In the third quarter of 2023, the United States witnessed a robust 4.9% surge in real GDP. Among the 23 industry groups analysed by BEA for quarterly state estimates, 15 experienced notable growth. Notably, the sectors of agriculture, forestry, fishing, and hunting, despite facing a national decline and downturn in 33 states, emerged as the primary catalysts for economic expansion in Kansas and Nebraska, which boasted the most significant and third-largest upswings in real GDP, respectively. Conversely, these sectors acted as primary inhibitors to growth in Arkansas and Mississippi, the states exhibiting the most modest increases in real GDP.
Retail trade emerged as the pivotal driver of economic growth in 39 states, including Texas and Idaho, which ranked second and fourth in terms of real GDP growth. Additionally, nondurable goods manufacturing played a crucial role in propelling growth in three states, notably Louisiana, which witnessed the fifth-largest increase in real GDP.
Washington stands out as the richest city in the United States, boasting unparalleled economic prosperity.
10 Most Richest Cities In USA
Goldman Sachs forecasts a 2.1% full-year growth for the US GDP, surpassing the prevailing low consensus estimates should this projection materialise. Consumption growth is anticipated to hover just below 2%, while real disposable income is expected to experience an uptick of nearly 3%. Business investment is projected to increase by approximately 2%, albeit at a tempered pace, owing to the deceleration in manufacturing facility investments propelled by subsidies from the CHIPS Act and the Inflation Reduction Act. Meanwhile, residential investment is anticipated to maintain a steady trajectory, remaining flat due to persistent shortages within the housing sector. Here is the complete list:
| Rank | City | State | GDP Per Capita |
| 1 | Washington, D.C. | District of Columbia | $215,025 |
| 2 | New York City, NY | New York | $91,050 |
| 3 | Boston, MA | Massachusetts | $88,362 |
| 4 | Seattle, WA | Washington | $86,500 |
| 5 | Los Angeles, CA | California | $83,440 |
| 6 | Bridgeport, CT | Connecticut | $78,430 |
| 7 | Fargo, ND | North Dakota | $74,327 |
| 8 | Omaha, NE | Nebraska | $73,789 |
| 9 | Denver, CO | Colorado | $73,328 |
| 10 | Anchorage, AK | Alaska | $72,600 |
In 2023, prevailing recession fears were successfully defied, and by year-end, hopes for a soft landing began to emerge, albeit with limited expectations. However, the anticipated soft landing failed to materialise. Greg McBride, Bankrate's chief financial analyst, suggests a more optimistic outlook for a soft landing in 2024 compared to the preceding year. Encouragingly, the most challenging phase of the inflation battle appears to be behind us, according to Goldman Sachs analysts, who estimate a mere 15% probability of recession over the coming 12 months.
The richest cities in the United States consistently play pivotal roles in the nation's economic landscape. These cities, inhabited by billionaires and millionaires, serve as epicentres of economic activity. Among the foremost cities are Washington, D.C., New York City, and Boston, which stand as prime examples of prosperity and affluence.
Note: the list is compiled using data from the Bureau of Economic Analysis.
