Tennessee’s Gross Domestic Product Between The Third Quarter of 2019 And Third Quarter Of 2020 Showed The Ninth-Worst Economic Performance Among The States.
Published February 5, 2021
The Center Square –
The gross domestic product of Tennessee dropped 4.3% between the third quarter of 2019 and the third quarter of 2020, the ninth-worst 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 percent over that same time period, and only three states saw their economies expand, 24/7 Wall St. reported.
In Tennessee, the fastest-growing industry during the period was utilities, while arts, entertainment and recreation was judged the fastest-shrinking industry, according to the analysis. The November unemployment rate in the state came in at 5.3%.
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.
Which States Have Fared the Best During the COVID-19 Era?
| Rank | State | 1-year GDP Change | Fastest-Growing Industry | Fastest-Shrinking Industry | November 2020 Jobless Rate |
| 1 | Utah | 1.1% | Construction | Arts, entertainment and recreation | 4.3% |
| 2 | Washington | 0.5% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 6.0% |
| 3 | Idaho | 0.1% | Utilities | Arts, entertainment and recreation | 4.8% |
| 4 | Arizona | -0.1% | Management of companies | Arts, entertainment and recreation | 7.8% |
| 5 | Colorado | -1.4% | Information | Arts, entertainment and recreation | 6.4% |
| 6 | Iowa | -1.4% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 3.6% |
| 7 | South Dakota | -1.5% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 3.5% |
| 8 | Georgia | -1.7% | Utilities | Arts, entertainment and recreation | 5.7% |
| 9 | North Carolina | -1.7% | Finance and insurance | Arts, entertainment and recreation | 6.2% |
| 10 | Arkansas | -1.8% | Utilities | Accommodation and food services | 6.2% |
| 11 | Alabama | -1.8% | Utilities | Arts, entertainment and recreation | 4.4% |
| 12 | Indiana | -1.9% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 5.0% |
| 13 | Mississippi | -1.9% | Utilities | Arts, entertainment and recreation | 6.4% |
| 14 | Oregon | -1.9% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 6.0% |
| 15 | Maryland | -1.9% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 6.8% |
| 16 | Kansas | -1.9% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 5.6% |
| 17 | Florida | -2.0% | Utilities | Arts, entertainment and recreation | 6.4% |
| 18 | Nebraska | -2.0% | Mining, quarrying, and oil and gas | Arts, entertainment and recreation | 3.1% |
| 19 | Virginia | -2.0% | Utilities | Arts, entertainment and recreation | 4.9% |
| 20 | California | -2.1% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 8.2% |
| 21 | Kentucky | -2.6% | Utilities | Mining, quarrying, and oil and gas | 5.6% |
| 22 | Delaware | -2.7% | Utilities | Arts, entertainment and recreation | 5.1% |
| 23 | Missouri | -2.7% | Utilities | Arts, entertainment and recreation | 4.4% |
| 24 | Minnesota | -2.8% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 4.4% |
| 25 | Montana | -2.8% | Utilities | Arts, entertainment and recreation | 4.9% |
| 26 | Wisconsin | -2.9% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 5.0% |
| 27 | Rhode Island | -2.9% | Finance and insurance | Arts, entertainment and recreation | 7.3% |
| 28 | Illinois | -3.0% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 6.9% |
| 29 | South Carolina | -3.1% | Finance and insurance | Arts, entertainment and recreation | 4.4% |
| 30 | Ohio | -3.2% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 5.7% |
| 31 | Connecticut | -3.3% | Information | Arts, entertainment and recreation | 8.2% |
| 32 | Massachusetts | -3.3% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 6.7% |
| 33 | Maine | -3.4% | Utilities | Arts, entertainment and recreation | 5.0% |
| 34 | North Dakota | -3.4% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 4.5% |
| 35 | Texas | -3.4% | Finance and insurance | Arts, entertainment and recreation | 8.1% |
| 36 | New Jersey | -3.5% | Information | Arts, entertainment and recreation | 10.2% |
| 37 | New Hampshire | -3.6% | Finance and insurance | Arts, entertainment and recreation | 3.8% |
| 38 | Nevada | -3.7% | Utilities | Arts, entertainment and recreation | 10.1% |
| 39 | New Mexico | -3.7% | Utilities | Arts, entertainment and recreation | 7.5% |
| 40 | Pennsylvania | -3.9% | Utilities | Arts, entertainment and recreation | 6.6% |
| 41 | Vermont | -4.3% | Management of companies | Arts, entertainment and recreation | 3.1% |
| 42 | Tennessee | -4.3% | Utilities | Arts, entertainment and recreation | 5.3% |
| 43 | Michigan | -4.4% | Agriculture, forestry, fishing and hunting | Arts, entertainment and recreation | 6.9% |
| 44 | Alaska | -4.9% | Utilities | Arts, entertainment and recreation | 8.1% |
| 45 | Louisiana | -5.0% | Utilities | Arts, entertainment and recreation | 8.3% |
| 46 | West Virginia | -5.0% | Utilities | Accommodation and food services | 6.2% |
| 47 | New York | -5.8% | Information | Arts, entertainment and recreation | 8.4% |
| 48 | Oklahoma | -6.3% | Management of companies | Mining, quarrying, and oil and gas | 5.9% |
| 49 | Wyoming | -7.9% | Utilities | Agriculture, forestry, fishing and hunting | 5.1% |
| 50 | Hawaii | -8.2% | Utilities | Arts, entertainment and recreation | 10.1% |
