Change in gross domestic product over time is perhaps the most comprehensive and widely cited indicator of overall economic health for any country or region. And by this measure, the U.S. has outperformed many of its peers on the world stage in recent years.
24/7 Wall St. Key Points:
Among similarly wealthy, highly developed countries, the U.S. economy — as indicated by GDP growth — has been relatively healthy in recent years.
Certain parts of the country have made an outsized contribution to American economic expansion in the last year.
According to the World Bank, the U.S. economy contracted by 2.2% during the COVID-19 recession of 2020. That same year, GDP fell by 3.9% among all high-income countries, and by 5.6% in the European Union. Additionally, between 2021 and 2023, cumulative U.S. economic growth has outperformed comparable GDP growth among both high-income and E.U. countries.
Strong GDP growth can come from a growing work force, increased business investment, and improvements in productivity and innovation. These conditions can feed a virtuous cycle of higher wages, lower unemployment, and greater investor confidence.
The U.S. economy is the sum of its parts, and certain places across the U.S. have played an outsized role in driving U.S. GDP growth in recent years.
Using data from the Bureau of Economic Analysis, 24/7 Wall St. identified the fastest growing local economy in each state. We reviewed data on GDP growth from 2022 to 2023 in every U.S. county or county equivalent and identified the place in every state that reported the largest economic expansion. Rankings are based on real GDP figures chained to 2017 dollars. Supplemental data on population and median household income are from the U.S. Census Bureau’s Population Estimates Program and American Community Survey.
Among the counties on this list, real GDP growth between 2022 and 2023, as calculated by the BEA, ranges from 2.4% to over 125%. While population growth can contribute to GDP growth, just over half of these counties reported a net population decline between 2022 and 2023 — suggesting economic expansion was driven by other factors, like increased productivity. (Here is a look at the U.S. cities people are fleeing.)
While GDP growth does not always lead to rising incomes, residents of nearly every county or county equivalent on this list have benefited financially. In all but a handful of these counties, the typical household earned more in 2023 than they did in 2022 — in most cases, by over $2,500. (Here is a look at the richest county in every state.)
Why It Matters
Year-over-year change in gross domestic product, or GDP is perhaps the most comprehensive indicator of the health of any economy. GDP growth generally benefits households, businesses, and governments — and in some parts of the country, GDP surged in 2023.
Alabama: Perry County
GDP growth in county, 2022-2023: +13.5%
County GDP in 2023: $204.8 million (0.08% of state GDP)
County GDP in 2022: $180.5 million (0.08% of state GDP)
Population change in county, 2022-2023: -2.10%
County population in 2023: 7,738 (0.15% of state population)
County population in 2022: 7,904 (0.16% of state population)
Median household income in county: $34,368 in 2023, $32,332 in 2022
Alaska: North Slope Borough
GDP growth in borough, 2022-2023: +32.9%
Borough GDP in 2023: $7.1 billion (13.11% of state GDP)
Borough GDP in 2022: $5.3 billion (10.50% of state GDP)
Population change in borough, 2022-2023: -1.92%
Borough population in 2023: 10,603 (1.44% of state population)
Borough population in 2022: 10,811 (1.47% of state population)
Median household income in borough: $86,313 in 2023, $83,472 in 2022
Arizona: Pinal County
GDP growth in county, 2022-2023: +9.0%
County GDP in 2023: $11.5 billion (2.72% of state GDP)
County GDP in 2022: $10.5 billion (2.57% of state GDP)
Population change in county, 2022-2023: +4.13%
County population in 2023: 484,239 (6.48% of state population)
County population in 2022: 465,037 (6.30% of state population)
Median household income in county: $77,588 in 2023, $73,313 in 2022
Arkansas: Woodruff County
GDP growth in county, 2022-2023: +28.2%
County GDP in 2023: $314.4 million (0.22% of state GDP)
County GDP in 2022: $245.3 million (0.18% of state GDP)
Population change in county, 2022-2023: -1.54%
County population in 2023: 5,964 (0.19% of state population)
County population in 2022: 6,057 (0.20% of state population)
Median household income in county: $49,982 in 2023, $49,608 in 2022
California: Modoc County
GDP growth in county, 2022-2023: +19.0%
County GDP in 2023: $554.7 million (0.02% of state GDP)
County GDP in 2022: $466.1 million (0.01% of state GDP)
Population change in county, 2022-2023: -1.38%
County population in 2023: 8,500 (0.02% of state population)
County population in 2022: 8,619 (0.02% of state population)
Median household income in county: $56,648 in 2023, $54,962 in 2022
County GDP in 2023: $157.5 million (0.19% of state GDP)
County GDP in 2022: $106.0 million (0.14% of state GDP)
Population change in county, 2022-2023: -0.73%
County population in 2023: 7,783 (0.44% of state population)
County population in 2022: 7,840 (0.44% of state population)
Median household income in county: $42,790 in 2023, $41,530 in 2022
Wisconsin: Lafayette County
GDP growth in county, 2022-2023: +10.5%
County GDP in 2023: $668.1 million (0.19% of state GDP)
County GDP in 2022: $604.7 million (0.18% of state GDP)
Population change in county, 2022-2023: +0.23%
County population in 2023: 16,945 (0.29% of state population)
County population in 2022: 16,906 (0.29% of state population)
Median household income in county: $72,091 in 2023, $69,293 in 2022
Wyoming: Converse County
GDP growth in county, 2022-2023: +21.2%
County GDP in 2023: $1.6 billion (3.98% of state GDP)
County GDP in 2022: $1.3 billion (3.49% of state GDP)
Population change in county, 2022-2023: +0.32%
County population in 2023: 13,809 (2.36% of state population)
County population in 2022: 13,765 (2.37% of state population)
Median household income in county: $79,164 in 2023, $79,235 in 2022
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