Home Budget & Tax News Iowa GDP Dropped 1.4% During COVID-19 Era, Study Finds

Iowa GDP Dropped 1.4% During COVID-19 Era, Study Finds

The gross domestic product (GDP) of Iowa dropped 1.4 percent between the third quarter of 2019 and the third quarter of 2020, the sixth best economic performance among the 50 states, according to a new ranking by the website 24/7 Wall St.

Nationwide, according to data from the Bureau of Economic Analysis, the U.S. economic output declined 2.8 percent over that same time period, and only three states saw their economies expand, 24/7 Wall St. reported.

In Iowa, the fastest-growing industry during the period was agriculture, forestry, fishing and hunting, while arts, entertainment and recreation was judged the fastest-shrinking industry, according to the analysis. The November unemployment rate in the state came in at 3.6 percent.

The states in the worst economic shape as the coronavirus pandemic wore on tended to rely heavily on industries such as energy resource extraction, food services and accommodation, and the arts, entertainment and recreation sector, the study found.

As a result of the crisis, most states have lost tens of thousands of jobs and have seen their unemployment rates move upward, according to 24/7 Wall St.

Which States Have Fared the Best During the COVID-19 Era?

Rank State 1-year GDP Change Fastest-Growing Industry Fastest-Shrinking Industry November 2020 Jobless Rate
1 Utah 1.1% Construction Arts, entertainment and recreation 4.3%
2 Washington 0.5% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 6.0%
3 Idaho 0.1% Utilities Arts, entertainment and recreation 4.8%
4 Arizona -0.1% Management of companies Arts, entertainment and recreation 7.8%
5 Colorado -1.4% Information Arts, entertainment and recreation 6.4%
6 Iowa -1.4% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 3.6%
7 South Dakota -1.5% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 3.5%
8 Georgia -1.7% Utilities Arts, entertainment and recreation 5.7%
9 North Carolina -1.7% Finance and insurance Arts, entertainment and recreation 6.2%
10 Arkansas -1.8% Utilities Accommodation and food services 6.2%
11 Alabama -1.8% Utilities Arts, entertainment and recreation 4.4%
12 Indiana -1.9% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 5.0%
13 Mississippi -1.9% Utilities Arts, entertainment and recreation 6.4%
14 Oregon -1.9% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 6.0%
15 Maryland -1.9% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 6.8%
16 Kansas -1.9% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 5.6%
17 Florida -2.0% Utilities Arts, entertainment and recreation 6.4%
18 Nebraska -2.0% Mining, quarrying, and oil and gas Arts, entertainment and recreation 3.1%
19 Virginia -2.0% Utilities Arts, entertainment and recreation 4.9%
20 California -2.1% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 8.2%
21 Kentucky -2.6% Utilities Mining, quarrying, and oil and gas 5.6%
22 Delaware -2.7% Utilities Arts, entertainment and recreation 5.1%
23 Missouri -2.7% Utilities Arts, entertainment and recreation 4.4%
24 Minnesota -2.8% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 4.4%
25 Montana -2.8% Utilities Arts, entertainment and recreation 4.9%
26 Wisconsin -2.9% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 5.0%
27 Rhode Island -2.9% Finance and insurance Arts, entertainment and recreation 7.3%
28 Illinois -3.0% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 6.9%
29 South Carolina -3.1% Finance and insurance Arts, entertainment and recreation 4.4%
30 Ohio -3.2% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 5.7%
31 Connecticut -3.3% Information Arts, entertainment and recreation 8.2%
32 Massachusetts -3.3% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 6.7%
33 Maine -3.4% Utilities Arts, entertainment and recreation 5.0%
34 North Dakota -3.4% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 4.5%
35 Texas -3.4% Finance and insurance Arts, entertainment and recreation 8.1%
36 New Jersey -3.5% Information Arts, entertainment and recreation 10.2%
37 New Hampshire -3.6% Finance and insurance Arts, entertainment and recreation 3.8%
38 Nevada -3.7% Utilities Arts, entertainment and recreation 10.1%
39 New Mexico -3.7% Utilities Arts, entertainment and recreation 7.5%
40 Pennsylvania -3.9% Utilities Arts, entertainment and recreation 6.6%
41 Vermont -4.3% Management of companies Arts, entertainment and recreation 3.1%
42 Tennessee -4.3% Utilities Arts, entertainment and recreation 5.3%
43 Michigan -4.4% Agriculture, forestry, fishing and hunting Arts, entertainment and recreation 6.9%
44 Alaska -4.9% Utilities Arts, entertainment and recreation 8.1%
45 Louisiana -5.0% Utilities Arts, entertainment and recreation 8.3%
46 West Virginia -5.0% Utilities Accommodation and food services 6.2%
47 New York -5.8% Information Arts, entertainment and recreation 8.4%
48 Oklahoma -6.3% Management of companies Mining, quarrying, and oil and gas 5.9%
49 Wyoming -7.9% Utilities Agriculture, forestry, fishing and hunting 5.1%
50 Hawaii -8.2% Utilities Arts, entertainment and recreation 10.1%

Source: 24/7 Wall St.

 

Originally published by The Center Square. Republished with permission.

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