The Biggest Industry In Every State Of 2022

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In a recent Forbes article, we examined US GDP by state and which states have seen the fastest growth in GDP. Here, we’re focusing on what are the biggest industries in each US in terms of their real GDP as of fourth quarter 2021, the latest data available from the Bureau of Economic Analysis (BEA), Real GDP is a more accurate measure of economic output because nominal GDP doesn’t take into effect inflation, and thus makes it appear as though GDP is on a near constant march upward year after year, when in reality the value of economic output may have not increased. Real GDP figures here are in chained 2012 dollars.

Read on to find out the biggest industry by GDP in all 50 states plus the District of Columbia.

Alabama

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Biggest industry in Alabama, Manufacturing

Nominal GDP: $42.06 billion

Real GDP: $38.23 billion

Manufacturing is the largest industry by GDP in Alabama, as of fourth quarter 2021. With approximately $38.23 billion in output, Alabama’s manufacturing industry has always been strong. Over the last five years, Alabama’s manufacturing output rose by 14.2%, from $33.46 billion to $38.23 billion. Overall, the Alabama GDP for all industries total is $207.83 billion, in real GDP terms. This means that manufacturing in Alabama accounts for 18.4% of the state’s total economic output.

Alaska

Biggest industry in Alaska, Mining, quarrying, and oil and gas extraction

Nominal GDP: $7.92 billion

Real GDP: $10.18 billion

Mining, quarrying, and oil and gas extraction is the biggest industry and contributor to the total Alaska GDP of $50.72 billion. It accounts for 20.1%, or a little over a fifth, of Alaska’s economic output in fourth quarter 2021.

Arizona

Biggest industry in Arizona, Real estate and rental and leasing

Nominal GDP: $63.35 billion

Real GDP: $50.82 billion

The total Arizona GDP for fourth quarter 2021 is an estimated $343.94 billion. Arizona’s biggest industry — real estate and rental and leasing — accounts for 14.8% of the state’s total economic output. Over the last 10 years, real estate and rental and leasing industry output has increased by nearly a quarter (24.1%): From $40.96 billion in fourth quarter 2011, to $50.82 billion in fourth quarter 2021.

Arkansas

Biggest industry in Arkansas: Manufacturing

Nominal GDP: $22.56 billion

Real GDP: $19.08 billion

Arkansas is one of many states in which the manufacturing industry is the dominant industry in terms of value of output. The Arkansas GDP of all industries in total is an estimated $122.27 billion, as of fourth quarter 2021, and manufacturing accounts for 15.6% of this total.

California

Biggest industry in California: Information

Nominal GDP: $370.8 billion

Real GDP: $434.79 billion

The California GDP of all industries in total is an estimated $2.95 trillion, which the information industry accounting for 14.8% of this total economic output. California’s information industry has grown by leaps and bounds over the years, faster than all other industries. From fourth quarter 2016 to fourth quarter 2021, the information industry real GDP grew by 67.5%, $259.57 billion to $434.79 billion, respectively. And over the last 10 years, the information industry real GDP grew by an incredible 191.9%, from $148.96 billion in fourth quarter 2011 to where it stands now.

Colorado

Biggest industry in Colorado: Real estate and rental and leasing

Nominal GDP: $64.03 billion

Real GDP: $51.03 billion

Colorado’s real estate and rental and leasing industry has always been the biggest industry in the state, going back to 2011. Though it is still the largest industry in the state in terms of real GDP, real estate and rental and leasing actually accounted for a larger portion of the total Colorado GDP back in 2011, when it contributed between 15% to 15.2% to Colorado’s total economic output. As of fourth quarter 2021, real estate and rental and leasing accounts for 13.7% of Colorado GDP, which is equal to $373.1 billion in total, in fourth quarter 2021.

Connecticut

Biggest industry in Connecticut: Finance and insurance

Nominal GDP: $46.80 billion

Real GDP: $35.12 billion

Connecticut’s finance and insurance industry has consistently been the state’s strongest industry in terms of real economic output. But in the past, it was sometimes overtaken by Connecticut’s real estate and rental and leasing industry, but not anymore. As of fourth quarter 2021, the Connecticut GDP for all industries in total was $251.07 billion, with its finance and insurance industry accounting for 14% of that total.

Delaware

Biggest industry in Delaware: Finance and insurance

Nominal GDP: $22.35 billion

Real GDP: $15.48 billion

Delaware is home to many headquarters of corporations, including financial businesses. With an estimated real GDP of $15.48 billion, the finance and insurance industry accounts for 23.5% of the total Delaware GDP of $65.87 billion. However, Delaware’s finance and insurance industry is actually down 9.6% in real economic output compared to five years ago, when its real GDP was $17.12 billion in fourth quarter 2016.

District of Columbia

Biggest industry in DC: federal civilian government

Nominal GDP: $43.31 billion

Real GDP: $35.49 billion

Not surprisingly, the largest industry in the nation’s capital is federal civilian government, with a real GDP of $35.49 billion in fourth quarter 2021. This industry accounts for 27.8% of the total DC GDP of $127.7 billion, though its contribution to total GDP has actually declined slightly over the years. Back in first quarter 2011, the federal civilian government accounted for 29.8% of total DC GDP in real output.

Florida

Biggest industry in Florida: Real estate and rental and leasing

Nominal GDP: $236.03 billion

Real GDP: $188.76 billion

Florida GDP ranks among the largest in the US, with a total real GDP of over $1.03 trillion in fourth quarter 2021. Florida’s real estate and rental and leasing industry accounts for 18.2% of total Florida GDP. Over the last 10 years, Florida’s real estate and rental and leasing industry has increased by 42.5%, from a real GDP of $132.44 billion in fourth quarter 2011 to $188.76 billion in fourth quarter 2021.

Georgia

Biggest industry in Georgia: Real estate and rental and leasing

Nominal GDP: $100.43 billion

Real GDP: $81.79 billion

Georgia’s GDP totals an estimated $580.63 billion in real economic output for fourth quarter 2021. And Georgia’s real estate and rental and leasing industry accounts for 14.1% of that total. Over the years, this industry’s contribution to the total Georgia GDP has increased noticeably, from accounting for 11.8% in first quarter 2011, up to 14.1% in fourth quarter 2021. Real estate and rental and leasing has also seen its real economic output rise by more than 50% over the last 10 years, from $54.21 billion in fourth quarter 2011 to $81.79 billion in fourth quarter 2021.

Hawaii

Biggest industry in Hawaii: Real estate and rental and leasing

Nominal GDP: $16.47 billion

Real GDP: $13.23 billion

The largest industry in Hawaii is the real estate and rental and leasing industry, with a real GDP of $13.23 billion. That accounts for 17.4% of Hawaii GDP in real terms in fourth quarter 2021, which stands at $75.98 billion in total.

Idaho

Biggest industry in Idaho: Real estate and rental and leasing

Nominal GDP: $12.9 billion

Real GDP: $10.22 billion

Idaho’s real estate and rental and leasing industry is the biggest in the state in terms of real economic output. As of fourth quarter 2021, total Idaho GDP is $79.08 billion, of which the real estate and rental and leasing industry accounts for 12.9% of it.

Illinois

Biggest industry in Illinois: Manufacturing

Nominal GDP: $128.21 billion

Real GDP: $109.88 billion

As is common with states of the Midwest, manufacturing is the largest industry in Illinois, with a real economic output valued at $109.88 billion in fourth quarter 2021. This accounts for 14% of the total Illinois GDP of $784.94 in fourth quarter 2021. What’s more , over the last five years, Illinois’s manufacturing industry has grown by 14% in real output, from .
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43 billion in fourth quarter 2016 to $109.88 billion in fourth quarter 2021.

Indiana

Biggest industry in Indiana: Manufacturing

Nominal GDP: $118.03 billion

Real GDP: $103.97 billion

The manufacturing industry is still king in Indiana, with a real GDP of $103.97 billion, dwarfing the output of the second-largest industry — real estate and rental and leasing — which was an estimated $34.87 billion in fourth quarter 2021. Total Indiana GDP in fourth quarter 2021. quarter 2021 was $357.28 billion and manufacturing accounts for an impressive 29.1% of that total.

Iowa

Biggest industry in Iowa: Manufacturing

Nominal GDP: $39.93 billion

Real GDP: $31.71 billion

As of fourth quarter 2021, Iowa GDP is approximately $140.05 billion in real terms, and the manufacturing industry accounts for 17.6% of that total. Iowa’s manufacturing industry has grown by 17.3% in real GDP from five years, from $27.03 billion in fourth quarter 2016 to $31.71 billion in fourth quarter 2021.

Kansas

Biggest industry in Kansas: Manufacturing

Nominal GDP: $30.92 billion

Real GDP: $27.05 billion

Manufacturing is the top industry in Kansas, reporting real economic output valued at $27.05 billion in fourth quarter 2021. For that same period, total Kansas GDP was an estimated $163.26 billion, and thus manufacturing accounts for 16.6% of total state real GDP.

Kentucky

Biggest industry in Kentucky: Manufacturing

Nominal GDP: $43.09 billion

Real GDP: $37.68 billion

The manufacturing industry has long been Kentucky’s most robust industry in terms of real economic output. Out of the total estimated Kentucky GDP of $196.95 billion in fourth quarter 2021, manufacturing accounts for 19.1% of it.

Louisiana

Biggest industry in Louisiana: Manufacturing

Nominal GDP: $45.77 billion

Real GDP: $49.85 billion

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Credit: www.forbes.com /

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