Posted on 07/23/2023 3:25:30 PM PDT by thegagline
A sum of its parts, every U.S. state plays an integral role in the country’s overall economy.
Texas, for example, generates an economic output that is comparable to South Korea’s, and even a small geographical area like Washington, D.C. outputs over $129 billion per year. ***
California is by far the biggest state economy in the U.S. at $2.9 trillion in real GDP—and when comparing its nominal value ($3.6 trillion) with national GDPs worldwide, the Golden State’s GDP would rank 5th overall, just below Germany and Japan.
*** Altogether, California, New York, and Texas account for almost one-third of the country’s economy, combining for $6.3 trillion in real GDP in 2022. The only other state that reached the trillion dollar mark is Florida with $1.1 trillion.
Texas’ economy is driven largely by industries like advanced manufacturing, biotech, life sciences, aerospace, and defense. The state is also home to a number of large companies, like Tesla and Texas Instruments, which make it a hub for jobs, innovation, and opportunity.
New York state is a leader in the insurance, agribusiness, clean energy, and cyber security industries, among many others. Zooming into the New York City area reveals huge sources of economic output from the tourism, media, and financial services sectors.
***
(Excerpt) Read more at visualcapitalist.com ...
DC outputs nothing.
It should be shown as an economic sinkhole.
I may be a moron but it basically matches population.
No mention of oil and gas? What a joke.
I would like to see this chart over time to see how cali and ny are reducing while Florida and Texas are expanding.
Interesting. Thanks!
A lot of these analyses are based on Federal filings. That skews things, as it emphasises the location of reporting, mainly corporate HQs and investment owners like mutual funds, hedge funds and retirement funds, not actual business activity.
It probably leads to an unrealistic emphasis on CA, NY, IL, CT, etc. They loom larger than they should.
Interesting...thanks for posting. I see those in DC are well paid to suck the ;life out of the rest of the country.
With Amazon and Microsoft and others here in Washington state I’d have thought we’d be higher up.
“DC outputs nothing. It should be shown as an economic sinkhole.”
What you said.
D.C. outputs are lawyer services, lobbying services, and other forms of theft, graft, and corruption.
Nothing of value created; all transfer of wealth. And actions to block actual wealth creation in the heartland.
They do better than Wyoming who barely registers. Wow. I don’t see how they survive. I know the federal government takes care of them, but, wow! Very low. GDP!
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