Connect with us

Markets

The Top 10 States by Real GDP Growth in 2023

Published

3 weeks ago

on

See this visualization first on the Voronoi app.

This map shows the states with the highest real GDP growth rate in 2023.

The Top 10 States by Real GDP Growth in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Fueled by strong consumer spending and a resilient job market, the U.S. economy expanded faster than expected in 2023, with a real GDP growth rate of 2.5%.

Oil-rich states were among the strongest performers in the country as production boomed. Much of this was due to the war in Ukraine driving up the price of oil, spurring companies to boost output. Other sectors, such as retail trade, also played a key role in driving growth amid robust consumer demand.

This graphic shows the fastest growing states by real GDP, based on data from the Bureau of Economic Analysis.

 

 

Strongest State Economies in 2023

As the world’s largest oil producer, the U.S. hit a historic 12.9 million barrels per day in crude oil production in 2023—more than any other country ever.

Given these tailwinds, the top five fastest-growing states by real GDP in 2023 were all powered by the mining, quarrying, and oil and gas extraction sector. Below, we show the strongest state economies by real GDP growth last year:

RankStateReal GDP Growth
2023 YoY		Real GDP 2023
1North Dakota+5.9%$58B
2Texas+5.7%$2.0T
3Wyoming+5.4%$39B
4Alaska+5.3%$53B
5Oklahoma+5.3%$202B
6Nebraska+5.2%$144B
7Florida+5.0%$1.3T
8Washington+4.8%$672B
9West Virginia+4.7%$80B
10Kansas+4.3%$182B
U.S.+2.5%$22.4T

North Dakota witnessed the highest growth, with real GDP rising by 5.9%.

As the third largest oil-producing state, it also has one of the strongest job markets in the country. In February 2024, the state’s unemployment rate was 2.0%, significantly lower than the national average of 3.9%.

Falling in second is Texas, whose economy surged to $2 trillion in inflation-adjusted terms. In 2023, the oil and gas industry generated about $72 million per day in local and state taxes in addition to state royalties. Roughly half of U.S. crude oil exports are shipped from Corpus Christi Bay, a port along the Texas coastline.

As the seventh-fastest growing state, Florida’s economy was largely supported by retail trade, its biggest driver. Moreover, Florida boasted the highest growth rates nationwide in both personal and property income, rising at 7.0% and 8.8%, respectively, over the year.

By contrast, some of the slowest growing states were Delaware, Mississippi, and New York, each with a real GDP growth rate falling below 1%.

 

Related Topics:
Click for Comments

Economy

The Most Valuable Companies in Major EU Economies

From semiconductor equipment manufacturers to supercar makers, the EU’s most valuable companies run the gamut of industries.

Published

3 hours ago

on

May 1, 2024

By

A cropped map of the most valuable company in every major EU economy, by their market capitalization on April 15th, 2024. Data is in current USD.

Most Valuable Companies in the EU, by Country

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In this graphic, we mapped out the most valuable corporations in 11 major EU economies, based on their market capitalizations as of April 15th, 2024. All figures are in USD, and were sourced from Companiesmarketcap.com.

Novo Nordisk is currently worth more than $550 billion, making it Europe’s most valuable company by a wide margin. The pharmaceutical giant specializes in diabetes and weight-loss drugs. Demand for two of them, Ozempic and Wegovy, has surged due to their weight-loss capabilities, even causing nationwide shortages in the United States.

The following table includes an expanded list of the most valuable publicly-traded company in larger EU economies. Many of these were not included in the graphic due to space limitations.

CountryCompanySectorMarket Cap
🇩🇰 Denmark💊 Novo NordiskPharmaceuticals$562B
🇫🇷 France👜 LVMHLuxury Goods$422B
🇳🇱 Netherlands🔧 ASMLSemiconductor Equipment$382B
🇩🇪 Germany💼 SAPEnterprise Software$214B
🇮🇪 Ireland🖥️ AccentureIT Services$197B
🇪🇸 Spain👗 InditexRetail$147B
🇧🇪 Belgium🍻 Anheuser-Busch InBevBeverages$116B
🇸🇪 Sweden🛠️ Atlas CopcoIndustrial Equipment$80B
🇮🇹 Italy🏎️ FerrariAutomotive$76B
🇫🇮 Finland🏦 Nordea BankBanking$40B
🇦🇹 Austria🔌 Verbund AGEnergy$26B
🇱🇺 Luxembourg🏗️ TenarisOil & Gas Equipment$22B
🇨🇿 Czech Republic💡 CEZ GroupEnergy$20B
🇵🇱 Poland⛽ PKN OrlenEnergy$20B
🇵🇹 Portugal🔌 EDP GroupEnergy$16B
🇬🇷 Greece🏦 EurobankBanking$7B
🇭🇺 Hungary⛽ MOL GroupEnergy$7B
🇭🇷 Croatia🏦 Zagrebacka BankaBanking$6B
🇷🇴 Romania⛽ RomgazEnergy$4B
🇸🇮 Slovenia💊 KrkaPharmaceuticals$4B

Note: Figures are rounded and last updated on April 15th, 2024. Countries with top publicly-traded companies worth under $4 billion are excluded.

Luxury supergiant LVMH—which owns brands like Tiffany, Christian Dior, and TAG Heuer to name a few—is Europe’s second largest company by market cap, at $420 billion.

Rounding out the top three is ASML, which produces equipment crucial to chip manufacturers, worth $380 billion.

ℹ️ The 🇬🇧 UK’s most valuable company is Shell ($232B).

When looking at the region, there is a vast disparity between EU member states and their most valuable companies.

For example, as mentioned earlier, Denmark’s Novo Nordisk and France’s LVMH are worth between $400-550 billion each. Meanwhile, some countries don’t even have a single publicly-listed company that is worth over $1 billion.

In fact, only 12 EU countries (less than half of the union) are home to the top 100 most valuable companies within the bloc. An additional four countries are represented if you look at the list of the top 200 companies.

Continue Reading

Subscribe

Popular