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The Fastest Growing Industry in Every State
The Fastest Growing Industry in Every State
Photo Credit: Pressmaster / Shutterstock
Economic pundits are increasingly predicting that the U.S. is headed toward recession–if the economy is not in one already. Unemployment remains at historic lows, but heightened inflation over the last year has increased the cost of nearly everything for businesses and consumers alike. With the U.S. Federal Reserve hiking interest rates to slow inflation, most experts forecast slower or negative GDP growth this year.
A potential recession could mark the end of a decade-plus of upward GDP growth. In the Great Recession, GDP bottomed out at $18.4 trillion in the second quarter of 2009. Since then, inflation-adjusted GDP has grown by more than 30% overall to $23.9 trillion, even after the COVID-19 pandemic.
US GDP recovered quickly following the start of the pandemic
While COVID-19 was unquestionably a severe shock, the pandemic only temporarily disrupted the economy’s overall growth trajectory. The pandemic sent GDP from nearly $23 trillion in adjusted dollars in the first quarter of 2020 to $20.9 trillion in the second. But the economy proved resilient and bounced back quickly. GDP climbed back above $23 trillion by the first quarter of 2021 and topped $24 trillion in the last quarter of the year before falling slightly at the beginning of 2022.
The information sector experienced the greatest change in economic output over the past five years
One factor in the U.S. economy’s strong growth in recent years, even in the wake of the pandemic, has been an explosion of activity in the information sector. Powered by a wave of tech and media startups and continued growth among established players like Apple, Amazon, and Google, the industry has experienced 50% growth over the last five years and now is responsible for $1.3 trillion of GDP annually.
Other sectors that have performed well are those that offer services to other businesses. These growing fields include management of companies and enterprises (+35.4% real GDP growth), administrative and support and waste management and remediation services (+29.3%), and professional, scientific, and technical services (+27.2%).
Western states saw the largest increase in GDP over the past five years
In light of these industry trends, the states that have seen the largest increases in GDP growth are found mostly in the western United States. Washington (+27.5% real GDP growth), Utah (+25.5%), and California (+22.3%) have large and fast-growing information sectors that have boosted their economy in recent years. Other prospering states like Florida (+17.7%) and Texas (+17%) can credit more of their success to growth in the management industry.
But each state’s economy looks different in terms of growth trajectory and key industries. A total of 48 states have experienced GDP growth over the last five years, and the industries leading that growth vary substantially across locations.
The data used in this analysis is from the U.S. Bureau of Economic Analysis’s Gross Domestic Product data. To determine the fastest growing industry in every state, researchers at Filterbuy identified the industry with the greatest change in real GDP between Q4 2016 and Q4 2021. All data was inflation adjusted to Q4 2021 dollars. Only industries with complete data at the state level were considered in this analysis.
Here are the fastest growing industries in every state.
Alabama
Photo Credit: Rob Hainer / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +34.9%
- Industry-specific total change in real GDP: +$1,969,566,123
- State percentage change in real GDP: +7.1%
- State total change in real GDP: +$14,185,899,189
Alaska
Photo Credit: Marcus Biastock / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +11.0%
- Industry-specific total change in real GDP: +$47,440,421
- State percentage change in real GDP: -7.7%
- State total change in real GDP: -$4,121,371,408
Arizona
Photo Credit: Mark Skalny / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +55.6%
- Industry-specific total change in real GDP: +$8,128,206,352
- State percentage change in real GDP: +18.6%
- State total change in real GDP: +$58,344,316,639
Arkansas
Photo Credit: mnapoli / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +42.4%
- Industry-specific total change in real GDP: +$2,788,671,704
- State percentage change in real GDP: +8.0%
- State total change in real GDP: +$9,697,380,175
California
Photo Credit: yhelfman / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +67.5%
- Industry-specific total change in real GDP: +$212,601,880,757
- State percentage change in real GDP: +22.3%
- State total change in real GDP: +$588,186,359,173
Colorado
Photo Credit: Nicholas Courtney / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +58.9%
- Industry-specific total change in real GDP: +$4,573,814,707
- State percentage change in real GDP: +15.9%
- State total change in real GDP: +$55,396,337,332
Connecticut
Photo Credit: Wendell Guy / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +31.7%
- Industry-specific total change in real GDP: +$6,116,053,048
- State percentage change in real GDP: +3.8%
- State total change in real GDP: +$10,075,811,564
Delaware
Photo Credit: Paul Brady Photography / Shutterstock
- Industry: Administrative and support and waste management and remediation services
- Industry-specific percentage change in real GDP: +32.9%
- Industry-specific total change in real GDP: +$590,153,984
- State percentage change in real GDP: +5.5%
- State total change in real GDP: +$3,734,689,511
Florida
Photo Credit: shamiso chikanga / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +51.5%
- Industry-specific total change in real GDP: +$9,485,414,918
- State percentage change in real GDP: +17.7%
- State total change in real GDP: +$170,879,789,787
Georgia
Photo Credit: Sean Pavone / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +70.0%
- Industry-specific total change in real GDP: +$8,731,949,408
- State percentage change in real GDP: +14.1%
- State total change in real GDP: +$77,870,963,786
Hawaii
Photo Credit: norinori303 / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +30.7%
- Industry-specific total change in real GDP: +$747,520,291
- State percentage change in real GDP: -1.6%
- State total change in real GDP: -$1,167,689,544
Idaho
Photo Credit: Charles Knowles / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +88.8%
- Industry-specific total change in real GDP: +$644,024,948
- State percentage change in real GDP: +22.3%
- State total change in real GDP: +$15,459,753,358
Illinois
Photo Credit: Jonathan Siegel / Shutterstock
- Industry: Agriculture, forestry, fishing and hunting
- Industry-specific percentage change in real GDP: +48.1%
- Industry-specific total change in real GDP: +$4,594,076,984
- State percentage change in real GDP: +4.9%
- State total change in real GDP: +$40,880,175,161
Indiana
Photo Credit: Rudy Balasko / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +31.2%
- Industry-specific total change in real GDP: +$1,744,254,456
- State percentage change in real GDP: +10.8%
- State total change in real GDP: +$38,618,807,983
Iowa
Photo Credit: f11photo / Shutterstock
- Industry: Agriculture, forestry, fishing and hunting
- Industry-specific percentage change in real GDP: +64.0%
- Industry-specific total change in real GDP: +$7,986,006,420
- State percentage change in real GDP: +6.0%
- State total change in real GDP: +$11,087,954,766
Kansas
Photo Credit: Sean Pavone / Shutterstock
- Industry: Administrative and support and waste management and remediation services
- Industry-specific percentage change in real GDP: +29.4%
- Industry-specific total change in real GDP: +$1,519,670,775
- State percentage change in real GDP: +5.6%
- State total change in real GDP: +$9,373,669,067
Kentucky
Photo Credit: Harold Stiver / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +24.7%
- Industry-specific total change in real GDP: +$820,440,222
- State percentage change in real GDP: +7.3%
- State total change in real GDP: +$14,340,110,890
Louisiana
Photo Credit: Sean Pavone / Shutterstock
- Industry: Administrative and support and waste management and remediation services
- Industry-specific percentage change in real GDP: +23.4%
- Industry-specific total change in real GDP: +$1,564,684,576
- State percentage change in real GDP: +0.3%
- State total change in real GDP: +$854,898,226
Maine
Photo Credit: KWJPHOTOART / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +82.7%
- Industry-specific total change in real GDP: +$1,137,478,125
- State percentage change in real GDP: +13.6%
- State total change in real GDP: +$7,997,168,872
Maryland
Photo Credit: ESB Professional / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +36.4%
- Industry-specific total change in real GDP: +$1,823,240,937
- State percentage change in real GDP: +0.1%
- State total change in real GDP: +$444,192,791
Massachusetts
Photo Credit: Travellaggio / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +61.9%
- Industry-specific total change in real GDP: +$21,405,821,675
- State percentage change in real GDP: +15.5%
- State total change in real GDP: +$80,866,626,176
Michigan
Photo Credit: Sergey Novikov / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +41.3%
- Industry-specific total change in real GDP: +$5,019,827,463
- State percentage change in real GDP: +6.6%
- State total change in real GDP: +$32,960,900,791
Minnesota
Photo Credit: Jon Bilous / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +35.7%
- Industry-specific total change in real GDP: +$5,482,705,228
- State percentage change in real GDP: +8.2%
- State total change in real GDP: +$29,372,293,804
Mississippi
Photo Credit: Sean Pavone / Shutterstock
- Industry: Agriculture, forestry, fishing and hunting
- Industry-specific percentage change in real GDP: +33.7%
- Industry-specific total change in real GDP: +$943,227,194
- State percentage change in real GDP: +5.1%
- State total change in real GDP: +$5,213,835,732
Missouri
Photo Credit: Sean Pavone / Shutterstock
- Industry: Agriculture, forestry, fishing and hunting
- Industry-specific percentage change in real GDP: +57.6%
- Industry-specific total change in real GDP: +$2,909,517,380
- State percentage change in real GDP: +7.4%
- State total change in real GDP: +$22,193,866,520
Montana
Photo Credit: Mary Vanier / Shutterstock
- Industry: Mining, quarrying, and oil and gas extraction
- Industry-specific percentage change in real GDP: +41.6%
- Industry-specific total change in real GDP: +$964,338,788
- State percentage change in real GDP: +11.0%
- State total change in real GDP: +$5,156,567,500
Nebraska
Photo Credit: Jonathannsegal / Shutterstock
- Industry: Mining, quarrying, and oil and gas extraction
- Industry-specific percentage change in real GDP: +43.1%
- Industry-specific total change in real GDP: +$78,865,150
- State percentage change in real GDP: +8.3%
- State total change in real GDP: +$10,177,365,611
Nevada
Photo Credit: Sean Pavone / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +57.5%
- Industry-specific total change in real GDP: +$3,149,388,767
- State percentage change in real GDP: +13.5%
- State total change in real GDP: +$20,733,769,266
New Hampshire
Photo Credit: Sean Pavone / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +189.8%
- Industry-specific total change in real GDP: +$2,649,141,054
- State percentage change in real GDP: +15.5%
- State total change in real GDP: +$12,415,558,568
New Jersey
Photo Credit: Mihai Andritoiu / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +37.3%
- Industry-specific total change in real GDP: +$12,149,965,009
- State percentage change in real GDP: +8.3%
- State total change in real GDP: +$48,318,736,109
New Mexico
Photo Credit: stellamc / Shutterstock
- Industry: Mining, quarrying, and oil and gas extraction
- Industry-specific percentage change in real GDP: +64.6%
- Industry-specific total change in real GDP: +$7,113,636,530
- State percentage change in real GDP: +10.7%
- State total change in real GDP: +$8,918,192,493
New York
Photo Credit: Victor Moussa / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +53.2%
- Industry-specific total change in real GDP: +$84,349,432,531
- State percentage change in real GDP: +8.4%
- State total change in real GDP: +$127,848,537,327
North Carolina
Photo Credit: Farid Sani / Shutterstock
- Industry: Professional, scientific, and technical services
- Industry-specific percentage change in real GDP: +42.4%
- Industry-specific total change in real GDP: +$16,001,496,273
- State percentage change in real GDP: +12.3%
- State total change in real GDP: +$63,621,608,484
North Dakota
Photo Credit: Joseph Sohm / Shutterstock
- Industry: Mining, quarrying, and oil and gas extraction
- Industry-specific percentage change in real GDP: +57.5%
- Industry-specific total change in real GDP: +$5,422,403,721
- State percentage change in real GDP: +5.5%
- State total change in real GDP: +$3,152,664,704
Ohio
Photo Credit: Sean Pavone / Shutterstock
- Industry: Agriculture, forestry, fishing and hunting
- Industry-specific percentage change in real GDP: +65.6%
- Industry-specific total change in real GDP: +$2,819,853,771
- State percentage change in real GDP: +6.8%
- State total change in real GDP: +$43,141,421,008
Oklahoma
Photo Credit: Natalia Bratslavsky / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +43.7%
- Industry-specific total change in real GDP: +$1,224,836,445
- State percentage change in real GDP: +2.9%
- State total change in real GDP: +$5,897,657,248
Oregon
Photo Credit: Jon Bilous / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +62.8%
- Industry-specific total change in real GDP: +$6,093,485,482
- State percentage change in real GDP: +14.9%
- State total change in real GDP: +$31,764,819,793
Pennsylvania
Photo Credit: AevanStock / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +29.3%
- Industry-specific total change in real GDP: +$8,108,429,399
- State percentage change in real GDP: +6.2%
- State total change in real GDP: +$46,745,073,039
Rhode Island
Photo Credit: Richard Cavalleri / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +51.6%
- Industry-specific total change in real GDP: +$1,277,736,761
- State percentage change in real GDP: +4.8%
- State total change in real GDP: +$2,677,047,184
South Carolina
Photo Credit: f11photo / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +70.9%
- Industry-specific total change in real GDP: +$5,267,585,365
- State percentage change in real GDP: +13.3%
- State total change in real GDP: +$27,467,397,104
South Dakota
Photo Credit: Jacob Boomsma / Shutterstock
- Industry: Mining, quarrying, and oil and gas extraction
- Industry-specific percentage change in real GDP: +44.8%
- Industry-specific total change in real GDP: +$91,483,574
- State percentage change in real GDP: +5.0%
- State total change in real GDP: +$2,518,467,567
Tennessee
Photo Credit: Mihai Andritoiu / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +50.2%
- Industry-specific total change in real GDP: +$3,723,163,066
- State percentage change in real GDP: +13.5%
- State total change in real GDP: +$45,992,942,170
Texas
Photo Credit: Sean Pavone / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +77.2%
- Industry-specific total change in real GDP: +$18,991,820,099
- State percentage change in real GDP: +17.0%
- State total change in real GDP: +$303,060,571,800
Utah
Photo Credit: Sean Pavone / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +75.6%
- Industry-specific total change in real GDP: +$7,300,850,263
- State percentage change in real GDP: +25.5%
- State total change in real GDP: +$40,975,783,989
Vermont
Photo Credit: Sean Pavone / Shutterstock
- Industry: Administrative and support and waste management and remediation services
- Industry-specific percentage change in real GDP: +30.1%
- Industry-specific total change in real GDP: +$275,421,370
- State percentage change in real GDP: +2.1%
- State total change in real GDP: +$638,686,384
Virginia
Photo Credit: John S. Quinn / Shutterstock
- Industry: Agriculture, forestry, fishing and hunting
- Industry-specific percentage change in real GDP: +40.5%
- Industry-specific total change in real GDP: +$925,391,537
- State percentage change in real GDP: +9.1%
- State total change in real GDP: +$42,094,698,471
Washington
Photo Credit: Nick Fox / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +110.4%
- Industry-specific total change in real GDP: +$82,197,384,584
- State percentage change in real GDP: +27.5%
- State total change in real GDP: +$135,583,267,246
West Virginia
Photo Credit: Steve Heap / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +42.7%
- Industry-specific total change in real GDP: +$347,127,991
- State percentage change in real GDP: +3.8%
- State total change in real GDP: +$2,750,695,101
Wisconsin
Photo Credit: Sean Pavone / Shutterstock
- Industry: Information
- Industry-specific percentage change in real GDP: +36.8%
- Industry-specific total change in real GDP: +$5,279,475,803
- State percentage change in real GDP: +5.3%
- State total change in real GDP: +$16,855,787,844
Wyoming
Photo Credit: Jess Kraft / Shutterstock
- Industry: Management of companies and enterprises
- Industry-specific percentage change in real GDP: +150.0%
- Industry-specific total change in real GDP: +$213,178,567
- State percentage change in real GDP: +0.3%
- State total change in real GDP: +$112,837,830
