Wisconsin GDP dropped 2.9% during COVID-19 era, study finds
The growth domestic product of Wisconsin dropped 2.9% between the third quarter of 2019 and the third quarter of 2020, the 26th best economic performance among the 50 states, according to a new ranking by the website 24/7 Wall St.
Nationwide, according to data from the Bureau of Economic Analysis, the U.S. economic output declined 2.8% over that same time period, and only three states saw their economies expand, 24/7 Wall St. reported.
In Wisconsin, the fastest-growing industries during the period were agriculture, forestry, fishing and hunting, while arts, entertainment and recreation were judged the fastest-shrinking industries, according to the analysis. The November unemployment rate in the state came in at 5%.
The states in the worst economic shape as the coronavirus pandemic wore on tended to rely heavily on industries such as energy resource extraction, food services and accommodation, and the arts, entertainment and recreation sector, the study found.
As a result of the crisis, most states have lost tens of thousands of jobs and have seen their unemployment rates move upward, according to 24/7 Wall St.
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Which States Have Fared the Best During the COVID-19 Era?
RankState1-year GDP ChangeFastest-Growing IndustryFastest-Shrinking IndustryNovember 2020 Jobless Rate1Utah1.1%ConstructionArts, entertainment and recreation4.3%2Washington0.5%Agriculture, forestry, fishing and huntingArts, entertainment and recreation6.0%3Idaho0.1%UtilitiesArts, entertainment and recreation4.8%4Arizona-0.1%Management of companiesArts, entertainment and recreation7.8%5Colorado-1.4%InformationArts, entertainment and recreation6.4%6Iowa-1.4%Agriculture, forestry, fishing and huntingArts, entertainment and recreation3.6%7South Dakota-1.5%Agriculture, forestry, fishing and huntingArts, entertainment and recreation3.5%8Georgia-1.7%UtilitiesArts, entertainment and recreation5.7%9North Carolina-1.7%Finance and insuranceArts, entertainment and recreation6.2%10Arkansas-1.8%UtilitiesAccommodation and food services6.2%11Alabama-1.8%UtilitiesArts, entertainment and recreation4.4%12Indiana-1.9%Agriculture, forestry, fishing and huntingArts, entertainment and recreation5.0%13Mississippi-1.9%UtilitiesArts, entertainment and recreation6.4%14Oregon-1.9%Agriculture, forestry, fishing and huntingArts, entertainment and recreation6.0%15Maryland-1.9%Agriculture, forestry, fishing and huntingArts, entertainment and recreation6.8%16Kansas-1.9%Agriculture, forestry, fishing and huntingArts, entertainment and recreation5.6%17Florida-2.0%UtilitiesArts, entertainment and recreation6.4%18Nebraska-2.0%Mining, quarrying, and oil and gasArts, entertainment and recreation3.1%19Virginia-2.0%UtilitiesArts, entertainment and recreation4.9%20California-2.1%Agriculture, forestry, fishing and huntingArts, entertainment and recreation8.2%21Kentucky-2.6%UtilitiesMining, quarrying, and oil and gas5.6%22Delaware-2.7%UtilitiesArts, entertainment and recreation5.1%23Missouri-2.7%UtilitiesArts, entertainment and recreation4.4%24Minnesota-2.8%Agriculture, forestry, fishing and huntingArts, entertainment and recreation4.4%25Montana-2.8%UtilitiesArts, entertainment and recreation4.9%26Wisconsin-2.9%Agriculture, forestry, fishing and huntingArts, entertainment and recreation5.0%27Rhode Island-2.9%Finance and insuranceArts, entertainment and recreation7.3%28Illinois-3.0%Agriculture, forestry, fishing and huntingArts, entertainment and recreation6.9%29South Carolina-3.1%Finance and insuranceArts, entertainment and recreation4.4%30Ohio-3.2%Agriculture, forestry, fishing and huntingArts, entertainment and recreation5.7%31Connecticut-3.3%InformationArts, entertainment and recreation8.2%32Massachusetts-3.3%Agriculture, forestry, fishing and huntingArts, entertainment and recreation6.7%33Maine-3.4%UtilitiesArts, entertainment and recreation5.0%34North Dakota-3.4%Agriculture, forestry, fishing and huntingArts, entertainment and recreation4.5%35Texas-3.4%Finance and insuranceArts, entertainment and recreation8.1%36New Jersey-3.5%InformationArts, entertainment and recreation10.2%37New Hampshire-3.6%Finance and insuranceArts, entertainment and recreation3.8%38Nevada-3.7%UtilitiesArts, entertainment and recreation10.1%39New Mexico-3.7%UtilitiesArts, entertainment and recreation7.5%40Pennsylvania-3.9%UtilitiesArts, entertainment and recreation6.6%41Vermont-4.3%Management of companiesArts, entertainment and recreation3.1%42Tennessee-4.3%UtilitiesArts, entertainment and recreation5.3%43Michigan-4.4%Agriculture, forestry, fishing and huntingArts, entertainment and recreation6.9%44Alaska-4.9%UtilitiesArts, entertainment and recreation8.1%45Louisiana-5.0%UtilitiesArts, entertainment and recreation8.3%46West Virginia-5.0%UtilitiesAccommodation and food services6.2%47New York-5.8%InformationArts, entertainment and recreation8.4%48Oklahoma-6.3%Management of companiesMining, quarrying, and oil and gas5.9%49Wyoming-7.9%UtilitiesAgriculture, forestry, fishing and hunting5.1%50Hawaii-8.2%UtilitiesArts, entertainment and recreation10.1%
Source: 24/7 Wall St.
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