This State’s Economy is Thriving with Nearly 5% GDP Growth

Who has the biggest economy in the world? As you might expect, various countries — the United States, China, and Germany — make up the top three spots. But would you believe that it’s actually a U.S. state, not another country, that slides in at number four? On April 23, 2025, California Governor Gavin Newsom […] The post This State’s Economy is Thriving with Nearly 5% GDP Growth appeared first on 24/7 Wall St..

Apr 29, 2025 - 19:21

This State’s Economy is Thriving with Nearly 5% GDP Growth

Who has the biggest economy in the world? As you might expect, various countries — the United States, China, and Germany — make up the top three spots. But would you believe that it’s actually a U.S. state, not another country, that slides in at number four? On April 23, 2025, California Governor Gavin Newsom announced that California had overtaken India and Japan to become the fourth largest economy worldwide. More interestingly, data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA) suggests that California’s economy actually outpaces that of the three countries before it. California, given its size, has a lot going on that contributes to economic prosperity: a rousing entertainment industry, tourism, agriculture, cannabis, and cities centered around technology and venture capitalism. (Could California actually go rogue?)

Key Points

Among similarly wealthy, highly developed countries, the U.S. economy — as indicated by GDP growth — has been relatively healthy in recent years.
Certain states have made an outsized contribution to America’s continuing economic expansion.
Also: 2 Dividend Legends To Hold Forever

But while California’s economy is one of the largest in the world, that doesn’t mean it’s necessarily the fastest growing state economy in the nation. Here, 24/7 Wall St. set out to uncover the 20 U.S. states with the most rapidly growing economies. To do so, we used regional data on GDP and personal income published by the BEA. The tables we looked at specifically focused on 2023 and 2024. Last updated in March 2025 to provide new 2024 statistics, this data is the most current available at this time. The economic output figures for GDP are chained to 2017 dollars to account for any inflation. Population data was also sourced from the BEA and includes U.S. Census Bureau midyear population estimates.

This previously published article was updated in April 2025 to provide new 2024 statistics from the BEA and to highlight California’s economic achievements.

Why It Matters Today

Gross domestic products | Wooden blocks with the word GDP and up and down arrows. An unstable economy in the country. Financial measure of the market value of all the final goods and services produced in a specific period.

Year-over-year change in gross domestic product, or GDP, is perhaps the most comprehensive indicator of the health of any economy. GDP growth generally benefits households, businesses, and governments. American GDP growth outpaced that of many of its peers on the world stage in 2023, and that growth was largely driven by a handful of state economies. However, U.S. President Donald Trump has made several moves during his first 100 days in office that have the potential to upset this growth. Several financial analysts believe that the tariffs implemented by the Trump administration could hinder trade and send the United States into a recession. If consumer spending falls due to a recession and financial uncertainties, it could cost the U.S. economy up to $92 billion.

Can you guess the states with the fastest growing economies?:

20. Wyoming

Wyoming

GDP growth in state, 2023-2024: +0.77% (+$310 million)
State GDP in 2024: $40.52 billion
State GDP in 2023: $40.2 billion
Change in personal income, 2023-2024: +5.37% (+$2.58 billion)
Population change, 2023-2024: +0.44% (+2,551 people)
Largest driver of economic growth in mid-2024: Retail trade (+0.97 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-0.62 ppts. to GDP from Q2 to Q3 2024)

19. Kansas

Windmill sits in a Kansas sorghum field

GDP growth in state, 2023-2024: +1.03% (+$1.9 billion)
State GDP in 2024: $185.7 billion
State GDP in 2023: $183.8 billion
Change in personal income, 2023-2024: +3.96% (+$7.7 billion)
Population change, 2023-2024: +0.65% (+19,106 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.29 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-1.75 ppts. to GDP from Q2 to Q3 2024)

18. Alaska

popular evs in alaska

GDP growth in state, 2023-2024: +1.52% (+$821 million)
State GDP in 2024: $54.1 billion
State GDP in 2023: $54.88 billion
Change in personal income, 2023-2024: +6.05% (+$3.18 billion)
Population change, 2023-2024: +0.49% (+3,623 people)
Largest driver of economic growth in mid-2024: Retail trade (+0.95 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Mining, quarrying, and oil and gas extraction (-0.95 ppts. to GDP from Q2 to Q3 2024)

17. Colorado

Welcome to Colorado

GDP growth in state, 2023-2024: +1.89% (+$8.25 billion)
State GDP in 2024: $445.3 billion
State GDP in 2023: $437.1 billion
Change in personal income, 2023-2024: +4.7% (+$22.11 billion)
Population change, 2023-2024: +0.95% (+56,154 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.07 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.27 ppts. to GDP from Q2 to Q3 2024)

16. Montana

Billings, Montana | Billings, Montana

GDP growth in state, 2023-2024: +1.92% (+$1.1 billion)
State GDP in 2024: $58.5 billion
State GDP in 2023: $57.4 billion
Change in personal income, 2023-2024: +4.44% (+$3.27 billion)
Population change, 2023-2024: +0.52% (+5,931 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.35 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-2.96 ppts. to GDP from Q2 to Q3 2024)

15. New Mexico

New+Mexico | Gallup New Mexico

GDP growth in state, 2023-2024: +2.27% (+$2.5 billion)
State GDP in 2024: $112.8 billion
State GDP in 2023: $110.3 billion
Change in personal income, 2023-2024: +4.96% (+$5.8 billion)
Population change, 2023-2024: +0.43% (+9,092 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.01 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Construction (-0.11 ppts. to GDP from Q2 to Q3 2024)

14. Oklahoma

Oklahoma | Bricktown, Oklahoma City

GDP growth in state, 2023-2024: +2.36% (+$4.9 billion)
State GDP in 2024: $212.8 billion
State GDP in 2023: $207.9 billion
Change in personal income, 2023-2024: +4.56% (+$11.18 billion)
Population change, 2023-2024: +0.78% (+31,511 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.2 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Wholesale trade (-0.14 ppts. to GDP from Q2 to Q3 2024)

13. Arizona

Phoenix, Arizona, USA downtown cityscape at dusk.

GDP growth in state, 2023-2024: +2.69% (+$11.36 billion)
State GDP in 2024: $433.76 billion
State GDP in 2023: $422.4 billion
Change in personal income, 2023-2024: +5.15% (+$23.96 billion)
Population change, 2023-2024: +1.46% (+109,357 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.23 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Utilities (-0.12 ppts. to GDP from Q2 to Q3 2024)

12. Virginia

richmond, va | Richmond, Virginia, USA Skyline

GDP growth in state, 2023-2024: +2.72% (+$16.5 billion)
State GDP in 2024: $623.58 billion
State GDP in 2023: $607.08 billion
Change in personal income, 2023-2024: +4.76% (+$31.31 billion)
Population change, 2023-2024: +0.87% (+76,000 people)
Largest driver of economic growth in mid-2024: Retail trade (+0.95 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Finance and insurance (-0.16 ppts. to GDP from Q2 to Q3 2024)

11. Maine

Maine | Portland Head Lighthouse, Maine, USA at sunrise

GDP growth in state, 2023-2024: +3.03% (+$2.28 billion)
State GDP in 2024: $77.47 billion
State GDP in 2023: $75.19 billion
Change in personal income, 2023-2024: +5.34% (+$4.85 billion)
Population change, 2023-2024: +0.38% (+5,366 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.71 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.17 ppts. to GDP from Q2 to Q3 2024)

10. Louisiana

Mississippi River - New Orleans

GDP growth in state, 2023-2024: +3.14% (+$7.8 billion)
State GDP in 2024: $256.4 billion
State GDP in 2023: $248.6 billion
Change in personal income, 2023-2024: +4.77% (+$12.85 billion)
Population change, 2023-2024: +0.21% (+9,669 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.32 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Nondurable goods manufacturing (-0.25 ppts. to GDP from Q2 to Q3 2024)

9. Texas

River walk in San Antonio city downtown skyline cityscape of Texas USA at sunset

GDP growth in state, 2023-2024: +3.33% (+$70 billion)
State GDP in 2024: $2.17 trillion
State GDP in 2023: $2.1 trillion
Change in personal income, 2023-2024: +5.2% (+$105.07 billion)
Population change, 2023-2024: +1.83% (+562,941 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.1 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.1 ppts. to GDP from Q2 to Q3 2024)

8. California

Los+Angeles+CA+downtown | Los Angeles

GDP growth in state, 2023-2024: +3.58% (+$116.43 billion)
State GDP in 2024: $3.37 trillion
State GDP in 2023: $3.25 trillion
Change in personal income, 2023-2024: +6.5% (+$205.95 billion)
Population change, 2023-2024: +0.59% (+232,570 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.41 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-4.04 ppts. to GDP from Q2 to Q3 2024)

7. West Virginia

West Virginia body of water | An Aerial Riverboat Sunset on a Summer Evening

GDP growth in state, 2023-2024: +3.59% (+$2.9 billion)
State GDP in 2024: $83.7 billion
State GDP in 2023: $80.8 billion
Change in personal income, 2023-2024: +4.37% (+$4.09 billion)
Population change, 2023-2024: -0.03% (-516 people)
Largest driver of economic growth in mid-2024: Mining, quarrying, and oil and gas extraction (+1.31 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.2 ppts. to GDP from Q2 to Q3 2024)

6. Florida

West+Palm+Beach+Florida+downtown | Downtown West Palm Beach

GDP growth in state, 2023-2024: +3.62% (+$46.8 billion)
State GDP in 2024: $1.34 trillion
State GDP in 2023: $1.29 trillion
Change in personal income, 2023-2024: +5.91% (+$91.74 billion)
Population change, 2023-2024: +2.04% (+467,347 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.32 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Utilities (-0.24 ppts. to GDP from Q2 to Q3 2024)

5. Washington

suburb+in+Washington | Colorful row of houses, blue, green, yellow, orange, blue, green, pink, purple, orange, yellow, green, blue, black and silver cars, street sign, N 35th and Meridian Ave N, Seattle, Washington, USA

GDP growth in state, 2023-2024: +3.66% (+$24.76 billion)
State GDP in 2024: $702 billion
State GDP in 2023: $677.2 billion
Change in personal income, 2023-2024: +5.64% (+$35.69 billion)
Population change, 2023-2024: +1.28% (+100,860 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.7 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-0.23 ppts. to GDP from Q2 to Q3 2024)

4. North Carolina

North Carolina campaign rally | Charlotte City Skyline night scene

GDP growth in state, 2023-2024: +3.74% (+$23.89 billion)
State GDP in 2024: $661.95 billion
State GDP in 2023: $638.06 billion
Change in personal income, 2023-2024: +6.92% (+$46.34 billion)
Population change, 2023-2024: +1.52% (+164,835 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.17 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Utilities (-0.26 ppts. to GDP from Q2 to Q3 2024)

3. Idaho

Idaho+city+skyline | Boise City from train depot blue sky

GDP growth in state, 2023-2024: +3.86% (+$3.7 billion)
State GDP in 2024: $99.6 billion
State GDP in 2023: $95.9 billion
Change in personal income, 2023-2024: +6.8% (+$7.09 billion)
Population change, 2023-2024: +1.55% (+30,497 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.49 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Construction (-0.34 ppts. to GDP from Q2 to Q3 2024)

2. South Carolina

St. Michaels Church with American flag in Historical downtown area of Charleston, South Carolina

GDP growth in state, 2023-2024: +4.19% (+$11 billion)
State GDP in 2024: $273.3 billion
State GDP in 2023: $262.3 billion
Change in personal income, 2023-2024: +6.69% (+$20.62 billion)
Population change, 2023-2024: +1.69% (+91,001 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.19 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-0.44 ppts. to GDP from Q2 to Q3 2024)

1. Utah

Utah | Salt Lake City and County Building, Salt Lake City, Utah

GDP growth in state, 2023-2024: +4.52% (+$10.2 billion)
State GDP in 2024: $235.7 billion
State GDP in 2023: $225.5 billion
Change in personal income, 2023-2024: +6.14% (+$13.46 billion)
Population change, 2023-2024: +1.75% (+60,391 people)
Largest driver of economic growth in mid-2024: Retail trade (+1.42 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Utilities (-0.71 ppts. to GDP from Q2 to Q3 2024)

The post This State’s Economy is Thriving with Nearly 5% GDP Growth appeared first on 24/7 Wall St..