Mapped: The Real GDP Growth of U.S. Regions in 2023

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June 4, 2024 Graphics/Design:

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The Real GDP Growth of U.S. Regions in 2023

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Distinct variations in regional economic growth were evident throughout America in 2023, driven by differences in industry composition and population dynamics.

This graphic shows real GDP growth across U.S. regions in 2023, based on data from the Bureau of Economic Analysis.

Which Regions Grew the Fastest in 2023?

Below, we show the U.S. regions with the highest real GDP growth last year:

RankRegionReal GDP Growth 2023 YoYReal GDP 2023 1Southwest+5.1%$2.8T 2Southeast+3.1%$4.9T 3Rocky Mountain+2.9%$837B 4Plains+2.5%$1.4T 5Far West+2.5%$4.5T 6New England+1.8%$1.2T 7Mideast+1.3%$3.9T 8Great Lakes+1.2%$2.9T U.S.+2.5%$22.4T

Outpacing all other regions is the Southwest, fueled by rapid population growth and booming oil production across the state of Texas, one of the fastest growing state economies in 2023.

In addition, electric vehicle factories and battery plants are increasingly emerging across the Sun Belt. This includes a 10 million square foot Tesla facility in Texas and a $320 million battery manufacturing plant and assembly facility in Oklahoma. The combination of lower land, labor, and electricity costs are driving corporate investment in the region.

With the second-highest real GDP growth rate, the Southeast also surpasses the national average.

Just as Texas is attracting industrial production across clean energy technologies, Georgia and Tennessee are emerging as automotive hubs. In fact, Georgia leads the country in electric vehicle assembly and battery plant investment, at a staggering $14.5 billion.

By contrast, growth in the Mideast and New England regions fell below the national average, weighed down by states like Massachusetts and New York as construction, manufacturing, and finance and insurance sectors witnessed slower activity.

Lastly, the Great Lakes region, covering Illinois, Ohio, Michigan, Wisconsin, and Indiana, experienced the lowest growth nationally, at just 1.2% in 2023. This sluggish performance was attributed to a shrinking labor force in Illinois and a contracting manufacturing sector in Ohio amid high interest rates. Moreover, three

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

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

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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