WASHINGTON – Texas' real gross domestic product (GDP) fell 3.5 percent in 2020, according to the Bureau of Economic Analysis.
Professional, scientific, and technical services and finance and insurance were the only two sectors to register positive growth during 2020. Both industries are characterized for their ability to socially distance while continuing to operate.
The state's real GDP increased 7.5 percent at an annualized rate in 4Q2020.
During 4Q2020, finance and insurance; professional, scientific, and technical services; and administrative and support and waste management and remediation services were the leading contributors to the increase in real GDP.
Nationally, real GDP fell 3.5 percent over the year. All states and the District of Columbia saw declines in GDP in 2020.
The Texas Real Estate Research Center has a wealth of economic information online for free.
Source: U.S. Bureau of Economic Analysis
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