Recent Updates

  • US: BEA Auto Sales, Employment Situation (Nov)
  • US: Household Survey Detail (Nov)
  • Canada: Labor Force Survey (Nov)
  • US: Establishment Survey Detail (Nov)
  • Romania: Foreign Reserves Press (Nov)
  • more updates...

Economy in Brief

State GDP in 2020:Q2
by Charles Steindel  October 2, 2020

Unsurprisingly, all states (as well as DC) saw double-digit rates of decline in real GDP decline in the second quarter. The range was wide, varying from DC's -20.4 percent to Hawaii and Nevada's -42.2. In general, the declines were larger in more industrialized states, states more heavily dependent on travel and tourism (as Hawaii and Nevada clearly illustrate), and states which had longer and stricter lockdowns. In general, states in the Northeastern quadrant of the nation saw larger declines than those elsewhere. Delaware and Utah stood out for “modest” rates of declines (respectively, 21.9 and 22.4 percent). Tennessee was an anomaly on the other ends, with a 40.4 percent rate of decline in a state one would not think of as very dependent on travel. However, the drop in travel-related sectors was exceptionally large in the Volunteer State.

Most likely, all—or virtually all—states experienced double-digit rates of growth in the third quarter. An interesting question will be if any fully reversed the declines in the first half of the year.

large image