The US state with the fastest growing economy

In this article, we’ll take a look at the US state with the fastest growing economy. We have also compiled a complete list of free 20 US States with the Fastest Growing Economies.

Navigating Global Economic Challenges After COVID-19: Insights and Trends

Following the COVID-19 pandemic, the global economy is currently in a recovery phase after the unprecedented downturns that occurred between 2019 and 2022. However, this recovery is not as smooth as one would hope. Factors such as geopolitical tensions, supply chain disruptions, high inflation and tight monetary conditions have slowed the recovery process. One of the biggest problems the world is currently struggling with is inflation. However, some recent developments hint towards a brighter future with headline inflation levels falling to pre-pandemic levels in some economies. At the end of 2023, global inflation fell to around 2.3%, which was a significant decline from the peak of 9.5% witnessed in the second quarter of 2022. But this progress is limited in some developed economies such as the US, China and Germany . These are the most economically powerful countries in the world, with GDP levels of $28.8 trillion, $18.5 trillion and $4.6 trillion, respectively, as of 2024 – we’ve discussed them in detail in the top 20 countries powerful in the world according to the economy.

One of the countries that has led this post-pandemic recovery is the United States. The country has been able to maintain its status as a leading global economy. According to the IMF, US GDP was $26.95 trillion in 2023. The value for real gross domestic product (GDP) grew at an annual rate of 1.3 percent in the first quarter of 2024, according to Bureau of Economic Analysis. The United States is expected to continue climbing this trajectory as the country is projected to have a real GDP of $32 trillion by 2040. However, for developing countries, it is a completely different story. These economies have been recovering, but the recovery is quite slow, with inflation in the last quarter of 2023 standing at 9.9%. You can refer to 25 countries with emerging economies but with slow growth rates to read in depth about some of these economies. Saudi Arabia and Poland are two of these economies with the slowest growth rates among developing economies with GDP levels of $1.07 trillion and $842.2 billion, respectively, as of 2023.

While these macroeconomic trends provide us with a broader picture of the economy, the role of large corporations and industrial giants in rebuilding the economy cannot be overlooked. Among other factors, businesses in key economic regions are driving global growth. Companies such as Apple Inc. (NASDAQ:AAPL) and Microsoft Corporation (NASDAQ:MSFT) are two of the most valuable companies in the US. With a market capitalization of $3.311 trillion, as of 13^th June 2024, Apple Inc. (NASDAQ: AAPL ) is the largest player in the technology sector. As of 2024, the installed base of active devices of Apple Inc. (NASDAQ:AAPL) has surpassed 2.2 billion globally. Apple reported its financial results for the first quarter of 2024 on February 1, 2024. Revenue came in at $119.58 billion, beating estimates by $1.31 billion, while earnings per share of $2.18 beat consensus estimates by $0.08 per share.

The story continues

Microsoft Corporation (NASDAQ:MSFT) is another leading global technology firm with a market capitalization of $3.283 trillion, as of 13^th Jun 2024. According to quarterly financial reports released on January 30, 2024 for the second quarter of 2024, Microsoft Corporation (NASDAQ:MSFT) reported earnings per share of $2.93, beating estimates by $0.16. Microsoft Corporation (NASDAQ:MSFT) revenue was $62.02 billion for the second quarter of 2024, ahead of the market consensus of $888.19 million.

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METHODOLOGY

For the purpose of this ranking, we took data from Bureau of Economic Analysis on real GDP for each US state. From the values ​​of the last year, 2023, and the base year, 2022, the percentage change in real GDP was calculated. The states were then ranked in descending order based on their GDP growth rates, and the state with the highest percentage change in GDP was selected.

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1. North Dakota

Percentage change in GDP: 5.87%

Real GDP 2023: $58,015 million

Real GDP 2022: $54,799 million

With a percentage change in GDP of 5.87% over the period 2022-23, North Dakota is the US state with the fastest growing economy.

North Dakota has had a strong economy, characterized by a thriving energy development sector, in addition to strong agriculture, real estate and government sectors. North Dakota experienced the highest real GDP growth among all 50 states in the first quarter of 2023, growing 12.4%, according to North Dakota Governor’s Office. In 2023, North Dakota’s real gross domestic product (GDP) was US$58.02 billion.

You can see the full list for free by going to 20 US States with the Fastest Growing Economies.

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Disclosure: None. This article was originally published on The inner monkey