Texas real GDP falls 29 percent in 2Q2020

​​​WASHINGTON – Texas’ real gross domestic product (GDP) fell 29 percent at a​ seasonally adjusted rate in 2Q2020, according to the Bureau of Economic Analysis.

Nationally, GDP fell 31.4 percent. All states and the District of Columbia saw declines in GDP last quarter. Texas had the 14th-lowest drop. 

The biggest contributors to the fall in GDP were healthcare and social assistance; transportation and warehousing; accommodation and food services; wholesale trade, mining, quarrying, and oil and gas extraction; and durable goods manufacturing.​​

The nationwide decline reflected the response to COVID-19. S​tay-at-home orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses.

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