Despite strong rebounds in the third quarter of 2020 and positive growth in the fourth quarter, preliminary Real Gross Domestic Product (GDP) 2020 growth rates among Tenth District (District)* states closed the year negative.
At 3.9% GDP growth in 2019, Colorado was the fastest growing state in the District and third fastest in the U.S. Despite the drag of the COVID-19 pandemic on the travel industry, Colorado proved the most resilient. Given the major housing, construction and population growth in the state, the stage is set for Colorado to boom once economies nationwide return to full strength.
The agricultural and manufacturing-focused states of Kansas and Nebraska also fared more favorably than the rest of the country. Strength in those two areas (see Table 2) allowed Kansas and Nebraska to close out -3.0% and -2.1%, respectively, compared to -3.5% for the U.S. average.
Typically, as the oil and gas industry goes so too goes Oklahoma. With curbed demand resulting from hamstrung commercial and personal transportation, Oklahoma dropped to 48th in GDP in the most recent reading.