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.