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Mapped: The 10 U.S. States With the Lowest Real GDP Growth

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May 16, 2024 Article/Editing: Graphics/Design:

See this visualization first on the Voronoi app.

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:

RankStateReal GDP Growth 2023 YoYReal GDP 2023 1Delaware-1.2%$74B 2Wisconsin+0.2%$337B 3New York+0.7%$1.8T 4Missississippi+0.7%$115B 5Georgia+0.8%$661B 6Minnesota+1.2%$384B 7New Hampshire+1.2%$91B 8Ohio+1.2%$698B 9Iowa+1.3%$200B 10Illinois+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

The Dow just hit 40,000. Here’s a look at how it got here

The 30-stock benchmark broke above 40,000 for the first time. Investors anticipate artificial intelligence boosting corporate profits and the Federal Reserve possibly cutting rates later this year. The Dow first closed above 20,000 in early 2017, on the heels of lower corporate taxes in the U.S. under former President Donald Trump. Traders work on the floor at the New York Stock Exchange. Brendan McDermid | Reuters

The Dow Jones Industrial Average reached a milestone Thursday that seemed unfathomable a year ago.

The 30-stock benchmark broke above 40,000 for the first time. The move comes as investors cheer the prospects of artificial intelligence boosting corporate profits and the Federal Reserve possibly cutting rates later this year as inflation eases further from its pandemic highs.

It’s been a long and winding road for the Dow to climb to these levels. Here’s a look at the Dow’s trajectory over the past 20,000 points.

The Dow first closed above 20,000 in early 2017, as investors began pricing in lower corporate taxes in the U.S. under former President Donald Trump. Those expectations were met toward the end of that year and also drove the Dow above 25,000 by January 2018.

However, the Dow struggled in 2018 after the excitement around lower taxes faded, with trade tensions between China and the U.S. rising and the Federal Reserve raising interest rates. The Dow finished the year down more than 5%.

In 2019, the stock market recovered as the Fed pivoted away from raising rates. By early 2020, the Dow was nearing 30,000 — reaching a high of 29,551.42 on Feb. 12, 2020.

Then came the Covid-19 pandemic. The Dow tumbled 38% from its February 2020 intraday peak to a low of 18,213.65 in March 2020.

Over the following months, the benchmark would recover as progress on Covid vaccine development ramped up and the Fed and lawmakers took unprecedented measures to support the economy. By November 2020, the Dow had closed above 30,000 for the first time.

The momentum from the Covid lows carried through to 2021, with the Dow breaking above 35,000. However, the good times wouldn’t last for much longer, as a bear market knocked the Dow all the way down to 28,660.51 before it recovered. Since reaching that low, the Dow has surged 40%.

— CNBC’s

CNBC

Titan Private Wealth demotes co-CEO title for Investec W&I hire two months after appointment

His appointment as joint CEO was announced in March this year and at the time, the firm said Beddall would help guide Titan Private Wealth’s “overall strategic direction and lead the company through its next phase of growth”. Two months later however, a spokesperson said his new title as regional managing partner “better reflects his role in developing the regional presence”.  US private equity firm becomes controlling shareholder of Titan Wealth Based in Harrogate, Beddall joined Titan Private Wealth after a 25-year career at Investec W&I UK, where he was divisional director and h…

Invesco cuts fees on underperforming European equity income and global small-cap funds

In the group’s latest assessment of value report, the Invesco European Equity Income (UK) and Global Smaller Companies funds both had their respective fees cut after being highlighted as two of the five strategies which failed to deliver value to investors last year. Invesco launches discretionary model portfolio service The £480.1m Invesco European Equity Income fund (UK) has been steadily underperforming its benchmark – the IA Europe ex UK – since 2019, and the £556.8m Invesco Global Smaller Companies fund (UK) has been underperforming the IA Global sector since March 2023, accordin…

Investment Week Private Markets Summit in pictures

This event brought together wealth managers, fund selectors and asset managers to discuss the opportunities of investing in private markets, how to develop expertise in this area and how private market strategies could fit in client portfolios. We explored the rapid development of different private market fund structures available for the UK, how to carry out effective due diligence on these vehicles and manage risks, as well as regulatory considerations for wealth managers.  The Private Markets Summit offered networking opportunities for delegates and the chance to hear how their pee…

Jolt Capital appoints Managing Director UK

Jolt Capital, a private equity firm specialising in European growth deeptech investments, has appointed Meriem Smida as Managing Director UK. She will report to Jean Schmitt, the firm’s Chairman and Managing Partner.

Smida will contribute to the development of Jolt Capital’s activities in the UK by leading local fundraising efforts and sourcing opportunities, as well as participating in the M&A programme for the firm’s existing portfolio of companies.

Kadita raises over $100m for first private credit fund

Singapore-based private credit firm Kadita Partners has held the first close of its debut investment fund at over $100m in total capital commitments, according to a report by Bloomberg citing an unnamed source familiar with the matter.

According to Bloomberg’s source, the firm, which is led by managing partners Xavier De Nazelle and Matthieu Simoncini, completed the first close in early May and ultimately aims to raise up to $250m.

Kadita Partners focuses on sectors such as real assets and infrastructure, energy security and energy transition, and resources management.

Greybull sell Summit Professional Education to Avathon Capital

Private investment firm Greybull Stewardship has sold health professional education provider Summit Professional Education to Avathon Capital. Financial terms of the transaction were not disclosed.

Greybull acquired the company in 2014. Greybull said that Summit had shifted from its sole offering of in-person courses to include live streams, live webinars, online courses and podcasts, and that the company grew EBITDA by 600%.

Summit was founded in 2004 and provides continuing and professional education courses for physical therapists, occupational therapists and speech language pathologists.

Houlihan Lokey served as financial advisor to Summit.

Apex opens new office in Saudi Arabia

Global financial services provider Apex Group has opened an office in Saudi Arabia providing management, advisory and operational services and solutions.

Regulated by Saudi’s Capital Market Authority, the new Riyadh-based office will cater for both new and existing clients in the Kingdom previously served by Apex’s other offices in the Middle East region.

Apex Saudi will administer services including Islamic funds, private equity funds, venture capital, real estate and property level accounting, as well as equities, commodity, FX and derivatives.