Maris Research

GDP Decreases in All States and D.C. in the First Quarter of 2020

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Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia, in the first quarter of 2020 compared to the last quarter of 2019, as a result of the widespread shutdowns across the country due to COVID-19. The U.S. Bureau of Economic Analysis reported the real GDP growth rates, measured on a seasonally adjusted annual rate basis, ranged from -1.3% in Nebraska to -8.2% in New York and Nevada.

Nationwide, real GDP growth decreased to 5.0% in the first quarter of 2020, after an increase of 2.1% in the previous quarter. Accommodation and food services; finance and insurance; healthcare and social assistance; and arts, entertainment, and recreation were the leading contributors to the decline in real GDP in the first quarter of 2020.

Regionally, real GDP growth rates, ranged from -6.6% in Mideast to -2.8% in Southwest in the first quarter of 2020 compared to the last quarter of 2019.

According to the industry statistics, 17 of 22 industry groups contributed to the first quarter decline in real GDP. Of the five industry groups that recorded increases in the first quarter real GDP, agriculture, forestry, fishing,

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