California vs. New York
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 1997-2022
Introduction
California vs. New York
California:
2022 GDP = $3,598,103M
2022 Percent of U.S. = 14.13%
2022 Rank = #1
New York:
2022 GDP = $2,053,180M
2022 Percent of U.S. = 8.06%
2022 Rank = #3
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of the state of California is the most comprehensive measure of output of all goods and services produced by labor and property located within California. It is a market valuation of the goods and services-both private and public-produced within a state economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while State Personal Income is representative of the "purchasing power" of those that reside within a state, think of Gross Domestic Product as representative of the "producing power" of that state.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by State compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the July 2013 Survey of Current Business article, (pp. 115-120).

BEA: Definition

GDP by state is the state counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by state is derived as the sum of the GDP originating in all the industries in a state.

The statistics of real GDP by state are prepared in chained (2012) dollars. Real GDP by state is an inflation-adjusted measure of each state's gross product that is based on national prices for the goods and services produced within that state. The statistics of real GDP by state and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-state values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by state and of real GDP by state at more aggregated industry levels. Real GDP by state may reflect a substantial volume of output that is sold to other states and regions. To the extent that a state's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the states produce. However, real GDP by state does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by state to U.S. Gross Domestic Product (GDP)

An industry's GDP by state, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-state accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-state statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by state for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by state is nearly identical to GDP by industry except for small differences resulting from the GDP-by-state accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by state.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

California Gross Domestic Product, 1998-2022
Current vs. Chained 2012 Dollars (Billions)
California Gross Domestic Product, 1998-2022
Current vs. Chained 2012 Dollars (Billions)
Figure 1.
Figure 1 depicts California's annual gross domestic product over 1998-2022 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of California over time.
When measured in current dollars, California's GDP increased 213.55%, from $1,148B in 1998 to $3,598B in 2022. When measured in constant 2012 dollars to adjust for inflation, it advanced 96.47%, from $1,469B in 1998 to $2,886B in 2022.
Real Gross Domestic Product, 1997-2022 (Billions)
Real Gross Domestic Product, 1997-2022 (Billions)
Figure 2.
Figure 2 tracks California's and New York's annual real gross domestic product for the period 1997-2022 to illustrate real gross domestic product patterns over time. During this 26-year period, California's real gross domestic product rose from $1,378B in 1997 to $2,886B in 2022, for a net gain of $1,507B, or 109.36%. In comparison, New York's real GDP increased from $978B in 1997 to $1,563B in 2022, for a net gain of $585B, or 59.85%. California's real GDP ranked 1st among the 51 states in 2022, New York's ranked 3rd.
Real Gross Domestic Product Indices (1997=100): 1997-2022
Real Gross Domestic Product Indices (1997=100): 1997-2022
Figure 3.
Figure 3 shows California's real gross domestic product growth in a broader context by offering direct comparisons across time with New York, the United States. The growth indices shown here express each region's real gross domestic product in 1997 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 1997 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
California's overall real GDP growth was 109.36% over 1997-2022 outpaced New York's increase of 59.85%, and topped the United States' increase of 73.60%.
Gross Domestic Product as a Percent of the United States Total: 1997-2022
Gross Domestic Product as a Percent of the United States Total: 1997-2022
Figure 4.
Another interesting and insightful way of comparing the gross domestic product growth of California and New York is to compare their individual percentage contributions to the United States' total gross domestic product over time, as shown in Figure 4. A rising share means a state's gross domestic product grew faster, or declined less, than the United States' gross domestic product, while a declining share shows they grew more slowly.
In 1997, California's GDP comprised 12.49% of the United States' GDP, while in 2022 it totaled 14.13% thereby yielding a +1.64% share-shift. Similarly, in 1997, New York's GDP accounted for 8.38% of the United States' GDP, while in 2022 it equated to 8.06%, resulting in a -0.32% share-shift.
   
 
Gross Domestic Product Share-Shift
2022 vs. 1997
 
Share-
Shift*
 
2022
vs.
1997
-0.32%
=
8.06%
-
8.38%
+1.64%
=
14.13%
-
12.49%
 
   
California Real Gross Domestic Product:
Annual Percent Change, 1998-2022
California Real Gross Domestic Product:
Annual Percent Change, 1998-2022
Figure 5.
Figure 5 shows the short-run pattern of California's real gross domestic product growth by tracking the year-to-year percent change over 1998-2022. The average annual percent change for the entire 25-year period is also illustrated on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.
On average, California's real GDP grew at an annual rate of 3.03% over 1998-2022. The state recorded its highest growth in 2021 (7.78%) and posted its lowest growth in 2009 (-3.21%). In 2022, California's real GDP grew by 0.38%
California Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 1998-2022
California Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 1998-2022
Figure 6.
Figure 6 again illustrates the annual percent change in California's real gross domestic product since 1998, but this time they are overlayed with average growth rates for the decade of the 2000s, 2010s, and 2020-2022.
During the 2000s, California's annual real GDP growth rate averaged 2.44%. It averaged 3.19% in the 2010s, 1.96% thus far this decade (2020-2022).
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for California noted in the previous graph with the corresponding decade averages for New York and the nation. As the chart reveals, California's average annual real gross domestic product growth outgained New York's average throughout the 2000s (2.44% vs. 1.60%), exceeded New York's average throughout the 2010s (3.19% vs. 2.01%), and exceeded New York's average over the 3 year period of the current decade, 2020-2022 (1.96% vs. 1.46%).
Finally, relative to nationwide real gross domestic product growth trends, California outpaced the nation in the 2000s (2.44% vs. 1.92%), exceeded the nation in the 2010s (3.19% vs. 2.25%), and outperformed the nation over 2020-2022 (1.96% vs. 1.75%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
3.03
2.44
3.19
1.96
0.38
 
1.92
1.60
2.01
1.46
3.19
 
2.25
1.92
2.25
1.75
2.06
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
California:
Gross Domestic Product, 1997-2022
 
1997
 
1,071,117
0.652
1,378,277
100.0
N
12.49
1
1998
 
1,147,520
0.695
1,468,731
106.6
6.56
12.66
1
1999
 
1,241,900
0.745
1,574,306
114.2
7.19
12.89
1
2000
 
1,356,975
0.803
1,696,172
123.1
7.74
13.24
1
2001
 
1,375,761
0.801
1,692,324
122.8
-0.23
13.00
1
2002
 
1,418,430
0.815
1,722,522
125.0
1.78
12.98
1
2003
 
1,497,919
0.847
1,789,999
129.9
3.92
13.07
1
2004
 
1,588,177
0.876
1,850,905
134.3
3.40
13.00
1
2005
 
1,698,560
0.912
1,926,842
139.8
4.10
13.03
1
2006
 
1,812,210
0.948
2,002,437
145.3
3.92
13.12
1
2007
 
1,898,902
0.966
2,041,192
148.1
1.94
13.12
1
2008
 
1,944,695
0.976
2,061,639
149.6
1.00
13.17
1
2009
 
1,890,166
0.944
1,995,440
144.8
-3.21
13.06
1
2010
 
1,954,093
0.964
2,036,015
147.7
2.03
12.98
1
2011
 
2,023,500
0.977
2,063,828
149.7
1.37
12.97
1
2012
 
2,113,096
1.000
2,113,096
153.3
2.39
13.00
1
2013
 
2,220,390
1.031
2,179,229
158.1
3.13
13.18
1
2014
 
2,335,287
1.068
2,256,055
163.7
3.53
13.31
1
2015
 
2,473,556
1.116
2,357,453
171.0
4.49
13.59
1
2016
 
2,569,634
1.149
2,427,895
176.2
2.99
13.74
1
2017
 
2,728,743
1.201
2,538,204
184.2
4.54
14.01
1
2018
 
2,897,201
1.251
2,644,061
191.8
4.17
14.11
1
2019
 
3,042,694
1.292
2,729,226
198.0
3.22
14.23
1
2020
 
3,020,173
1.262
2,667,221
193.5
-2.27
14.34
1
2021
 
3,373,241
1.360
2,874,731
208.6
7.78
14.47
1
2022
 
3,598,103
1.366
2,885,627
209.4
0.38
14.13
1
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_SA1400_2000_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
New York:
Gross Domestic Product, 1997-2022
 
1997
 
718,814
0.736
977,798
100.0
N
8.38
2
1998
 
745,502
0.751
997,252
102.0
1.99
8.23
2
1999
 
795,230
0.792
1,051,338
107.5
5.42
8.26
2
2000
 
841,181
0.822
1,092,188
111.7
3.89
8.21
2
2001
 
878,347
0.838
1,112,794
113.8
1.89
8.30
2
2002
 
890,258
0.833
1,106,151
113.1
-0.60
8.15
2
2003
 
912,475
0.836
1,110,613
113.6
0.40
7.96
2
2004
 
967,152
0.861
1,144,125
117.0
3.02
7.92
2
2005
 
1,016,038
0.880
1,168,891
119.5
2.16
7.79
2
2006
 
1,075,155
0.903
1,199,277
122.7
2.60
7.78
3
2007
 
1,119,382
0.910
1,208,565
123.6
0.77
7.73
3
2008
 
1,116,591
0.896
1,190,081
121.7
-1.53
7.56
3
2009
 
1,160,081
0.927
1,230,672
125.9
3.41
8.01
3
2010
 
1,223,530
0.962
1,277,467
130.6
3.80
8.13
3
2011
 
1,247,606
0.963
1,279,527
130.9
0.16
8.00
3
2012
 
1,328,234
1.000
1,328,234
135.8
3.81
8.17
3
2013
 
1,365,529
1.001
1,329,376
136.0
0.09
8.11
3
2014
 
1,430,923
1.019
1,353,410
138.4
1.81
8.15
3
2015
 
1,487,628
1.034
1,373,643
140.5
1.49
8.17
3
2016
 
1,551,354
1.056
1,403,231
143.5
2.15
8.30
3
2017
 
1,604,650
1.068
1,419,112
145.1
1.13
8.24
3
2018
 
1,697,661
1.098
1,458,382
149.1
2.77
8.27
3
2019
 
1,787,666
1.130
1,500,833
153.5
2.91
8.36
3
2020
 
1,740,805
1.079
1,432,507
146.5
-4.55
8.27
3
2021
 
1,901,297
1.140
1,514,779
154.9
5.74
8.15
3
2022
 
2,053,180
1.177
1,563,044
159.9
3.19
8.06
3
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_SA1400_2000_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
United States:
Gross Domestic Product, 1997-2022
 
1997
 
8,577,552
0.709
11,529,157
100.0
N
1998
 
9,062,817
0.741
12,045,824
104.5
4.48
1999
 
9,631,172
0.777
12,623,361
109.5
4.79
2000
 
10,250,952
0.808
13,138,035
114.0
4.08
2001
 
10,581,929
0.816
13,263,417
115.0
0.95
2002
 
10,929,108
0.830
13,488,357
117.0
1.70
2003
 
11,456,450
0.853
13,865,519
120.3
2.80
2004
 
12,217,196
0.886
14,399,696
124.9
3.85
2005
 
13,039,197
0.917
14,901,269
129.2
3.48
2006
 
13,815,583
0.942
15,315,943
132.8
2.78
2007
 
14,474,228
0.961
15,623,871
135.5
2.01
2008
 
14,769,862
0.962
15,642,962
135.7
0.12
2009
 
14,478,067
0.937
15,236,262
132.2
-2.60
2010
 
15,048,970
0.963
15,648,991
135.7
2.71
2011
 
15,599,731
0.978
15,891,534
137.8
1.55
2012
 
16,253,970
1.000
16,253,970
141.0
2.28
2013
 
16,843,196
1.018
16,553,348
143.6
1.84
2014
 
17,550,687
1.042
16,932,051
146.9
2.29
2015
 
18,206,023
1.070
17,390,295
150.8
2.71
2016
 
18,695,106
1.088
17,680,274
153.4
1.67
2017
 
19,477,337
1.112
18,076,651
156.8
2.24
2018
 
20,533,058
1.145
18,609,078
161.4
2.95
2019
 
21,380,976
1.171
19,036,052
165.1
2.29
2020
 
21,060,474
1.139
18,509,143
160.5
-2.77
2021
 
23,315,081
1.206
19,609,812
170.1
5.95
2022
 
25,462,722
1.231
20,014,128
173.6
2.06
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2023
REAP_PI_SA1400_2000_PN
 
   
Copyright © 2023. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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