The Top 10 States by GDP Per Capita

When it comes to economic performance in the United States, some states stand out with exceptional gross domestic product (GDP) per capita figures. These numbers reflect the wealth generated per person in each state, offering insights into regional economic strengths. Let’s explore the top 10 U.S. states by GDP per capita and explain the key industries that drive their high economic output.

1. New York—$90,730

New York leads the United States with its finance-heavy economy—home to Wall Street and global financial institutions. It also benefits from tech innovation, media, and trade due to its strategic location as an East Coast hub.¹

2. Massachusetts—$87,860

Massachusetts thrives on education and healthcare, with institutions like MIT and Harvard driving innovation. The state also excels in biotechnology, maritime trade, and engineering, contributing to its GDP per capita.²

3. Washington—$86,027

Washington’s economy is powered by giants like Microsoft and Amazon, along with significant contributions from aerospace (Boeing), clean energy, and agriculture, particularly in apples and wine.³

4. California—$82,975

The tech hub of Silicon Valley makes California an economic powerhouse with major players in technology, entertainment, and agriculture. Industries like construction, education, and government also boost its GDP.⁴

5. Connecticut—$78,093

Connecticut is known for its finance and insurance sectors, particularly in areas like hedge funds and insurance companies. Manufacturing and defense also contribute, with firms like General Dynamics playing a major role.⁵

6. North Dakota—$74,005

North Dakota’s economy is mainly reliant on energy, particularly oil extraction. Oil drilling and gas extraction contribute $27.8 billion to the state’s gross product.⁶ Agriculture, especially wheat production, also plays a key role in its GDP.

7. Nebraska—$72,879

Nebraska’s economy is deeply rooted in agriculture but benefits from a growing manufacturing and services sector. However, Nebraska’s economy is diversifying, with solid contributions from financial services, insurance, and transportation.⁷

8. Colorado—$72,825

Colorado has somewhat unique key sectors, including automobile wholesaling, oil drilling and gas extractions, hospitals, and new car dealers.⁸ Some of the state’s largest companies include Denver International Airport, Walmart, Kroger, and Amazon. All of these sectors, and more, contribute to the state’s high GDP per capita.

9. Alaska–—$72,274

Alaska’s GDP per capita is heavily driven by its oil and gas industry, mainly through crude oil production. Fishing and tourism also contribute significantly to the state’s economy.⁹

10. Delaware—$71,967

Delaware’s economy is driven by its status as a corporate and financial hub, with many Fortune 500 companies incorporated into the state due to its business-friendly laws. The finance and insurance industries, including credit card services and banking, are key contributors to its high GDP per capita. Commercial banking contributes $51.8 billion to the state’s gross state product, and credit card issuing contributes $33.6 billion.¹⁰

Bonus: District of Columbia—$214,284

While not a state, the District of Columbia stands far above the rest in terms of GDP per capita, largely due to its unique role as the nation’s capital. The federal government and related professional services, such as law, lobbying, and consulting, heavily influence the economy here.

These 10 states have the highest GDP per capita in the country. Each of them leverages its unique industries, whether it’s tech innovation in California or oil production in Alaska. Understanding these economic drivers helps us appreciate how different regions contribute to our nation’s overall success.

As always, let us know if you have any questions.

Best,

CRA Investment Committee

Matt Reynolds CPA, CFP®

Tom Reynolds, CPA

Robert T. Martin, CFA, CFP®

Gordon Shearer Jr., CFP®

Jeff Hilliard, CFP®, CRPC®

Joe McCaffrey, CFP®

Phillip Tompkins, CFP®

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