Gross Domestic Product Falls in First Quarter of 2020 in all 50-States and D.C.

The U.S. Bureau of Economic Analysis is reporting that real gross domestic product (GDP) fell in all 50 states and the District of Columbia, in the first quarter of 2020, when compared to the fourth quarter of 2019. Nationwide, real GDP growth decreased to 5.0% in the first quarter of 2020, after an increase of 2.1% in the previous quarter. Accommodation and food services; finance and insurance; healthcare and social assistance; and arts, entertainment, and recreation were the leading contributors to the decline in real GDP in the first quarter of 2020. According to the industry statistics, 17 of 22 industry groups contributed to the first quarter decline in real GDP. Of the five industry groups that recorded increases in the first quarter real GDP, agriculture, forestry, fishing, and hunting was the largest contributor, increasing 15.5%, while construction increased 0.8%.