America’s gigantic economy


Mark Perry posted this map on his blog recently. He matched the economic output of each state in 2012 with the closest economic output (as measured by GDP) of foreign countries in 2012.

MP: Overall, the US produced 22.3% of world GDP in 2012, with only 4.4% of the world’s population. Three of America’s states (California, Texas and New York) – as separate countries – would rank in the world’s top 15 largest economies. And one of those states – California – produced more than $2 trillion in economic output in 2012 – and the other two (Texas and New York) produced more than $1 trillion of GDP in 2012. The map and these statistics help remind us of the enormity of the economic powerhouse we live in. So let’s not lose sight of how ridiculously large and powerful the US economy is, and how much wealth and prosperity is being created all the time in the world’s largest economic engine.

More recently he posted a chart listing the economic output of the top 20 US metro economies to other entire countries with similar GDP.

MP: This comparison provides another demonstration of how ridiculously large America’s $16 trillion (now $17 trillion) economy really is by showing that the economies of America’s largest metropolitan areas are equivalent in economic size to the economies of entire countries. In fact, 11 of America’s largest metro economies as separate nations would rank in the top 50 largest economies in the world, and 36 US metro areas would rank in the top 100 largest economies in the world! It’s also a demonstration that “free market capitalism is the best path to prosperity” and it was the “power of the market” that helped transform a minor British colony into an economic superpower and the world’s largest economy.

The efficiency and productivity of the American worker is impressive.

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