Tag Archives: Ohio GDP

2014 State GDP

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New 2014 state GDP figures were recently released by the Bureau of Economic Analysis. Where does Ohio stand in comparison to other states?

First, let’s look at the top 20 states for total GDP in 2014.

2014 Total, in Millions
1. California: 2,311,616
2. Texas: 1,648,036
3. New York: 1,404,518
4. Florida: 839,944
5. Illinois: 745,875
6. Pennsylvania: 662,890
7. Ohio: 583,261
8. New Jersey: 549,099
9. North Carolina: 483,126
10. Georgia: 476,483
11. Virginia: 463,613
12. Massachusetts: 459,937
13. Michigan: 451,516
14. Washington: 427,052
15. Maryland: 348,631
16. Indiana: 317,840
17. Minnesota: 316,204
18. Colorado: 306,663
19. Tennessee: 300,604
20. Wisconsin: 292,891

Ohio maintained its 7th-place position through 2014.
Now let’s look at the 20 states that had the biggest increases.

Total GDP Growth in Millions 2013-2014
1. California: +98,625
2. Texas: +90,843
3. New York: +62,927
4. Florida: +39,247
5. Pennsylvania: +22,596
6. Illinois: +21,080
7. Ohio: +20,416
8. Georgia: +20,000
9. Washington: +19,892
10. Massachusetts: +18,470
11. Colorado: +18,325
12. Michigan: +16,842
13. North Carolina: +16,051
14. New Jersey: +11,703
15. Oregon: +10,810
16. Tennessee: +10,479
17. Arizona: +9,422
18. Maryland: +9,222
19. Minnesota: +8,934
20. Virginia: +8,629

So Ohio is growing at the same position as its overall ranking. No states below it are set to pass it anytime in the near future. In fact, the gap is widening from its nearest threats.

What about per-capita GDP, which is a measure of the state’s total GDP divided by its population?

Per-Capita GDP, in Dollars 2014
1. Alaska: 66,160
2. North Dakota: 65,225
3. New York: 64,818
4. Connecticut: 64,676
5. Wyoming: 64,309
6. Massachusetts: 63,005
7. Delaware: 60,551
8. New Jersey: 56,405
9. Washington: 55,298
10. California: 54,462
11. Texas: 54,433
12. Maryland: 53,759
13. Illinois: 52,827
14. Minnesota: 52,801
15. Nebraska: 52,724
16. Colorado: 52,214
17. Virginia: 51,338
18. Oregon: 51,329
19. New Hampshire: 49,951
20. Hawaii: 49,686

27. Ohio: 45,887

Ohio is in the bottom half. Not great, as it indicates that it’s actually underperforming in GDP given its population.

So there you have it, a quick 2014 GDP update. Other Ohio data can be found at the Ohio Demographics and Population page.

Columbus GDP 2001-2011

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Recently the US Bureau of Economic Analysis released GDP numbers for metro areas for 2011. Below is a chart for Ohio’s 3-Cs of GDP from 2001 to 2011.
Columbus GDP 2001-2011 Columbus, Ohio

All the metros saw GDP growth during this period, and all saw dips during the recession before growing again the past few years.

Total Growth (in Millions) 2001-2011
Cincinnati: $24,795
Columbus: $22,850
Cleveland: $21,518

GDP % Growth 2001-2011
Columbus: 32.1%
Cincinnati: 31.9%
Cleveland: 25.2%

So this shows that the Columbus metro has had the fastest growth the past 10 years in its GDP, albeit only a bit faster than Cincinnati.

The graph above shows the metro GDP per capita. Columbus was clearly ahead the first half of the last decade, but has fallen since. There are two reasons for this: Continuously growing population and the recession. A growing population and stagnant GDP during the recession meant that the GDP was diluted between more people. Neither of the other two faced the strong population growth during the recession. I expect the trends will reverse again over the next few years, however.