Maris Research

Sharp Decline in Real GDP in All States: 2Q20

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Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia, in the second quarter of 2020 compared to the previous quarter, as a result of reflecting “stay-at-home” orders 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 -20.4% in the District of Columbia to -42.2% in Hawaii and Nevada (states with robust travel and tourism sectors).

Nationwide, real GDP growth decreased to 31.4% in the second quarter of 2020, after a decrease of 5.0% in the previous quarter. Accommodation and food services; healthcare and social assistance; and durable goods manufacturing were the leading contributors to the decline in real GDP in the second quarter of 2020.

Regionally, real GDP growth rates, ranged from -27.6% in Rocky Mountain to -34.0% in Mideast in the second quarter of 2020 compared to the first quarter of 2020.

According to the industry statistics, 20 of 22 industry groups contributed to the second quarter decline in real GDP while Finance and Insurance and Federal government spending increased in the second quarter.

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