The U.S. economy expanded at a faster rate than expected in the third quarter of 2022, with real gross domestic product growing at an annualized rate of 3.2%, rebounding from a 0.6% contraction in the previous quarter. The strong third quarter growth comes as welcome news in a period of rising pessimism. Ahead of the news, a December 2022 Bloomberg poll of economists put the odds of a recession in 2023 at 70%, up from 50% in September.
The industries adding the most value to the U.S. economy in the third quarter of 2022 were information, which contributed 0.88 percentage points to real GDP growth; professional, scientific, and technical services, which contributed 0.59 points to growth; and mining – including oil and gas extraction – which contributed 0.5 points. The construction sector, meanwhile, detracted 0.77 points from real GDP growth.
Most state economies also accelerated. Still, in three states the economy shrank in the third quarter of 2022, and among the states that reported real GDP expansion, growth varied considerably, ranging from an annualized growth rate of 0.3% up to 8.7%.
Using data from the Bureau of Economic Analysis, 24/7 Wall St. identified the states with the fastest growing (and shrinking) economies. States are ranked by the annualized change in real GDP, chained to 2012 dollars, from the second quarter of 2022 to the third quarter of 2022, the latest available state-level data. In the case of a tie, the state with the larger economy ranks higher.
In each of the seven states with the strongest third quarter growth, the resource extraction sector is an economic pillar. High oil prices and a rebound in oil and natural gas activities have boosted sector growth in the third quarter and with it GDP growth in states where the sector contributes significantly to the economy. (Here is a look at the price of gas every year since 1990.)
Additionally, strong growth in the information services sector contributed substantially to economic expansion in states like California, Massachusetts, and New York.
Across the 50 states, economic growth did not always translate to improvements in the job market, however. In 22 states – including five of the 10 with the strongest economic growth – the unemployment rate climbed from the end of the second quarter to the end of the third. (Here is a look at the 36 jobs with wages rising faster than inflation.)
Click here to see how fast the economy grew in every state last quarter.
Click here to read our detailed methodology.
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50. Mississippi
> Annual average change in real GDP, Q2 2022 – Q3 2022: -0.7%
> Real GDP, Q3 2022: $104.28 billion (15th lowest)
> Real GDP, Q2 2022: $104.46 billion (15th lowest)
> Unemployment rate at the end of Q3 2022: 3.6% (19th highest)
> Unemployment rate at the end of Q2 2022: 3.8% (16th highest)
> Median household income: $48,716 (the lowest)
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49. South Dakota
> Annual average change in real GDP, Q2 2022 – Q3 2022: -0.5%
> Real GDP, Q3 2022: $49.86 billion (4th lowest)
> Real GDP, Q2 2022: $49.92 billion (5th lowest)
> Unemployment rate at the end of Q3 2022: 2.3% (7th lowest)
> Unemployment rate at the end of Q2 2022: 2.3% (6th lowest)
> Median household income: $66,143 (22nd lowest)
Source: Sean Pavone / iStock via Getty Images
48. Indiana
> Annual average change in real GDP, Q2 2022 – Q3 2022: -0.3%
> Real GDP, Q3 2022: $351.78 billion (19th highest)
> Real GDP, Q2 2022: $352.02 billion (19th highest)
> Unemployment rate at the end of Q3 2022: 2.8% (16th lowest)
> Unemployment rate at the end of Q2 2022: 2.4% (8th lowest)
> Median household income: $62,743 (14th lowest)
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47. Iowa
> Annual average change in real GDP, Q2 2022 – Q3 2022: +0.3%
> Real GDP, Q3 2022: $177.20 billion (20th lowest)
> Real GDP, Q2 2022: $177.06 billion (20th lowest)
> Unemployment rate at the end of Q3 2022: 2.7% (13th lowest)
> Unemployment rate at the end of Q2 2022: 2.6% (13th lowest)
> Median household income: $65,600 (21st lowest)
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46. Wisconsin
> Annual average change in real GDP, Q2 2022 – Q3 2022: +0.6%
> Real GDP, Q3 2022: $311.36 billion (21st highest)
> Real GDP, Q2 2022: $310.91 billion (21st highest)
> Unemployment rate at the end of Q3 2022: 3.2% (21st lowest)
> Unemployment rate at the end of Q2 2022: 2.9% (20th lowest)
> Median household income: $67,125 (22nd highest)
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45. Nebraska
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.2%
> Real GDP, Q3 2022: $123.85 billion (16th lowest)
> Real GDP, Q2 2022: $123.49 billion (16th lowest)
> Unemployment rate at the end of Q3 2022: 2.2% (6th lowest)
> Unemployment rate at the end of Q2 2022: 1.9% (2nd lowest)
> Median household income: $66,817 (24th highest)
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44. Alabama
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.2%
> Real GDP, Q3 2022: $212.95 billion (24th lowest)
> Real GDP, Q2 2022: $212.31 billion (24th lowest)
> Unemployment rate at the end of Q3 2022: 2.6% (12th lowest)
> Unemployment rate at the end of Q2 2022: 2.6% (13th lowest)
> Median household income: $53,913 (5th lowest)
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43. Ohio
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.2%
> Real GDP, Q3 2022: $639.22 billion (7th highest)
> Real GDP, Q2 2022: $637.36 billion (7th highest)
> Unemployment rate at the end of Q3 2022: 4.0% (9th highest)
> Unemployment rate at the end of Q2 2022: 3.9% (14th highest)
> Median household income: $62,262 (13th lowest)
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42. Vermont
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.3%
> Real GDP, Q3 2022: $31.40 billion (the lowest)
> Real GDP, Q2 2022: $31.30 billion (the lowest)
> Unemployment rate at the end of Q3 2022: 2.1% (3rd lowest)
> Unemployment rate at the end of Q2 2022: 2.2% (5th lowest)
> Median household income: $72,431 (16th highest)
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41. Arkansas
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.3%
> Real GDP, Q3 2022: $126.25 billion (17th lowest)
> Real GDP, Q2 2022: $125.83 billion (17th lowest)
> Unemployment rate at the end of Q3 2022: 3.5% (21st highest)
> Unemployment rate at the end of Q2 2022: 3.2% (24th lowest)
> Median household income: $52,528 (4th lowest)
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40. Kentucky
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.3%
> Real GDP, Q3 2022: $201.21 billion (23rd lowest)
> Real GDP, Q2 2022: $200.55 billion (23rd lowest)
> Unemployment rate at the end of Q3 2022: 3.8% (14th highest)
> Unemployment rate at the end of Q2 2022: 3.7% (19th highest)
> Median household income: $55,573 (7th lowest)
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39. Montana
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.5%
> Real GDP, Q3 2022: $49.77 billion (3rd lowest)
> Real GDP, Q2 2022: $49.59 billion (4th lowest)
> Unemployment rate at the end of Q3 2022: 2.9% (17th lowest)
> Unemployment rate at the end of Q2 2022: 2.6% (13th lowest)
> Median household income: $63,249 (16th lowest)
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38. Missouri
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.7%
> Real GDP, Q3 2022: $300.58 billion (22nd highest)
> Real GDP, Q2 2022: $299.28 billion (22nd highest)
> Unemployment rate at the end of Q3 2022: 2.4% (8th lowest)
> Unemployment rate at the end of Q2 2022: 2.8% (17th lowest)
> Median household income: $61,847 (11th lowest)
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37. Michigan
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.7%
> Real GDP, Q3 2022: $490.72 billion (14th highest)
> Real GDP, Q2 2022: $488.66 billion (14th highest)
> Unemployment rate at the end of Q3 2022: 4.1% (7th highest)
> Unemployment rate at the end of Q2 2022: 4.3% (8th highest)
> Median household income: $63,498 (17th lowest)
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36. Rhode Island
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.8%
> Real GDP, Q3 2022: $55.54 billion (7th lowest)
> Real GDP, Q2 2022: $55.29 billion (7th lowest)
> Unemployment rate at the end of Q3 2022: 3.1% (18th lowest)
> Unemployment rate at the end of Q2 2022: 2.7% (14th lowest)
> Median household income: $74,008 (15th highest)
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35. New Hampshire
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.8%
> Real GDP, Q3 2022: $82.94 billion (12th lowest)
> Real GDP, Q2 2022: $82.56 billion (12th lowest)
> Unemployment rate at the end of Q3 2022: 2.2% (6th lowest)
> Unemployment rate at the end of Q2 2022: 2.0% (4th lowest)
> Median household income: $88,465 (4th highest)
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34. Maryland
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.8%
> Real GDP, Q3 2022: $369.23 billion (16th highest)
> Real GDP, Q2 2022: $367.55 billion (16th highest)
> Unemployment rate at the end of Q3 2022: 4.0% (9th highest)
> Unemployment rate at the end of Q2 2022: 4.0% (12th highest)
> Median household income: $90,203 (the highest)
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33. Delaware
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.9%
> Real GDP, Q3 2022: $65.85 billion (9th lowest)
> Real GDP, Q2 2022: $65.54 billion (9th lowest)
> Unemployment rate at the end of Q3 2022: 4.3% (4th highest)
> Unemployment rate at the end of Q2 2022: 4.5% (4th highest)
> Median household income: $71,091 (19th highest)
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32. Kansas
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.9%
> Real GDP, Q3 2022: $165.00 billion (18th lowest)
> Real GDP, Q2 2022: $164.23 billion (18th lowest)
> Unemployment rate at the end of Q3 2022: 2.6% (12th lowest)
> Unemployment rate at the end of Q2 2022: 2.4% (8th lowest)
> Median household income: $64,124 (18th lowest)
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31. North Carolina
> Annual average change in real GDP, Q2 2022 – Q3 2022: +1.9%
> Real GDP, Q3 2022: $559.52 billion (11th highest)
> Real GDP, Q2 2022: $556.84 billion (11th highest)
> Unemployment rate at the end of Q3 2022: 3.6% (19th highest)
> Unemployment rate at the end of Q2 2022: 3.4% (23rd highest)
> Median household income: $61,972 (12th lowest)
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30. Virginia
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.2%
> Real GDP, Q3 2022: $513.36 billion (13th highest)
> Real GDP, Q2 2022: $510.60 billion (13th highest)
> Unemployment rate at the end of Q3 2022: 2.6% (12th lowest)
> Unemployment rate at the end of Q2 2022: 2.8% (17th lowest)
> Median household income: $80,963 (10th highest)
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29. Illinois
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.2%
> Real GDP, Q3 2022: $798.48 billion (5th highest)
> Real GDP, Q2 2022: $794.22 billion (5th highest)
> Unemployment rate at the end of Q3 2022: 4.5% (the highest)
> Unemployment rate at the end of Q2 2022: 4.5% (4th highest)
> Median household income: $72,205 (17th highest)
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28. South Carolina
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.3%
> Real GDP, Q3 2022: $226.72 billion (25th highest)
> Real GDP, Q2 2022: $225.46 billion (25th highest)
> Unemployment rate at the end of Q3 2022: 3.2% (21st lowest)
> Unemployment rate at the end of Q2 2022: 3.2% (24th lowest)
> Median household income: $59,318 (9th lowest)
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27. Minnesota
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.3%
> Real GDP, Q3 2022: $350.74 billion (20th highest)
> Real GDP, Q2 2022: $348.77 billion (20th highest)
> Unemployment rate at the end of Q3 2022: 2.0% (the lowest)
> Unemployment rate at the end of Q2 2022: 1.8% (the lowest)
> Median household income: $77,720 (13th highest)
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26. Utah
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.5%
> Real GDP, Q3 2022: $191.93 billion (21st lowest)
> Real GDP, Q2 2022: $190.74 billion (22nd lowest)
> Unemployment rate at the end of Q3 2022: 2.1% (3rd lowest)
> Unemployment rate at the end of Q2 2022: 2.0% (4th lowest)
> Median household income: $79,449 (11th highest)
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25. Louisiana
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.5%
> Real GDP, Q3 2022: $217.11 billion (25th lowest)
> Real GDP, Q2 2022: $215.77 billion (25th lowest)
> Unemployment rate at the end of Q3 2022: 3.4% (23rd highest)
> Unemployment rate at the end of Q2 2022: 3.8% (16th highest)
> Median household income: $52,087 (3rd lowest)
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24. Connecticut
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.5%
> Real GDP, Q3 2022: $252.53 billion (23rd highest)
> Real GDP, Q2 2022: $250.99 billion (23rd highest)
> Unemployment rate at the end of Q3 2022: 4.0% (9th highest)
> Unemployment rate at the end of Q2 2022: 4.0% (12th highest)
> Median household income: $83,771 (8th highest)
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23. New York
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.5%
> Real GDP, Q3 2022: $1.57 trillion (3rd highest)
> Real GDP, Q2 2022: $1.56 trillion (3rd highest)
> Unemployment rate at the end of Q3 2022: 4.3% (4th highest)
> Unemployment rate at the end of Q2 2022: 4.4% (7th highest)
> Median household income: $74,314 (14th highest)
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22. Maine
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.8%
> Real GDP, Q3 2022: $64.84 billion (8th lowest)
> Real GDP, Q2 2022: $64.40 billion (8th lowest)
> Unemployment rate at the end of Q3 2022: 3.3% (24th lowest)
> Unemployment rate at the end of Q2 2022: 3.0% (21st lowest)
> Median household income: $64,767 (19th lowest)
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21. Georgia
> Annual average change in real GDP, Q2 2022 – Q3 2022: +2.9%
> Real GDP, Q3 2022: $591.87 billion (8th highest)
> Real GDP, Q2 2022: $587.66 billion (8th highest)
> Unemployment rate at the end of Q3 2022: 2.8% (16th lowest)
> Unemployment rate at the end of Q2 2022: 2.9% (20th lowest)
> Median household income: $66,559 (25th highest)
Source: SeanPavonePhoto / iStock via Getty Images
20. Massachusetts
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.2%
> Real GDP, Q3 2022: $544.12 billion (12th highest)
> Real GDP, Q2 2022: $539.88 billion (12th highest)
> Unemployment rate at the end of Q3 2022: 3.4% (23rd highest)
> Unemployment rate at the end of Q2 2022: 3.7% (19th highest)
> Median household income: $89,645 (2nd highest)
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19. Pennsylvania
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.2%
> Real GDP, Q3 2022: $727.02 billion (6th highest)
> Real GDP, Q2 2022: $721.32 billion (6th highest)
> Unemployment rate at the end of Q3 2022: 4.1% (7th highest)
> Unemployment rate at the end of Q2 2022: 4.5% (4th highest)
> Median household income: $68,957 (21st highest)
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18. Hawaii
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.3%
> Real GDP, Q3 2022: $75.69 billion (11th lowest)
> Real GDP, Q2 2022: $75.08 billion (11th lowest)
> Unemployment rate at the end of Q3 2022: 3.5% (21st highest)
> Unemployment rate at the end of Q2 2022: 4.2% (9th highest)
> Median household income: $84,857 (6th highest)
Source: Sean Pavone / iStock via Getty Images
17. Idaho
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.3%
> Real GDP, Q3 2022: $84.11 billion (13th lowest)
> Real GDP, Q2 2022: $83.43 billion (13th lowest)
> Unemployment rate at the end of Q3 2022: 2.8% (16th lowest)
> Unemployment rate at the end of Q2 2022: 2.5% (10th lowest)
> Median household income: $66,474 (24th lowest)
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16. Colorado
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.5%
> Real GDP, Q3 2022: $386.37 billion (15th highest)
> Real GDP, Q2 2022: $383.06 billion (15th highest)
> Unemployment rate at the end of Q3 2022: 3.4% (23rd highest)
> Unemployment rate at the end of Q2 2022: 3.4% (23rd highest)
> Median household income: $82,254 (9th highest)
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15. Washington
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.5%
> Real GDP, Q3 2022: $583.58 billion (10th highest)
> Real GDP, Q2 2022: $578.52 billion (9th highest)
> Unemployment rate at the end of Q3 2022: 3.7% (17th highest)
> Unemployment rate at the end of Q2 2022: 3.8% (16th highest)
> Median household income: $84,247 (7th highest)
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14. Nevada
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.6%
> Real GDP, Q3 2022: $165.74 billion (19th lowest)
> Real GDP, Q2 2022: $164.29 billion (19th lowest)
> Unemployment rate at the end of Q3 2022: 4.4% (2nd highest)
> Unemployment rate at the end of Q2 2022: 4.7% (2nd highest)
> Median household income: $66,274 (23rd lowest)
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13. Florida
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.8%
> Real GDP, Q3 2022: $1.07 trillion (4th highest)
> Real GDP, Q2 2022: $1.06 trillion (4th highest)
> Unemployment rate at the end of Q3 2022: 2.5% (9th lowest)
> Unemployment rate at the end of Q2 2022: 2.8% (17th lowest)
> Median household income: $63,062 (15th lowest)
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12. California
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.8%
> Real GDP, Q3 2022: $2.89 trillion (the highest)
> Real GDP, Q2 2022: $2.87 trillion (the highest)
> Unemployment rate at the end of Q3 2022: 3.8% (14th highest)
> Unemployment rate at the end of Q2 2022: 4.2% (9th highest)
> Median household income: $84,907 (5th highest)
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11. Arizona
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.9%
> Real GDP, Q3 2022: $356.97 billion (18th highest)
> Real GDP, Q2 2022: $353.57 billion (18th highest)
> Unemployment rate at the end of Q3 2022: 3.7% (17th highest)
> Unemployment rate at the end of Q2 2022: 3.3% (25th highest)
> Median household income: $69,056 (20th highest)
Source: Kruck20 / iStock via Getty Images
10. Tennessee
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.9%
> Real GDP, Q3 2022: $368.61 billion (17th highest)
> Real GDP, Q2 2022: $365.15 billion (17th highest)
> Unemployment rate at the end of Q3 2022: 3.4% (23rd highest)
> Unemployment rate at the end of Q2 2022: 3.3% (25th highest)
> Median household income: $59,695 (10th lowest)
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9. New Jersey
> Annual average change in real GDP, Q2 2022 – Q3 2022: +3.9%
> Real GDP, Q3 2022: $583.73 billion (9th highest)
> Real GDP, Q2 2022: $578.20 billion (10th highest)
> Unemployment rate at the end of Q3 2022: 3.3% (24th lowest)
> Unemployment rate at the end of Q2 2022: 3.9% (14th highest)
> Median household income: $89,296 (3rd highest)
Source: Sean Pavone / iStock via Getty Images
8. West Virginia
> Annual average change in real GDP, Q2 2022 – Q3 2022: +4.1%
> Real GDP, Q3 2022: $71.84 billion (10th lowest)
> Real GDP, Q2 2022: $71.13 billion (10th lowest)
> Unemployment rate at the end of Q3 2022: 4.0% (9th highest)
> Unemployment rate at the end of Q2 2022: 3.6% (21st highest)
> Median household income: $51,248 (2nd lowest)
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7. Oregon
> Annual average change in real GDP, Q2 2022 – Q3 2022: +4.1%
> Real GDP, Q3 2022: $234.94 billion (24th highest)
> Real GDP, Q2 2022: $232.59 billion (24th highest)
> Unemployment rate at the end of Q3 2022: 3.8% (14th highest)
> Unemployment rate at the end of Q2 2022: 3.5% (22nd highest)
> Median household income: $71,562 (18th highest)
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6. New Mexico
> Annual average change in real GDP, Q2 2022 – Q3 2022: +4.3%
> Real GDP, Q3 2022: $94.74 billion (14th lowest)
> Real GDP, Q2 2022: $93.75 billion (14th lowest)
> Unemployment rate at the end of Q3 2022: 4.2% (6th highest)
> Unemployment rate at the end of Q2 2022: 4.9% (the highest)
> Median household income: $53,992 (6th lowest)
Source: Jacob Boomsma / iStock via Getty Images
5. North Dakota
> Annual average change in real GDP, Q2 2022 – Q3 2022: +5.2%
> Real GDP, Q3 2022: $53.42 billion (6th lowest)
> Real GDP, Q2 2022: $52.74 billion (6th lowest)
> Unemployment rate at the end of Q3 2022: 2.2% (6th lowest)
> Unemployment rate at the end of Q2 2022: 2.5% (10th lowest)
> Median household income: $66,519 (25th lowest)
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4. Wyoming
> Annual average change in real GDP, Q2 2022 – Q3 2022: +5.3%
> Real GDP, Q3 2022: $36.37 billion (2nd lowest)
> Real GDP, Q2 2022: $35.90 billion (2nd lowest)
> Unemployment rate at the end of Q3 2022: 3.3% (24th lowest)
> Unemployment rate at the end of Q2 2022: 3.1% (22nd lowest)
> Median household income: $65,204 (20th lowest)
Source: Sean Pavone / iStock via Getty Images
3. Oklahoma
> Annual average change in real GDP, Q2 2022 – Q3 2022: +5.5%
> Real GDP, Q3 2022: $191.96 billion (22nd lowest)
> Real GDP, Q2 2022: $189.41 billion (21st lowest)
> Unemployment rate at the end of Q3 2022: 3.2% (21st lowest)
> Unemployment rate at the end of Q2 2022: 2.9% (20th lowest)
> Median household income: $55,826 (8th lowest)
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2. Texas
> Annual average change in real GDP, Q2 2022 – Q3 2022: +8.2%
> Real GDP, Q3 2022: $1.89 trillion (2nd highest)
> Real GDP, Q2 2022: $1.85 trillion (2nd highest)
> Unemployment rate at the end of Q3 2022: 4.0% (9th highest)
> Unemployment rate at the end of Q2 2022: 4.1% (11th highest)
> Median household income: $66,963 (23rd highest)
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1. Alaska
> Annual average change in real GDP, Q2 2022 – Q3 2022: +8.7%
> Real GDP, Q3 2022: $50.00 billion (5th lowest)
> Real GDP, Q2 2022: $48.96 billion (3rd lowest)
> Unemployment rate at the end of Q3 2022: 4.4% (2nd highest)
> Unemployment rate at the end of Q2 2022: 4.6% (3rd highest)
> Median household income: $77,845 (12th highest)
Methodology
To identify the states with the fastest growing and shrinking economies, 24/7 Wall St. reviewed gross domestic product data from the Bureau of Economic Analysis. States are ranked by the annualized change in real GDP, chained to 2012 dollars, from Q2 2022 to Q3 2022, the latest available data. In the case of a tie, the state with the larger economy ranks higher.
We also considered the seasonally-adjusted unemployment rate from June 2022, the end of Q2, and September 2022, the end of Q3. Unemployment data is from the Bureau of Labor Statistics. Data on median household income by state from the U.S. Census Bureau’s 2021 American Community Survey.
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