Wednesday , August 5 2020
Home / FRED / State-level GDP losses during the pandemic : Mapping the range of economic decline across the U.S.

State-level GDP losses during the pandemic : Mapping the range of economic decline across the U.S.

Summary:
View on GeoFRED® FRED has the latest state-level GDP data for 2020, and there’s a range of economic decline across the United States. This GeoFRED map shows regional differences in how state economic growth has been affected by the COVID-19 outbreak—from 8% declines in Nevada and New York to a 1.3% slump in Nebraska. What determines how a state’s economy is affected? This question is complex, as it depends on many factors: the severity of the outbreak, how much confinement was mandated, how seriously it was followed, how many people voluntarily restrained their activity, and the prevalence of economic activities that are most susceptible to shutdowns. Obviously, tourism and entertainment were most affected—with Nevada and Louisiana being important states in this respect and Nebraska

Topics:
FRED Blog considers the following as important:

This could be interesting, too:

FRED Blog writes New details on mortgage rates : What impact does a FICO score have?

FRED Blog writes Are jobs in education still recession-proof? : Studying employment data in the education sector

FRED Blog writes Location, location, location in house price data : Manufactured home prices help separate the house from the land

FRED Blog writes Mapping U.S. unemployment claims

FRED has the latest state-level GDP data for 2020, and there’s a range of economic decline across the United States.

This GeoFRED map shows regional differences in how state economic growth has been affected by the COVID-19 outbreak—from 8% declines in Nevada and New York to a 1.3% slump in Nebraska.

What determines how a state’s economy is affected? This question is complex, as it depends on many factors: the severity of the outbreak, how much confinement was mandated, how seriously it was followed, how many people voluntarily restrained their activity, and the prevalence of economic activities that are most susceptible to shutdowns. Obviously, tourism and entertainment were most affected—with Nevada and Louisiana being important states in this respect and Nebraska much less so.

The situation is still evolving. In about three months, FRED will have data for the second quarter and the map could look very different, hopefully with at least some states showing growth.

How this map was created: From GeoFRED, after opening the cogwheel in the upper left corner, under “Region” choose “State,” under “Data” choose “Total Real Domestic Product by Industry,” under “Units” choose “Compounded Annual Rate of Change,” and then choose colors to taste.

Suggested by Christian Zimmermann.

About FRED Blog
FRED Blog
The Federal Reserve Bank of St. Louis is the center of the Eighth District of the Federal Reserve System. This District includes Arkansas, eastern Missouri, southern Illinois and Indiana, western Kentucky and Tennessee, and northern Mississippi.

Leave a Reply

Your email address will not be published. Required fields are marked *