10 Largest State Economies in the United StatesTaxes, Budgeting & Accounting
These are the ten largest state economies in the United States based upon the gross domestic product or GDP of each state. All of these state economies would rank in the top 30 largest economies of the world as stand-along countries which reinforces just how much of a powerhouse the United States economy is.
1) California - $1.9 trillion
With a GDP of $1.9 billion California is the largest state economy in the United States and would be the 8th largest economy in the world as an independent country. There are 57 Fortune 500 companies headquartered in California and the state's agriculture industry is more than double the size of any other state's in the USA.
2) Texas - $1.2 trillion
Texas is one of the fastest growing state economies in the country due to a large workforce, low cost of housing and no state income tax. Texas matches matches California with 57 Fortune 500 companies headquartered in the state and there are also 35 billionaires living in Texas.
3) New York - $1.14 tillion
New York's economy is largely driven by New York City and Wall Street. New York City is currently still the financial capital of the world though many other cities in the world are gaining fast on the Big Apple.
4) Florida - $744 billion
Florida ranks as the 4th largest state economy in the United States but there is a big gap between it and the top 3 who are all over $1 billion dollars in GDP. Florida like Texas has no state income tax which encourages many wealthy people to live in the Sunshine State.
5) Illinois - $634 billion
Image Source (Chicago Mercantile Exchange)
The economy and gross domestic product of Illinois are driven by the city of Chicago which is home to the largest futures trading pit in the world the Chicago Mercantile Exchange where all types of futures contracts are traded especially in commodities like pork bellies, corn, cattle and lumber.
6) Pennsylvania - $553 billion
The economy of Pennsylvania benefits from having two major economic cities in Pittsburgh and Philadelphia. Eight Fortune 500 companies including Heinz, U.S. Steel and PPG Industries are headquartered in Pittsburgh while six more are headquartered in Philadelphia.
7) New Jersey - $475 billion
Image Source (Vail Mansion in New Jersey was built by first AT&T President Thomas Vail)
New Jersey is situated between New York and Philadelphia and benefits from commerce from both cities. Twenty-four Fortune 500 companies are headquartered in New Jersey including many of the pharmaceutical giants of the world like Merck, Johnson & Johnson and Pfizer as well as the two largest cellular companies in the United States in Verizon and AT&T.
8) Ohio - $472 billion
Image Source (Goodyear is based in Akron, Ohio)
Ohio has a very diversified state economy that includes such industries as motor vehicle manufacturing, steel production, research and development, banking, insurance, plastics and rubber and has a large agricultural sector.
9) North Carolina - $400 billion
Image Source (Charlotte skyline including Bank of America Building)
North Carolina is state that has experienced rapid population growth in the last decade and that has fueled economic growth in the state which has a gross domestic product of $400 million dollars. The largest bank in the United States is headquartered in Charlotte, North Carolina.
10) Georgia - $398 billion
Image Source (Coca-Cola based in Georgia is a big part of Americana memorabilia)
Atlanta is the hub of the economy in Georgia which rounds out the list of the top ten largest state economies in the United States. Fifteen Fortune 500 companies are headquartered in Georgia including such notable names as Coca-Cola, Home Depot, UPS, Delta Air Lines and AFLAC with its talking Gilbert Gottfried duck.
For more see Largest Economies in the World