The COVID-19 pandemic has caused the largest drop in GDP in modern US history. Many businesses closed and many workers lost their jobs, which brought the economy to a sudden standstill. Even taking into account the devastating effects of 2020, many local economies continued to grow globally from 2015 to 2020.
Every state had at least one county in which GDP grew from 2015 to 2020. In some states, GDP in the fastest growing local economy grew by only a few percentage points. In others, the size of the county’s economy has more than doubled.
To determine the fastest growing local economy in each state, 24/7 Wall St. looked at county-level real GDP data from the U.S. Bureau of Economic Analysis. Counties were ranked based on the percentage change in real GDP from 2015 to 2020.
The majority of counties in each state with the fastest growing economy are not particularly wealthy areas. Most have a median household income below the US median of $64,994.
The United States has one of the most diverse economies in the world, and the fastest growing local economies in each state have been supported by a wide variety of industries. Several counties on this list had manufacturing, utilities, agriculture, management, information, and oil and gas extraction as their fastest growing industries. It is the fastest growing job in every state.
Click here to see the fastest growing local economy in each state