US states by GDP by industry: real estate, rental and leasing, 2025
California had the highest GDP by industry: real estate, rental and leasing of 51 states in 2025, at $598.94 billion. Wyoming had the lowest, at $6.81 billion. The median was $44.77 billion and the figure for the United States was $4.23 trillion. Source: the U.S. Bureau of Economic Analysis.
Map of states, 2025
- Under 16K
- 16K to 21K
- 21K to 45K
- 45K to 79K
- 79K to 120K
- 120K and over
All states, 2025
Full ranking
| Rank | States | 2025 | Change on 2024 |
|---|---|---|---|
| 1 | California | 598,938.5 | +4.1% |
| 2 | Texas | 373,122.8 | +7.3% |
| 3 | Florida | 372,864.1 | +8% |
| 4 | New York | 351,829.5 | +4.5% |
| 5 | Illinois | 158,956.3 | +5.1% |
| 6 | New Jersey | 139,971.4 | +5.2% |
| 7 | Pennsylvania | 135,007.6 | +4.8% |
| 8 | Georgia | 132,219.5 | +7% |
| 9 | Ohio | 119,059.4 | +5.6% |
| 10 | Washington | 114,697.7 | +4.6% |
| 11 | Massachusetts | 114,659.7 | +4.5% |
| 12 | Virginia | 113,884.6 | +6.5% |
| 13 | North Carolina | 113,656 | +7.5% |
| 14 | Michigan | 100,565.7 | +5.3% |
| 15 | Arizona | 99,974.7 | +7.2% |
| 16 | Colorado | 90,823.8 | +5.7% |
| 17 | Maryland | 88,713.7 | +5% |
| 18 | Tennessee | 74,106.8 | +7.8% |
| 19 | Minnesota | 64,950.5 | +5.3% |
| 20 | Missouri | 60,264.9 | +5.8% |
| 21 | South Carolina | 59,045.3 | +8.2% |
| 22 | Indiana | 58,641.5 | +6.1% |
| 23 | Wisconsin | 57,080.3 | +5.5% |
| 24 | Oregon | 51,680.7 | +6% |
| 25 | Connecticut | 50,237.3 | +5.1% |
| 26 | Utah | 44,771.6 | +10.3% |
| 27 | Nevada | 42,596.7 | +5.9% |
| 28 | Alabama | 41,324.3 | +7.4% |
| 29 | Louisiana | 37,415.6 | +5.1% |
| 30 | Kentucky | 35,203.5 | +6.2% |
| 31 | Oklahoma | 29,196.8 | +3.6% |
| 32 | Kansas | 26,419.3 | +6.1% |
| 33 | Iowa | 23,859.5 | +3.6% |
| 34 | Arkansas | 21,661.6 | +5.7% |
| 35 | Hawaii | 20,595.8 | +3.4% |
| 36 | Idaho | 20,337.6 | +8.8% |
| 37 | Mississippi | 20,027.5 | +6% |
| 38 | New Mexico | 18,099.7 | +6% |
| 39 | New Hampshire | 17,985.6 | +5.6% |
| 40 | Nebraska | 17,572.5 | +4.8% |
| 41 | Delaware | 17,228 | +5.6% |
| 42 | District of Columbia | 17,211.1 | -0.3% |
| 43 | Maine | 15,610.5 | +5.1% |
| 44 | Rhode Island | 12,253.6 | +4.3% |
| 45 | Montana | 11,793.4 | +7.8% |
| 46 | West Virginia | 11,207.5 | +4.2% |
| 47 | South Dakota | 7,950.5 | +6.6% |
| 48 | North Dakota | 7,594.4 | +5.9% |
| 49 | Vermont | 7,274.7 | +8.9% |
| 50 | Alaska | 7,184.6 | +3.3% |
| 51 | Wyoming | 6,812.9 | +8.4% |
Other periods
About this ranking
Value added by real estate and rental and leasing (NAICS 53), the industry's contribution to gross domestic product (GDP), in millions of current US dollars. United States and states: Bureau of Economic Analysis GDP by state, table SAGDP2, line 56.
Includes the rental value of owner-occupied homes, which BEA imputes as if owners rented their homes to themselves. That is why real estate is often the largest industry in a state: in 2025 it was in 24 of the 50 states and the District of Columbia. Millions of current US dollars, not adjusted for inflation; for real growth of the whole economy use gdp_growth. Industries are the sectors of the 2017 North American Industry Classification System (NAICS), counted where production takes place. The 20 sector values of a place add up to its gdp_usd, apart from rounding. BEA leaves out values that would disclose a single company, marked (D), and values below $50,000, marked (L); they are missing here, not zero.
Every value in the ranking comes from the same publisher and the same period, so the states are compared on one definition. Equal values share a rank.
How to cite
U.S. Bureau of Economic Analysis. SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars. https://apps.bea.gov/regional/zip/SAGDP.zip. Retrieved 2026-10-12.Citation styles
APA 7
U.S. Bureau of Economic Analysis. (2026). SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars (US states by GDP by industry: real estate, rental and leasing, 2025) [Data set]. Retrieved October 12, 2026, from https://apps.bea.gov/regional/zip/SAGDP.zip
MLA 9
SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars, US states by GDP by industry: real estate, rental and leasing, 2025. U.S. Bureau of Economic Analysis, 30 Sept. 2026, https://apps.bea.gov/regional/zip/SAGDP.zip. Invokely, https://invokely.ai/rankings/gdp-by-industry-real-estate/us-states. Accessed 12 Oct. 2026.
Chicago (author-date)
U.S. Bureau of Economic Analysis. 2026. SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars. US states by GDP by industry: real estate, rental and leasing, 2025. Dataset. Accessed October 12, 2026. https://apps.bea.gov/regional/zip/SAGDP.zip. Also distributed by Invokely, https://invokely.ai/rankings/gdp-by-industry-real-estate/us-states.
Harvard
U.S. Bureau of Economic Analysis (2026) SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars, US states by GDP by industry: real estate, rental and leasing, 2025 [Dataset]. Available at: https://apps.bea.gov/regional/zip/SAGDP.zip, via Invokely: https://invokely.ai/rankings/gdp-by-industry-real-estate/us-states (Accessed: 12 October 2026).
BibTeX
@misc{bureau_us_states_by_gdp_2025,
author = {{U.S. Bureau of Economic Analysis}},
title = {{SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars: US states by GDP by industry: real estate, rental and leasing, 2025}},
year = {2026},
howpublished = {Data set},
url = {https://apps.bea.gov/regional/zip/SAGDP.zip},
urldate = {2026-10-12},
note = {Accessed via Invokely, https://invokely.ai/rankings/gdp-by-industry-real-estate/us-states. Publisher attribution: U.S. Bureau of Economic Analysis. SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars. https://apps.bea.gov/regional/zip/SAGDP.zip. Retrieved 2026-10-12.},
}
RIS
TY - DATA
AU - U.S. Bureau of Economic Analysis
TI - SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars: US states by GDP by industry: real estate, rental and leasing, 2025
PY - 2026
DA - 2026/09/30
PB - U.S. Bureau of Economic Analysis
DB - Invokely
UR - https://apps.bea.gov/regional/zip/SAGDP.zip
L2 - https://invokely.ai/rankings/gdp-by-industry-real-estate/us-states
Y2 - 2026/10/12
N1 - Accessed via Invokely, https://invokely.ai/rankings/gdp-by-industry-real-estate/us-states.
N1 - Publisher attribution: U.S. Bureau of Economic Analysis. SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars. https://apps.bea.gov/regional/zip/SAGDP.zip. Retrieved 2026-10-12.
ER -
Use this data in your AI agent
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Rank US states by GDP by industry: real estate, rental and leasing using official data, and cite the source.
rank_places {"indicator":"gdp_by_industry_usd_real_estate","level":"region","within":"United States","limit":10}
GET https://invokely.ai/api/v1/rank?indicator=gdp_by_industry_usd_real_estate&level=region&within=United%20States&limit=10Questions
Which state has the highest GDP by industry: real estate, rental and leasing?
California, with $598.94 billion in 2025, according to the U.S. Bureau of Economic Analysis.
Which state has the lowest GDP by industry: real estate, rental and leasing?
Wyoming, with $6.81 billion in 2025.
Where does this ranking come from?
Every value comes from one source and one period, so the places are comparable: U.S. Bureau of Economic Analysis, SAGDP2: gross domestic product (GDP) by state, Real estate and rental and leasing (NAICS 53), millions of current dollars. Retrieved 2026-10-12.