June 29, 2021
According to the U.S. Bureau of Economic Analysis, Nevada saw the largest increase in Gross Domestic Product (GDP) for the first quarter of 2021 at just under 11%. This comes a month after Governor Sisolak fully re-opened the state’s economy.
“It’s no secret that Nevada's economy took the hardest hit from the COVID-19 pandemic, but the recent GDP report from the U.S. Bureau of Economic Analysis proves we will recover stronger and build the Nevada our families deserve,” Governor Sisolak said. “In order to ensure we continue down a successful path, we must remain focused on vaccinating our residents, putting people back to work, diversifying our economy, and ensuring that Nevada’s recovery reaches every individual and family.”
“The new GDP data shows that we have merged into the fast lane of the road to recovery,” said Michael Brown, Director of the Governor’s Office of Economic Development (GOED). “The return of visitors in our hospitality sector, the infusion of support from the American Rescue Plan Act, and the steps taken to diversify the state’s economy have accelerated our recovery. Now we must focus on building resilience into our economy, to smooth out the bumps, with increased diversification in manufacturing/logistics, energy, technology, and healthcare with the goal of delivering good jobs today and better jobs tomorrow.”
Read more below about the recent data findings:
U.S. Bureau of Economic Analysis: Gross Domestic Product by State, 1st Quarter 2021
Nevada had the largest increase in the first quarter
- Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2021, as real GDP for the nation increased at an annual rate of 6.4 percent, according to statistics released today by the U.S. Bureau of Economic Analysis.
- The percent change in real GDP in the first quarter ranged from 10.9 percent in Nevada to 2.9 percent in the District of Columbia.
- Durable goods manufacturing; professional, scientific, and technical services; and information services were the leading contributors to the increase in real GDP nationally (see table 2). Accommodation and food services was the leading contributor to the increase in Nevada. Accommodation and food services increased 16.9 percent nationally and contributed to the increases in all 50 states and the District of Columbia.