff, AZ | $8,444,850 |
#262 | Winchester, VA-WV | $8,419,006 |
#263 | Bowling Green, KY | $8,368,247 |
#264 | Las Cruces, NM | $8,339,710 |
#265 | St. George, UT | $8,338,042 |
#266 | Joplin, MO | $8,319,062 |
#267 | San Angelo, TX | $8,284,455 |
#268 | Bloomington, IN | $8,272,024 |
#269 | Blacksburg-Christiansburg, VA | $8,271,597 |
#270 | Bismarck, ND | $8,243,740 |
#271 | Coeur d'Alene, ID | $8,112,478 |
#272 | Yuba City, CA | $8,104,050 |
#273 | Sebastian-Vero Beach, FL | $8,063,835 |
#274 | Dalton, GA | $7,950,074 |
#275 | Decatur, IL | $7,856,804 |
#276 | Dubuque, IA | $7,840,579 |
#277 | Manhattan, KS | $7,818,079 |
#278 | Bangor, ME | $7,813,558 |
#279 | Rocky Mount, NC | $7,799,020 |
#280 | Sheboygan, WI | $7,747,640 |
#281 | Pittsfield, MA | $7,682,977 |
#282 | Mount Vernon-Anacortes, WA | $7,659,302 |
#283 | Jackson, MI | $7,651,976 |
#284 | Santa Fe, NM | $7,636,186 |
#285 | Dothan, AL | $7,636,116 |
#286 | Ames, IA | $7,583,257 |
#287 | Rapid City, SD | $7,565,027 |
#288 | Battle Creek, MI | $7,528,043 |
#289 | Glens Falls, NY | $7,446,782 |
#290 | Grand Junction, CO | $7,444,077 |
#291 | Burlington, NC | $7,440,110 |
#292 | Pueblo, CO | $7,436,671 |
#293 | Logan, UT-ID | $7,425,275 |
#294 | Wenatchee, WA | $7,403,597 |
#295 | Vineland-Bridgeton, NJ | $7,376,321 |
#296 | Auburn-Opelika, AL | $7,335,523 |
#297 | Decatur, AL | $7,282,688 |
#298 | Kankakee, IL | $7,282,382 |
#299 | Hanford-Corcoran, CA | $7,258,824 |
#300 | Columbus, IN | $7,205,692 |
#301 | Hattiesburg, MS | $7,181,156 |
#302 | Wichita Falls, TX | $7,096,972 |
#303 | Ithaca, NY | $7,044,555 |
#304 | Lake Havasu City-Kingman, AZ | $7,037,905 |
#305 | Alexandria, LA | $7,037,021 |
#306 | Watertown-Fort Drum, NY | $6,972,539 |
#307 | Weirton-Steubenville, WV-OH | $6,966,489 |
#308 | Lebanon, PA | $6,911,784 |
#309 | Punta Gorda, FL | $6,911,071 |
#310 | Madera, CA | $6,907,890 |
#311 | Chambersburg-Waynesboro, PA | $6,846,649 |
#312 | Elizabethtown-Fort Knox, KY | $6,819,777 |
#313 | Muskegon, MI | $6,795,782 |
#314 | Missoula, MT | $6,780,085 |
#315 | Altoona, PA | $6,736,868 |
#316 | Monroe, MI | $6,716,820 |
#317 | St. Joseph, MO-KS | $6,700,369 |
#318 | Cheyenne, WY | $6,608,922 |
#319 | Williamsport, PA | $6,562,069 |
#320 | Valdosta, GA | $6,529,753 |
#321 | Jonesboro, AR | $6,494,679 |
#322 | Fairbanks, AK | $6,477,984 |
#323 | Albany, GA | $6,462,473 |
#324 | New Bern, NC | $6,436,366 |
#325 | Owensboro, KY | $6,434,476 |
#326 | Ocean City, NJ | $6,279,126 |
#327 | Grand Forks, ND-MN | $6,226,443 |
#328 | Morristown, TN | $6,218,224 |
#329 | Carbondale-Marion, IL | $6,206,570 |
#330 | Mankato, MN | $6,157,026 |
#331 | Texarkana, TX-AR | $6,086,205 |
#332 | Longview, WA | $6,047,768 |
#333 | Florence-Muscle Shoals, AL | $5,989,958 |
#334 | Casper, WY | $5,887,565 |
#335 | Twin Falls, ID | $5,878,885 |
#336 | Staunton, VA | $5,865,980 |
#337 | Sherman-Denison, TX | $5,852,474 |
#338 | Midland, MI | $5,836,461 |
#339 | Fond du Lac, WI | $5,817,790 |
#340 | Goldsboro, NC | $5,761,092 |
#341 | Farmington, NM | $5,698,394 |
#342 | Lawton, OK | $5,636,670 |
#343 | Lewiston-Auburn, ME | $5,614,156 |
#344 | Albany-Lebanon, OR | $5,608,491 |
#345 | Lawrence, KS | $5,586,561 |
#346 | Sumter, SC | $5,539,578 |
#347 | The Villages, FL | $5,507,387 |
#348 | Cleveland, TN | $5,423,969 |
#349 | Sierra Vista-Douglas, AZ | $5,399,087 |
#350 | Mansfield, OH | $5,251,489 |
#351 | Homosassa Springs, FL | $5,247,686 |
#352 | Corvallis, OR | $5,242,566 |
#353 | Johnstown, PA | $5,197,201 |
#354 | Springfield, OH | $5,162,330 |
#355 | Brunswick, GA | $5,136,201 |
#356 | Anniston-Oxford, AL | $5,108,424 |
#357 | Victoria, TX | $5,082,222 |
#358 | Bloomsburg-Berwick, PA | $4,916,778 |
#359 | Hammond, LA | $4,897,538 |
#360 | Grand Island, NE | $4,871,762 |
#361 | Cape Girardeau, MO-IL | $4,838,122 |
#362 | Beckley, WV | $4,563,061 |
#363 | Rome, GA | $4,539,453 |
#364 | Michigan City-La Porte, IN | $4,521,182 |
#365 | Kokomo, IN | $4,488,369 |
#366 | Muncie, IN | $4,486,204 |
#367 | Hinesville, GA | $4,427,847 |
#368 | Gettysburg, PA | $4,310,644 |
#369 | Elmira, NY | $4,230,830 |
#370 | Carson City, NV | $4,225,603 |
#371 | Bay City, MI | $4,158,772 |
#372 | Great Falls, MT | $4,150,622 |
#373 | Cumberland, MD-WV | $4,025,355 |
#374 | Parkersburg-Vienna, WV | $4,000,337 |
#375 | Pine Bluff, AR | $3,996,508 |
#376 | Hot Springs, AR | $3,907,112 |
#377 | Pocatello, ID | $3,732,010 |
#378 | Grants Pass, OR | $3,666,285 |
#379 | Danville, IL | $3,645,245 |
#380 | Walla Walla, WA | $3,642,288 |
#381 | Lewiston, ID-WA | $3,274,461 |
#382 | Gadsden, AL | $3,175,372 |
#383 | Enid, OK | $2,926,730 |
#384 | Sebring-Avon Park, FL | $2,894,022 |
All U.S. Metro Areas | $20,943,239,585 |
As the graphic above makes obvious, NYC’s GDP towers over the rest. The Big Apple is the nerve center for a number of high-impact industries, including finance and media.
Moving down the ranking, LA has a $1.1 trillion economy, followed by Chicago, with a GDP of just over $760 billion.
The Fastest Growing Cities
Although many of the top ranking cities are not surprising, there are a number of up-and-coming cities in the list. A report from the Kenan Institute, at the University of North Carolina’s Business School, reveals the fastest growing cities in the U.S. in terms of GDP growth year-over-year. Here’s a look at the top 10:
Rank | City | State | GDP Growth (2022) |
---|---|---|---|
#1 | San Francisco/Bay Area | California | 4.8% |
#2 | Austin | Texas | 4.3% |
#3 | Seattle | Washington | 3.5% |
#4 | Raleigh/Durham | North Carolina | 3.4% |
#5 | Dallas | Texas | 3.1% |
#6 | Denver | Colorado | 3.0% |
#7 | Salt Lake City | Utah | 2.8% |
#8 | Charlotte | North Carolina | 2.5% |
#9 | New Orleans | Louisiana | 2.4% |
#10 | Orlando | Florida | 2.4% |
San Francisco, Seattle, and Dallas appear on both the overall GDP size and growth lists. Dallas’ economy is driven in large part by a growing healthcare industry. The city also continues to attract talent being home to large companies AT&T, CBRE Group, and Texas Instruments.
North Carolina is home to two of the fastest growing metropolitan areas, Raleigh-Durham and Charlotte. These cities may be ones to watch as they are becoming hubs of tech, research, and manufacturing. In fact, North Carolina was recently ranked as the most attractive U.S. state to do business in and both cities are among the fastest growing in terms of population.
The economic center of gravity within the U.S. could be shifting away from the traditional centers of power towards booming cities in the South and West of the United States. The Kenan Institute found that the recovery of hospitality and leisure sectors has helped destinations in these regions like New Orleans and Orlando. Additionally, the shift towards high-tech industry jobs, remote work, and cheaper housing have made these cities very attractive.
Of course, the sunny climate in these cities is an attractive selling point as well.
Technology
Just 20 Stocks Have Driven S&P 500 Returns So Far in 2023
From Apple to NVIDIA, megacap stocks are fueling S&P 500 returns. The majority of these firms are also investing heavily in AI.

Just 20 Stocks Have Driven Most of S&P 500 Returns
Just 20 firms—mainly AI-related stocks—are propping up the S&P 500 and driving it into positive territory, signaling growing risk in the market.
The above graphic from Truman Du shows which stocks are making up the vast majority of S&P 500 returns amid AI market euphoria and broader market headwinds.
Big Tech Stock Rally
Tech and AI stocks have soared as ChatGPT became a household name in 2023.
The below table shows data from last month, highlighting that just a small collection of companies drove most of the action on the U.S. benchmark index.
Company Rank | Name | Contribution to S&P 500 Return | Average Weight |
---|---|---|---|
1 | Apple | 1.49% | 6.61% |
2 | Microsoft | 1.15% | 5.72% |
3 | NVIDIA | 1.00% | 1.62% |
4 | Meta | 0.66% | 1.15% |
5 | Amazon | 0.51% | 2.56% |
6 | Tesla | 0.50% | 1.39% |
7 | Alphabet (Class A Shares) | 0.34% | 1.72% |
8 | Alphabet (Class C Shares) | 0.31% | 1.53% |
9 | Salesforce | 0.19% | 0.51% |
10 | Advanced Micro Devices | 0.16% | 0.39% |
11 | General Electric | 0.10% | 0.28% |
12 | Visa | 0.10% | 1.08% |
13 | Broadcom | 0.09% | 0.73% |
14 | Intel | 0.09% | 0.35% |
15 | Walt Disney | 0.08% | 0.55% |
16 | Booking Holdings | 0.07% | 0.28% |
17 | Exxon Mobil | 0.06% | 1.37% |
18 | Netflix | 0.06% | 0.44% |
19 | Oracle | 0.06% | 0.40% |
20 | Adobe | 0.06% | 0.49% |
Top 20 Companies | 7.05% | 29.17% | |
S&P 500* | 7.55% | 100.00% |
*Based on the Vanguard S&P 500 ETF as of April 11, 2023. Source: Vanguard S&P500 ETF, Bloomberg.
Microsoft invested $10 billion into OpenAI, the creators of ChatGPT. It has also integrated generative AI into its search engine Bing. This large language model is designed specifically to make search capabilities faster, generate text, and perform other automations.
Also of interest is NVIDIA, which is the most valuable chipmaker in America. It sells $10,000 chips called A100s that allow machine learning models to run. These models perform multiple tasks simultaneously to develop neural networks and train AI systems, including OpenAI’s ChatGPT. Companies that are developing AI-related services, such as chatbots or image generation, may use up to thousands of these chips.
Despite being the world’s most valuable company and a key driver of returns, Apple is an outlier among tech giants with no major projects announced in AI (so far).
Implications of Market Divergence
The problem with the strong gains seen in a few select AI-related stocks is that it clouds wider stock market performance.
Without the AI-led rally, the S&P 500 would be returning -1.4%. as of May 17, 2023.
4. AI is fueling the stock market
A handful of stocks are spearheading the S&P 500's impressive 9% rally this year.
Here’s the kicker: if you excluded AI stocks, the S&P 500 would be down over 1% (according to Societe Generale). pic.twitter.com/SME1mJVpoW
— Rowan Cheung (@rowancheung) May 22, 2023
This form of steep divergence, known as market breadth, often signals higher risk in the market.
When more companies experience positive returns it is less risky than a small handful seeing the majority of the gains. Today market breadth is very narrow, and these companies make up over 29% of the entire index’s market capitalization.
How long AI-related firms mask the broader performance of the S&P 500 remains to be seen. A growing number of market pressures, from higher interest rates to banking uncertainty could add further challenges.
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