Top 20 U.S. States with the Fastest-Growing Economies

Economic Challenges

The United States has been a leader in post-pandemic recovery, maintaining its status as the world's leading economy. According to the IMF, the U.S. GDP was $26.95 trillion in 2023. United States is expected to continue this trajectory, with a projected real GDP of $32 trillion by 2040.

U.S. States with the Fastest-Growing Economies

For this ranking, data from the Bureau of Economic Analysis on the real GDP for each US state was acquired. The percentage change in real GDP was calculated using the values from 2023 and the base year, 2022. The 20 states with the highest percentage changes in GDP were ranked below.

North Dakota has been enjoying a robust economy, driven by a flourishing energy development sector, along with strong agriculture, real estate, and government sectors. According to the North Dakota Governor’s Office, the state experienced the highest growth in real GDP among all 50 states in the first quarter of 2023, surging by 12.4%. In 2023, North Dakota's real gross domestic product (GDP) was 58.02 billion U.S. dollars.

Followed by Texas, In Q4 2023, It's real gross domestic product (GDP) grew at an annual rate of 5.0%, outpacing the U.S. average for the sixth consecutive quarter, according to the Office of the Texas Governor. Remarkably, if Texas were a country, it would rank as the 8th largest economy globally, surpassing Australia, Italy, Mexico, Russia, and Spain.

While these macroeconomic trends offer a broad overview of the economy, the significant role of major corporations and industry giants in its recovery cannot be ignored. Businesses across key economic regions are contributing to global growth. Notably, companies like Apple, Microsoft Corporation, and Nvidia are among the most valuable in the U.S., driving economic expansion.