April 8, 2020
The Bureau of Economic Analysis ranked Arizona among the top states in the nation for gross domestic product growth, both during Q4 2019 as well as the full year. That was, of course, prior to when the COVID-19 pandemic struck.
The strength of the Arizona economy was reflected in a 3.3% GDP increase in the fourth quarter, which ranks only behind the 3.4% increase experienced in Washington and Utah. The leading growth industry in Arizona was finance and insurance, which contributed to 0.59% of the state’s growth during Q4. The second-fastest growing sector was retail trade, which contributed to 0.58% of Arizona’s growth.
Real GDP increased in all 50 states and the District of Columbia in 2019. The percent change in real GDP ranged from 4.4% in Texas to 0.6% in Nebraska.
Economists predict the U.S. economy and GDP faces a challenging time over the coming quarters, as the impact from the coronavirus is felt. Some economists don’t expect positive GDP growth until after Q3 2020.
For comments, questions or concerns, please contact Dennis Kaiser