10 States With the Highest, Fastest-Growing GDP

Each state has experienced economic recovery from the pandemic in very different ways, with some doing better than others. Forbes analyzed data from the Bureau of Economic Analysis to determine which states have the fastest growing economies. Utah claimed the top spot, with its GDP increasing to $178.20 million in the first quarter of 2021, the highest quarterly GDP in the state's history. And Utah’s GDP has grown strong for the past 10 years, up 36.6% from 2010 to 2020. Washington came in second, bolstered by its concentrations of tech companies. From the first quarter of 2020 to 2021, Washington’s GDP grew by $13 billion.

3. Idaho
Idaho is no stranger to economic and population growth, though the latter grew noticeably when the pandemic hit and urban workers on the West Coast relocated to the state in droves, creating issues for local employers, according to KREM. As of the first quarter of 2021, Idaho real GDP stands at $77.39 billion, which is a staggering figure for a state whose population is only about 1.85 million people. The pandemic’s economic impact brought Idaho’s GDP down slightly, declining only 1.1% from 2019 to 2020. Idaho’s economy has recovered very well, experiencing year-over-year GDP growth of 2% from Q1 2020 to Q1 2021. Outside the pandemic, the Idaho economy has reported incredible growth, in both the short- and long-term. Over the last five years, Idaho GDP rose by more than 17%; over the last 10 years, it rose by almost 28%; and from 2000 to 2020, annual real GDP in Idaho rose by 56%, from approximately $47.49 billion in 2000, to $74.08 billion in 2020.

4. Colorado
For the last 20 years, Colorado has become one of the top destinations for internally migrating Americans. Many Colorado cities — not just Denver — have seen an explosion in their populations and economic activity. As a result, Colorado ranks as the No. 4 state where GDP has grown the most over the years. Since the turn of the millennium, Colorado’s real GDP has grown by more than half, from $232.83 billion in 2000, to $351.07 billion in 2020. While 2020’s annual GDP is down from 2019’s approximate $356.28 billion, Colorado’s economy has improved quite well since the initial impact of the pandemic in 2020. Colorado’s real GDP in the first quarter this year is up 1.4% from the same time last year: from $360.16 billion in Q1 2020, to $365.05 billion in Q1 2021.

5. Arizona
The Arizona economy is the 19th biggest in the U.S., based on 2020 annual real GDP by state, with an average GDP of roughly $320.66 billion that year. That’s up a remarkable 54.3% since 2000, when annual Arizona GDP that year stood at roughly $207.77 billion. The Covid-19 pandemic gave Arizona a bit of trouble, but the state’s GDP only fell 0.9%, from about $232.59 billion in 2019, down to $320.66 billion in 2020. Currently, Arizona’s GDP has reached a historic high of $334.03 billion in Q1 2021.

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