California vs. New York
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 1977-2018
Introduction
California:
2018 GDP = $2,968,118M
2018 Percent of U.S. = 14.5%
2018 Rank = #1
New York:
2018 GDP = $1,676,350M
2018 Percent of U.S. = 8.2%
2018 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 countries. 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.
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

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.
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

California Gross Domestic Product, 1977-2018
Current vs. Chained 2012 Dollars (Billions)
California Gross Domestic Product, 1977-2018
Current vs. Chained 2012 Dollars (Billions)
Figure 1.
Figure 1 depicts California's annual gross domestic product over 1977-2018 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 1,192.8%, from $230B in 1977 to $2,968B in 2018. When measured in constant 2012 dollars to adjust for inflation, it advanced 284.6%, from $696B in 1977 to $2,678B in 2018.
Real Gross Domestic Product, 1977-2018 (Billions)
Real Gross Domestic Product, 1977-2018 (Billions)
Figure 2.
Figure 2 traces California's and New York's annual real gross domestic product for the period 1977-2018 to illustrate real gross domestic product patterns over time. During this 42-year period, California's real gross domestic product rose from $696B in 1977 to $2,678B in 2018, for a net gain of $1,982B, or 284.6%. In comparison, New York's real GDP advanced from $635B in 1977 to $1,437B in 2018, for a net advance of $801B, or 126.1%. California's real GDP ranked 1st among the 51 states in 2018, New York's ranked 3rd.
Real Gross Domestic Product Indices (1977=100): 1977-2018
Real Gross Domestic Product Indices (1977=100): 1977-2018
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 1977 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 1977 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 284.6% over 1977-2018 outpaced New York's increase of 126.1%, and outpaced the United States' increase of 195.1%.
Gross Domestic Product as a Percent of the United States Total: 1977-2018
Gross Domestic Product as a Percent of the United States Total: 1977-2018
Figure 4.
Another interesting and insightful way of highlighting the gross domestic product growth of California and New York is to trace 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 1977, California's GDP comprised 11.6% of the United States' GDP, while in 2018 it comprised 14.5% thereby yielding a +2.9% share-shift. Similarly, in 1977, New York's GDP accounted for 9.1% of the United States' GDP, while in 2018 it equated to 8.2%, resulting in a -0.9% share-shift.
   
 
Gross Domestic Product Share-Shift
2018 vs. 1977
 
Share-
Shift*
 
2018
vs.
1977
-0.88%
=
8.18%
-
9.06%
+2.92%
=
14.48%
-
11.56%
 
   
California Real Gross Domestic Product:
Annual Percent Change, 1978-2018
California Real Gross Domestic Product:
Annual Percent Change, 1978-2018
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 1978-2018. The average annual percent change for the entire 41-year period is also traced 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 3.37% over 1978-2018. The state recorded its highest growth in 2000 (8.06%) and recorded its lowest growth in 2009 (-4.01%). In 2018, California's real GDP grew by 3.49%
California Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 1978-2018
California Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 1978-2018
Figure 6.
Figure 6 again depicts the annual percent change in California's real gross domestic product since 1978, but this time they are overlayed with average growth rates for the decade of the 1980s, 1990s, 2000s, and 2010-2018.
During the 1980s, California's annual real GDP growth rate averaged 4.25%. It averaged 3.11% throughout the 1990s, 2.55% during the 2000s, and 3.15% thus far this decade (2010 to 2018).
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 outpaced New York's average in the 1980s (4.25% vs. 2.58%), registered above New York's average during the 1990s (3.11% vs. 1.87%), registered above New York's average throughout the 2000s (2.55% vs. 1.58%), and led New York's average over the 9 year period of the last decade, 2010-2018 (3.15% vs. 1.82%).
Finally, relative to nationwide real gross domestic product growth trends, California surpassed the nation in the 1980s (4.25% vs. 2.94%), fell under the nation during the 1990s (3.11% vs. 3.33%), recorded above the nation throughout the 2000s (2.55% vs. 1.91%), and surpassed the nation over 2010-2018 (3.15% vs. 2.24%).

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

   
 
California:
Gross Domestic Product, 1977-2018
 
1977
 
229,592
0.325
696,306
100.0
N
11.56
1
1978
 
262,803
0.347
744,225
106.9
6.88
11.72
1
1979
 
293,491
0.361
773,661
111.1
3.96
11.79
1
1980
 
327,959
0.372
796,952
114.5
3.01
12.08
1
1981
 
368,808
0.384
823,188
118.2
3.29
12.06
1
1982
 
393,788
0.384
823,424
118.3
0.03
12.26
1
1983
 
426,143
0.398
852,888
122.5
3.58
12.37
1
1984
 
482,166
0.430
921,363
132.3
8.03
12.51
1
1985
 
523,906
0.452
968,561
139.1
5.12
12.70
1
1986
 
563,082
0.469
1,005,206
144.4
3.78
12.97
1
1987
 
615,360
0.498
1,067,221
153.3
6.17
13.24
1
1988
 
671,575
0.526
1,127,648
161.9
5.66
13.29
1
1989
 
722,979
0.546
1,170,233
168.1
3.78
13.47
1
1990
 
773,460
0.562
1,204,525
173.0
2.93
13.69
1
1991
 
790,046
0.554
1,187,256
170.5
-1.43
13.52
1
1992
 
807,358
0.553
1,185,287
170.2
-0.17
13.09
1
1993
 
826,447
0.551
1,180,552
169.5
-0.40
12.78
1
1994
 
861,360
0.561
1,202,764
172.7
1.88
12.46
1
1995
 
911,577
0.583
1,250,383
179.6
3.96
12.49
1
1996
 
964,186
0.606
1,300,499
186.8
4.01
12.44
1
1997
 
1,070,524
0.643
1,378,654
198.0
6.01
12.48
1
1998
 
1,147,842
0.686
1,470,393
211.2
6.65
12.67
1
1999
 
1,247,093
0.738
1,582,377
227.3
7.62
12.95
1
2000
 
1,366,561
0.797
1,709,939
245.6
8.06
13.33
1
2001
 
1,384,111
0.794
1,702,776
244.5
-0.42
13.08
1
2002
 
1,436,431
0.813
1,743,651
250.4
2.40
13.13
1
2003
 
1,527,294
0.851
1,825,424
262.2
4.69
13.33
1
2004
 
1,632,217
0.887
1,902,319
273.2
4.21
13.36
1
2005
 
1,753,866
0.928
1,990,141
285.8
4.62
13.45
1
2006
 
1,874,737
0.966
2,072,177
297.6
4.12
13.57
1
2007
 
1,955,856
0.981
2,103,618
302.1
1.52
13.53
1
2008
 
1,990,678
0.984
2,111,138
303.2
0.36
13.53
1
2009
 
1,920,062
0.945
2,026,487
291.0
-4.01
13.29
1
2010
 
1,974,615
0.960
2,058,138
295.6
1.56
13.17
1
2011
 
2,050,057
0.975
2,091,586
300.4
1.63
13.19
1
2012
 
2,144,497
1.000
2,144,497
308.0
2.53
13.24
1
2013
 
2,262,771
1.036
2,220,868
319.0
3.56
13.48
1
2014
 
2,396,552
1.077
2,309,928
331.7
4.01
13.68
1
2015
 
2,558,171
1.131
2,426,143
348.4
5.03
14.04
1
2016
 
2,663,396
1.165
2,498,840
358.9
3.00
14.24
1
2017
 
2,809,922
1.207
2,587,572
371.6
3.55
14.42
1
2018
 
2,968,118
1.249
2,677,939
384.6
3.49
14.48
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
May 2019
REAP_PI_SA1400_2000_PSN
 
   

Tip: 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, 1977-2018
 
1977
 
179,890
0.481
635,495
100.0
N
9.06
2
1978
 
200,063
0.502
663,971
104.5
4.48
8.92
2
1979
 
217,725
0.513
678,176
106.7
2.14
8.75
2
1980
 
235,746
0.513
678,189
106.7
0.00
8.69
2
1981
 
261,840
0.522
690,651
108.7
1.84
8.56
2
1982
 
282,227
0.526
695,703
109.5
0.73
8.79
2
1983
 
305,288
0.537
710,409
111.8
2.11
8.86
2
1984
 
339,427
0.570
753,269
118.5
6.03
8.81
2
1985
 
364,281
0.585
773,530
121.7
2.69
8.83
2
1986
 
390,104
0.600
793,480
124.9
2.58
8.99
2
1987
 
418,306
0.626
827,266
130.2
4.26
9.00
2
1988
 
456,557
0.662
875,005
137.7
5.77
9.04
2
1989
 
473,252
0.660
873,448
137.4
-0.18
8.82
2
1990
 
493,192
0.662
875,861
137.8
0.28
8.73
2
1991
 
497,336
0.642
848,725
133.6
-3.10
8.51
2
1992
 
519,704
0.651
860,409
135.4
1.38
8.43
2
1993
 
537,504
0.654
864,550
136.0
0.48
8.31
2
1994
 
555,322
0.663
876,636
137.9
1.40
8.03
2
1995
 
582,656
0.677
895,011
140.8
2.10
7.98
2
1996
 
620,153
0.705
932,005
146.7
4.13
8.00
2
1997
 
718,323
0.739
976,940
153.7
4.82
8.37
2
1998
 
745,224
0.754
996,663
156.8
2.02
8.22
2
1999
 
793,721
0.793
1,048,059
164.9
5.16
8.24
2
2000
 
838,660
0.823
1,088,005
171.2
3.81
8.18
2
2001
 
877,149
0.841
1,112,239
175.0
2.23
8.29
2
2002
 
886,793
0.833
1,102,140
173.4
-0.91
8.11
2
2003
 
905,281
0.836
1,104,937
173.9
0.25
7.90
2
2004
 
955,192
0.856
1,132,504
178.2
2.49
7.82
2
2005
 
1,015,046
0.886
1,171,051
184.3
3.40
7.79
2
2006
 
1,071,393
0.907
1,199,904
188.8
2.46
7.76
3
2007
 
1,108,896
0.909
1,202,726
189.3
0.24
7.67
3
2008
 
1,099,234
0.889
1,175,471
185.0
-2.27
7.47
3
2009
 
1,152,812
0.925
1,223,229
192.5
4.06
7.98
3
2010
 
1,213,947
0.960
1,269,487
199.8
3.78
8.10
3
2011
 
1,236,061
0.960
1,269,245
199.7
-0.02
7.95
3
2012
 
1,322,448
1.000
1,322,448
208.1
4.19
8.16
3
2013
 
1,355,581
0.998
1,319,299
207.6
-0.24
8.08
3
2014
 
1,427,813
1.019
1,348,204
212.2
2.19
8.15
3
2015
 
1,487,789
1.035
1,369,097
215.4
1.55
8.17
3
2016
 
1,541,524
1.050
1,388,267
218.5
1.40
8.24
3
2017
 
1,598,457
1.064
1,407,217
221.4
1.37
8.20
3
2018
 
1,676,350
1.087
1,436,957
226.1
2.11
8.18
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
May 2019
REAP_PI_SA1400_2000_PSN
 
   

Tip: 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, 1977-2018
 
1977
 
1,986,408
0.388
6,291,988
100.0
N
1978
 
2,243,230
0.409
6,628,106
105.3
5.34
1979
 
2,489,417
0.422
6,827,700
108.5
3.01
1980
 
2,713,933
0.422
6,827,222
108.5
-0.01
1981
 
3,057,318
0.433
7,012,547
111.5
2.71
1982
 
3,211,370
0.427
6,922,469
110.0
-1.28
1983
 
3,445,372
0.440
7,120,968
113.2
2.87
1984
 
3,853,668
0.471
7,628,882
121.2
7.13
1985
 
4,126,664
0.490
7,933,291
126.1
3.99
1986
 
4,340,813
0.500
8,103,923
128.8
2.15
1987
 
4,649,020
0.522
8,451,430
134.3
4.29
1988
 
5,053,003
0.549
8,899,168
141.4
5.30
1989
 
5,366,080
0.562
9,095,858
144.6
2.21
1990
 
5,651,747
0.570
9,232,383
146.7
1.50
1991
 
5,842,665
0.569
9,217,917
146.5
-0.16
1992
 
6,167,644
0.586
9,497,072
150.9
3.03
1993
 
6,467,698
0.598
9,690,657
154.0
2.04
1994
 
6,912,844
0.626
10,136,561
161.1
4.60
1995
 
7,299,372
0.647
10,485,330
166.6
3.44
1996
 
7,749,965
0.676
10,947,942
174.0
4.41
1997
 
8,577,552
0.711
11,521,938
183.1
5.24
1998
 
9,062,817
0.743
12,038,283
191.3
4.48
1999
 
9,630,663
0.779
12,610,491
200.4
4.75
2000
 
10,252,347
0.811
13,130,987
208.7
4.13
2001
 
10,581,822
0.819
13,262,079
210.8
1.00
2002
 
10,936,418
0.833
13,493,064
214.4
1.74
2003
 
11,458,246
0.857
13,879,129
220.6
2.86
2004
 
12,213,730
0.889
14,406,382
229.0
3.80
2005
 
13,036,637
0.921
14,912,509
237.0
3.51
2006
 
13,814,609
0.947
15,338,257
243.8
2.85
2007
 
14,451,860
0.965
15,626,029
248.3
1.88
2008
 
14,712,845
0.963
15,604,687
248.0
-0.14
2009
 
14,448,932
0.939
15,208,834
241.7
-2.54
2010
 
14,992,052
0.963
15,598,753
247.9
2.56
2011
 
15,542,582
0.978
15,840,664
251.8
1.55
2012
 
16,197,007
1.000
16,197,007
257.4
2.25
2013
 
16,784,851
1.018
16,495,369
262.2
1.84
2014
 
17,521,747
1.043
16,899,831
268.6
2.45
2015
 
18,219,297
1.073
17,386,700
276.3
2.88
2016
 
18,707,189
1.090
17,659,187
280.7
1.57
2017
 
19,485,394
1.114
18,050,693
286.9
2.22
2018
 
20,494,079
1.146
18,566,442
295.1
2.86
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
May 2019
REAP_PI_SA1400_2000_PN
 
   
Copyright © 2019. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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