This Trump-Voting State Has the Fastest Growing Economy in America

Economy

Published: March 4, 2025 9:47 am

The U.S. economy is proving stronger and more resilient than many of its peers on the world stage. According to the World Bank, American gross domestic product expanded by 2.9% in 2023, outperforming the global GDP growth rate that year of 2.8%, and far exceeding the reported economic growth of 1.8% and 0.4% in high income countries and the European Union, respectively. While no single indicator offers a complete economic picture, GDP growth is among the most comprehensive and commonly cited.

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 states have made an outsized contribution to America’s continuing economic expansion.
Also: 2 Dividend Legends To Hold Forever

Year over year increases in economic output is typically the product of multiple factors, including technological advancements, rising productivity, and a growing labor force. These conditions often result in falling unemployment, improved living standards, and greater economic opportunity.

The U.S. economy is no more than the sum of its parts, and every state in the country reported GDP growth in 2023 — and in some states, the rate of economic expansion far outpaced the national average.

Using data from the Bureau of Economic Analysis, 24/7 Wall St. identified the 25 states with the fastest growing economies. States are ranked on their real GDP growth rate from 2022 to 2023. To account for inflation, economic output figures used in this calculation are chained to 2017 dollars. We also reviewed changes in personal income from 2022 to 2023 and current, industry-level contribution to GDP with data from the BEA. Supplemental data on population, used to calculate personal income per capita, are one year estimates from the U.S. Census Bureau’s 2022 and 2023 American Community Survey.

Among the states on this list, economic growth in 2023 ranges from 2.6% to 7.8%. Population growth can drive up consumer spending and expand the labor pool, ultimately resulting in higher GDP growth. Of the 25 states on this list, all but four reported a population increase between 2022 and 2023. (Here is a look at the U.S. cities people are fleeing.)

Consumer spending has long been the backbone of the U.S. economy — and the latest industry-level data from the BEA shows that retail trade is currently driving economic expansion in every state on this list. Even in states like Alabama and West Virginia, where the resource extraction and agriculture sectors are the leading contributors to growth, retail trade accounted for over a percentage point in the GDP growth rate in the third quarter of 2024.

For millions of Americans living in these states, the benefits of rapid economic expansion are tangible. Collectively, personal income rose by tens of billions of dollars in 2023 in many of the states on this list. On a per capita basis, personal income rose by anywhere from $835 to about $5,600 among these same states. (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. American GDP growth outpaced that of many of its peers on the world stage in 2023, and that growth was largely driven by a handful of state economies.

25. Missouri

GDP growth in state, 2022-2023: +2.6% (+$8.8 billion)
State GDP in 2023: $348.5 billion (1.5% of US economy)
State GDP in 2022: $339.7 billion (1.5% of US economy)
Change in personal income, 2022-2023: +6.4% (+$23.4 billion)
Population change, 2022-2023: +0.29% (+18,199 people)
Personal income per capita: $62,604 in 2023, $59,000 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.24 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.1 ppts. to GDP from Q2 to Q3 2024)

24. Connecticut

GDP growth in state, 2022-2023: +2.7% (+$7.7 billion)
State GDP in 2023: $286.6 billion (1.3% of US economy)
State GDP in 2022: $279.0 billion (1.3% of US economy)
Change in personal income, 2022-2023: +6.1% (+$18.6 billion)
Population change, 2022-2023: -0.25% (-9,029 people)
Personal income per capita: $89,945 in 2023, $84,584 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+0.98 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Construction (-0.16 ppts. to GDP from Q2 to Q3 2024)

23. Alabama

GDP growth in state, 2022-2023: +2.9% (+$6.8 billion)
State GDP in 2023: $245.4 billion (1.1% of US economy)
State GDP in 2022: $238.6 billion (1.1% of US economy)
Change in personal income, 2022-2023: +5.6% (+$14.7 billion)
Population change, 2022-2023: +0.67% (+34,172 people)
Personal income per capita: $54,209 in 2023, $51,679 in 2022
Largest driver of economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (+1.6 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.05 ppts. to GDP from Q2 to Q3 2024)

22. Virginia

GDP growth in state, 2022-2023: +2.9% (+$17.1 billion)
State GDP in 2023: $597.6 billion (2.6% of US economy)
State GDP in 2022: $580.5 billion (2.6% of US economy)
Change in personal income, 2022-2023: +6.4% (+$38.6 billion)
Population change, 2022-2023: +0.37% (+32,079 people)
Personal income per capita: $73,841 in 2023, $69,671 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+0.95 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Finance and insurance (-0.16 ppts. to GDP from Q2 to Q3 2024)

21. Maine

GDP growth in state, 2022-2023: +3.0% (+$2.2 billion)
State GDP in 2023: $75.2 billion (0.3% of US economy)
State GDP in 2022: $73.0 billion (0.3% of US economy)
Change in personal income, 2022-2023: +6.0% (+$5.2 billion)
Population change, 2022-2023: +0.75% (+10,382 people)
Personal income per capita: $65,105 in 2023, $61,868 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.71 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.17 ppts. to GDP from Q2 to Q3 2024)

20. Arizona

GDP growth in state, 2022-2023: +3.0% (+$12.2 billion)
State GDP in 2023: $422.4 billion (1.9% of US economy)
State GDP in 2022: $410.2 billion (1.9% of US economy)
Change in personal income, 2022-2023: +7.0% (+$30.4 billion)
Population change, 2022-2023: +0.98% (+72,147 people)
Personal income per capita: $62,543 in 2023, $59,020 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.23 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Utilities (-0.12 ppts. to GDP from Q2 to Q3 2024)

19. North Carolina

GDP growth in state, 2022-2023: +3.0% (+$18.5 billion)
State GDP in 2023: $638.1 billion (2.8% of US economy)
State GDP in 2022: $619.5 billion (2.8% of US economy)
Change in personal income, 2022-2023: +6.3% (+$39.5 billion)
Population change, 2022-2023: +1.28% (+136,518 people)
Personal income per capita: $61,839 in 2023, $58,936 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.17 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Utilities (-0.26 ppts. to GDP from Q2 to Q3 2024)

18. South Carolina

GDP growth in state, 2022-2023: +3.1% (+$7.8 billion)
State GDP in 2023: $262.3 billion (1.2% of US economy)
State GDP in 2022: $254.5 billion (1.2% of US economy)
Change in personal income, 2022-2023: +7.1% (+$20.5 billion)
Population change, 2022-2023: +1.72% (+90,921 people)
Personal income per capita: $57,332 in 2023, $54,433 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.19 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-0.44 ppts. to GDP from Q2 to Q3 2024)

17. Idaho

Boise City from train depot blue sky by Knowles Gallery

Boise City from train depot blue sky (BY 2.0) by Knowles Gallery

GDP growth in state, 2022-2023: +3.2% (+$3.0 billion)
State GDP in 2023: $95.9 billion (0.4% of US economy)
State GDP in 2022: $92.9 billion (0.4% of US economy)
Change in personal income, 2022-2023: +5.3% (+$5.9 billion)
Population change, 2022-2023: +1.33% (+25,693 people)
Personal income per capita: $59,385 in 2023, $57,139 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.49 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Construction (-0.34 ppts. to GDP from Q2 to Q3 2024)

16. Kansas

GDP growth in state, 2022-2023: +3.6% (+$6.3 billion)
State GDP in 2023: $183.8 billion (0.8% of US economy)
State GDP in 2022: $177.5 billion (0.8% of US economy)
Change in personal income, 2022-2023: +6.2% (+$11.4 billion)
Population change, 2022-2023: +0.12% (+3,397 people)
Personal income per capita: $66,115 in 2023, $62,317 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.29 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-1.75 ppts. to GDP from Q2 to Q3 2024)

15. South Dakota

Rapid City Skyline (2022) by WeaponizingArchitecture

Rapid City Skyline (2022) (BY-SA 4.0) by WeaponizingArchitecture

GDP growth in state, 2022-2023: +3.6% (+$2.0 billion)
State GDP in 2023: $57.3 billion (0.3% of US economy)
State GDP in 2022: $55.3 billion (0.3% of US economy)
Change in personal income, 2022-2023: +5.0% (+$3.2 billion)
Population change, 2022-2023: +1.04% (+9,494 people)
Personal income per capita: $72,467 in 2023, $69,728 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.41 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-4.04 ppts. to GDP from Q2 to Q3 2024)

14. Utah

GDP growth in state, 2022-2023: +3.7% (+$8.0 billion)
State GDP in 2023: $225.5 billion (1.0% of US economy)
State GDP in 2022: $217.4 billion (1.0% of US economy)
Change in personal income, 2022-2023: +6.7% (+$13.8 billion)
Population change, 2022-2023: +1.09% (+36,934 people)
Personal income per capita: $64,175 in 2023, $60,790 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.42 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Utilities (-0.71 ppts. to GDP from Q2 to Q3 2024)

13. Montana

GDP growth in state, 2022-2023: +3.9% (+$2.2 billion)
State GDP in 2023: $57.4 billion (0.3% of US economy)
State GDP in 2022: $55.2 billion (0.3% of US economy)
Change in personal income, 2022-2023: +6.5% (+$4.5 billion)
Population change, 2022-2023: +0.89% (+9,945 people)
Personal income per capita: $64,989 in 2023, $61,567 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.35 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-2.96 ppts. to GDP from Q2 to Q3 2024)

12. Nebraska

Omaha (BY 2.0) by Pat Hawks

GDP growth in state, 2022-2023: +4.0% (+$5.6 billion)
State GDP in 2023: $145.0 billion (0.6% of US economy)
State GDP in 2022: $139.4 billion (0.6% of US economy)
Change in personal income, 2022-2023: +6.9% (+$9.2 billion)
Population change, 2022-2023: +0.53% (+10,456 people)
Personal income per capita: $71,347 in 2023, $67,070 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+0.98 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-3.72 ppts. to GDP from Q2 to Q3 2024)

11. Florida

GDP growth in state, 2022-2023: +4.3% (+$52.9 billion)
State GDP in 2023: $1.3 trillion (5.7% of US economy)
State GDP in 2022: $1.2 trillion (5.6% of US economy)
Change in personal income, 2022-2023: +8.2% (+$117.3 billion)
Population change, 2022-2023: +1.64% (+365,903 people)
Personal income per capita: $68,703 in 2023, $64,559 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.32 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Utilities (-0.24 ppts. to GDP from Q2 to Q3 2024)

10. Colorado

GDP growth in state, 2022-2023: +4.4% (+$18.2 billion)
State GDP in 2023: $437.1 billion (1.9% of US economy)
State GDP in 2022: $418.8 billion (1.9% of US economy)
Change in personal income, 2022-2023: +5.1% (+$22.8 billion)
Population change, 2022-2023: +0.65% (+37,684 people)
Personal income per capita: $80,068 in 2023, $76,688 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.07 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.27 ppts. to GDP from Q2 to Q3 2024)

9. West Virginia

GDP growth in state, 2022-2023: +4.7% (+$3.6 billion)
State GDP in 2023: $80.8 billion (0.4% of US economy)
State GDP in 2022: $77.2 billion (0.4% of US economy)
Change in personal income, 2022-2023: +5.1% (+$4.6 billion)
Population change, 2022-2023: -0.29% (-5,085 people)
Personal income per capita: $52,826 in 2023, $50,102 in 2022
Largest driver of economic growth in mid-2024: Mining, quarrying, and oil and gas extraction (+1.31 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.2 ppts. to GDP from Q2 to Q3 2024)

8. Louisiana

GDP growth in state, 2022-2023: +5.0% (+$11.8 billion)
State GDP in 2023: $248.6 billion (1.1% of US economy)
State GDP in 2022: $236.9 billion (1.1% of US economy)
Change in personal income, 2022-2023: +5.3% (+$13.5 billion)
Population change, 2022-2023: -0.36% (-16,492 people)
Personal income per capita: $58,845 in 2023, $55,702 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.32 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Nondurable goods manufacturing (-0.25 ppts. to GDP from Q2 to Q3 2024)

7. Washington

Skyline Seattle (BY 2.0) by michaelrighi

GDP growth in state, 2022-2023: +5.1% (+$33.2 billion)
State GDP in 2023: $677.2 billion (3.0% of US economy)
State GDP in 2022: $644.1 billion (2.9% of US economy)
Change in personal income, 2022-2023: +7.3% (+$43.2 billion)
Population change, 2022-2023: +0.35% (+27,094 people)
Personal income per capita: $80,930 in 2023, $75,661 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.7 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-0.23 ppts. to GDP from Q2 to Q3 2024)

6. Wyoming

Aerial View of Downtown Casper, Wyoming at Dusk on Christmas Day by Jacob Boomsma

Aerial View of Downtown Casper, Wyoming at Dusk on Christmas Day (Shutterstock.com) by Jacob Boomsma

GDP growth in state, 2022-2023: +6.3% (+$2.4 billion)
State GDP in 2023: $40.2 billion (0.2% of US economy)
State GDP in 2022: $37.8 billion (0.2% of US economy)
Change in personal income, 2022-2023: +7.8% (+$3.5 billion)
Population change, 2022-2023: +0.46% (+2,676 people)
Personal income per capita: $82,060 in 2023, $76,473 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+0.97 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-0.62 ppts. to GDP from Q2 to Q3 2024)

5. Alaska

Aerial view of the historic city center of Juneau, the capital city of Alaska, USA - State capitol and State Courthouse of Alaska surrounded by wild mountains covered with forests (Shutterstock.com) by Alexandre.ROSA

GDP growth in state, 2022-2023: +6.5% (+$3.3 billion)
State GDP in 2023: $54.1 billion (0.2% of US economy)
State GDP in 2022: $50.8 billion (0.2% of US economy)
Change in personal income, 2022-2023: +3.8% (+$1.9 billion)
Population change, 2022-2023: -0.02% (-177 people)
Personal income per capita: $71,611 in 2023, $68,986 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+0.95 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Mining, quarrying, and oil and gas extraction (-0.95 ppts. to GDP from Q2 to Q3 2024)

4. New Mexico

Albuquerque, New Mexico | Albuquerque, New Mexico, USA Cityscape

GDP growth in state, 2022-2023: +6.8% (+$7.0 billion)
State GDP in 2023: $110.3 billion (0.5% of US economy)
State GDP in 2022: $103.3 billion (0.5% of US economy)
Change in personal income, 2022-2023: +4.3% (+$4.8 billion)
Population change, 2022-2023: +0.05% (+1,027 people)
Personal income per capita: $55,343 in 2023, $53,082 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.01 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Construction (-0.11 ppts. to GDP from Q2 to Q3 2024)

3. Oklahoma

GDP growth in state, 2022-2023: +7.2% (+$14.0 billion)
State GDP in 2023: $207.9 billion (0.9% of US economy)
State GDP in 2022: $193.9 billion (0.9% of US economy)
Change in personal income, 2022-2023: +5.2% (+$12.1 billion)
Population change, 2022-2023: +0.85% (+34,024 people)
Personal income per capita: $60,545 in 2023, $58,035 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.2 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Wholesale trade (-0.14 ppts. to GDP from Q2 to Q3 2024)

2. Texas

GDP growth in state, 2022-2023: +7.4% (+$144.4 billion)
State GDP in 2023: $2.1 trillion (9.3% of US economy)
State GDP in 2022: $2.0 trillion (8.9% of US economy)
Change in personal income, 2022-2023: +6.8% (+$129.4 billion)
Population change, 2022-2023: +1.58% (+473,729 people)
Personal income per capita: $66,252 in 2023, $62,988 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.1 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Administrative and support and waste management and remediation services (-0.1 ppts. to GDP from Q2 to Q3 2024)

1. North Dakota

GDP growth in state, 2022-2023: +7.8% (+$4.4 billion)
State GDP in 2023: $60.3 billion (0.3% of US economy)
State GDP in 2022: $56.0 billion (0.3% of US economy)
Change in personal income, 2022-2023: +1.8% (+$987.0 million)
Population change, 2022-2023: +0.60% (+4,665 people)
Personal income per capita: $72,041 in 2023, $71,206 in 2022
Largest driver of economic growth in mid-2024: Retail trade (+1.22 ppts. to GDP from Q2 to Q3 2024)
Largest drag on economic growth in mid-2024: Agriculture, forestry, fishing, and hunting (-5.07 ppts. to GDP from Q2 to Q3 2024)

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This Trump-Voting State Has the Fastest Growing Economy in America

Why It Matters

25. Missouri

24. Connecticut

23. Alabama

22. Virginia

21. Maine

20. Arizona

19. North Carolina

18. South Carolina

17. Idaho

16. Kansas

15. South Dakota

14. Utah

13. Montana

12. Nebraska

11. Florida

10. Colorado

9. West Virginia

8. Louisiana

7. Washington

6. Wyoming

5. Alaska

4. New Mexico

3. Oklahoma

2. Texas

1. North Dakota

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This Trump-Voting State Has the Fastest Growing Economy in America

Why It Matters

25. Missouri

24. Connecticut

23. Alabama

22. Virginia

21. Maine

20. Arizona

19. North Carolina

18. South Carolina

17. Idaho

16. Kansas

15. South Dakota

14. Utah

13. Montana

12. Nebraska

11. Florida

10. Colorado

9. West Virginia

8. Louisiana

7. Washington

6. Wyoming

5. Alaska

4. New Mexico

3. Oklahoma

2. Texas

1. North Dakota

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