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US State economic profile
Montana - Economic Profile
Statistics, economic information and rankings for the Treasure State
In 2026, the state of Montana has a population of 1,155,804, having grown an annualized 0.9% over the five years to 2026, which ranks it 15th out of all 50 US states by growth rate. Montana's gross state product (GSP) in 2026 reached $63.0b, with growth of 3.4% over the 5 years to 2026. Businesses in Montana employed a total of 543,760 people in 2026, with average annual employment growth over the past five years of 1.6%. The top three sectors by total employment are Real Estate & Rental & Leasing, Healthcare & Social Assistance, Professional, Scientific & Technical Services, while the unemployment rate across the state in 2026 was 3.3%.
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State economic profile
Montana Economic Overview
$63.0b
Gross state product
1,155,804
Population
192,996
Businesses
What is Montana's Gross Domestic Product (GDP)?
In 2026, Montana's GDP reached $63.0b, representing an increase of 3.4% from 2025. Montana's GDP has grown at an annualized rate of 2.6% over the five years to 2026. Moreover, Montana's trailing five-year GDP growth ranks it 6th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Montana's GDP, and compare them to the national average, using the chart below.
State economic profile
Montana Industry Trends
Learn about current trends affecting the most significant industries for Montana's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 615 industries in Montana.
What are Montana's Largest Industries by Revenue?
The largest industries by revenue in Montana are Lotteries & Native American Casinos, Petroleum Refining and Hospitals, which generated $6.9b, $6.2b and $6.1b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Lotteries & Native American Casinos | $6.9b |
| 2. | Petroleum Refining | $6.2b |
| 3. | Hospitals | $6.1b |
| 4. | Gasoline & Petroleum Bulk Stations | $5.4b |
| 5. | New Car Dealers | $4.7b |
| 6. | Health & Medical Insurance | $4.5b |
| 7. | Commercial Banking | $4.4b |
| 8. | Wholesale Trade Agents and Brokers | $3.6b |
| 9. | Supermarkets & Grocery Stores | $3.3b |
| 10. | Nonferrous Metal Refining | $3.0b |
State economic profile
Top Companies in Montana
Learn about current trends affecting the top companies in Montana. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
Top 10 Companies Headquartered in Montana by Employment
The largest companies by employment in Montana are Walmart Inc., Albertsons Companies, Inc. and Logan Health, which employed 5,158, 5,006 and 4,800 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | Walmart Inc. | 5,158 | 0.9% |
| 2. | Albertsons Companies, Inc. | 5,006 | 0.9% |
| 3. | Logan Health | 4,800 | 0.9% |
| 4. | Montana State University | 4,800 | 0.9% |
| 5. | Billings Clinic | 4,600 | 0.8% |
| 6. | Bozeman Health | 3,300 | 0.6% |
| 7. | University of Montana | 3,300 | 0.6% |
| 8. | Benefis Health System | 3,100 | 0.6% |
| 9. | Costco Wholesale | 1,744 | 0.3% |
| 10. | Glacier Bancorp, Inc. | 1,075 | 0.2% |
State economic profile
Montana Sector Statistics
In Montana, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Montana's GDP by Sector?
The Real Estate & Rental & Leasing, Healthcare & Social Assistance and Professional, Scientific & Technical Services sectors contributed the most to Montana's GDP in 2026, representing a combined 38.1% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Real Estate & Rental & Leasing | 9,467,638,732 | 4.1% | 4.0% |
| Healthcare & Social Assistance | 6,789,791,286 | 4.1% | 4.3% |
| Professional, Scientific & Technical Services | 5,781,706,355 | 11.0% | 11.6% |
| Retail Trade | 4,251,379,418 | 3.2% | 2.7% |
| Agriculture, Forestry, Fishing & Hunting | 3,718,973,560 | 19.4% | 26.4% |
| Manufacturing | 3,183,800,130 | 3.2% | 2.8% |
| Construction | 3,145,707,881 | 0.2% | -0.1% |
| Accommodation & Food Services | 3,003,604,709 | 6.9% | 6.3% |
| Wholesale Trade | 2,998,819,468 | 1.2% | 0.6% |
| Finance & Insurance | 2,967,838,310 | 2.4% | 1.7% |
| Information | 2,630,919,941 | 10.8% | 10.6% |
| Transportation & Warehousing | 2,326,184,299 | 0.5% | 0.2% |
| Administration, Business Support and Waste Management Services | 1,953,639,807 | 7.5% | 8.0% |
| Mining | 1,951,472,312 | 0.6% | -0.7% |
| Other Services (except Public Administration) | 1,175,366,745 | -0.2% | 0.2% |
| Utilities | 904,738,741 | -2.2% | -2.0% |
| Arts, Entertainment & Recreation | 820,172,967 | 4.1% | 1.8% |
| Educational Services | 393,018,795 | 6.4% | 7.0% |
| Management of Companies and Enterprises | 360,372,746 | 3.6% | 1.8% |
What is Montana's Employment by Sector?
The Healthcare & Social Assistance, Retail Trade and Accommodation & Food Services sectors contributed the most to employment in Montana in 2026, representing a combined 41.9% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Healthcare & Social Assistance | 90,769 | 3.4% | 3.1% |
| Retail Trade | 77,629 | 2.0% | 2.8% |
| Accommodation & Food Services | 59,681 | 0.4% | 2.8% |
| Construction | 54,631 | 4.2% | 4.3% |
| Professional, Scientific & Technical Services | 36,640 | 2.9% | 2.9% |
| Administration, Business Support and Waste Management Services | 31,234 | 3.4% | 3.8% |
| Other Services (except Public Administration) | 23,869 | 2.0% | 3.8% |
| Transportation & Warehousing | 23,095 | 6.9% | 4.0% |
| Educational Services | 22,497 | -0.7% | 0.2% |
| Manufacturing | 22,364 | 0.6% | 1.3% |
| Finance & Insurance | 22,178 | 1.2% | 0.8% |
| Real Estate & Rental & Leasing | 21,619 | 1.4% | 2.3% |
| Wholesale Trade | 17,542 | 1.2% | 2.1% |
| Arts, Entertainment & Recreation | 17,004 | 1.8% | 3.5% |
| Information | 10,753 | 2.4% | 3.8% |
| Mining | 4,751 | -0.2% | -0.3% |
| Utilities | 3,866 | 1.1% | 0.5% |
| Agriculture, Forestry, Fishing & Hunting | 3,638 | 1.6% | 1.2% |
State economic profile
Montana Employment Trends
543.8k
Employment
3.3%
Unemployment
What Employment Trends are Impacting Montana?
The state of Montana employs 543,760 people in 2026, which ranks it 45th out of all 50 US states. Employment in Montana has grown at an annualized rate of 2.8% over the five years to 2026, overperforming the national average of 1.7%. Major sectors by employment in Montana include Healthcare & Social Assistance, Retail Trade and Accommodation & Food Services, which employed 90,769, 77,629 and 59,681 people in 2026, respectively. Montana's unemployment rate is 3.3% in 2026, which ranks it 5th out of all 50 US states. Montana's unemployment rate has trended downwards at a rate of -0.6% over the five years to 2026, overperforming the US economy as a whole.
Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Montana, and compare them to the US economy, using the chart below.
$111.4k
Per capita disposable income
What is Montana's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Montana's DPI in 2026 was $111.4k, compared to the US average of $156.5k, which places it 14th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Montana's per capita disposable income, and compare it to the US average, using the chart below.
State economic profile
Montana Construction & Building Trends
$1,048.3tn
Nonresidential construction
$1.6tn
Residential construction
5,315
Building permits
What can construction trends tell you about a state’s economy?
In Montana, non-residential construction was $1,048.3tn in 2026, which ranks it 10th out of all 50 US states. Residential construction was $1.6tn in 2026, which places Montana 32nd out of all 50 US states. The number of building permits issued in Montana in 2026 was 5,315, representing a -3.6% annualized growth rate between 2021 and 2026.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Montana, and compare it to trends in the number issued in the United States as a whole, using the chart below.
State economic profile
Montana Population Statistics
Which Counties in Montana have the Largest Populations?
The counties with the highest populations in Montana are Yellowstone County, Gallatin County and Missoula County, which had populations of 175,608, 132,466 and 124,968 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Yellowstone | 175.6k | 0.9% | 15.2% |
| Gallatin | 132.5k | 1.6% | 11.5% |
| Missoula | 125.0k | 0.8% | 10.8% |
| Flathead | 121.2k | 2.2% | 10.5% |
| Cascade | 85.2k | 0.1% | 7.4% |
| Lewis And Clark | 78.7k | 1.6% | 6.8% |
| Ravalli | 50.4k | 1.8% | 4.4% |
| Silver Bow | 37.5k | 1.0% | 3.2% |
| Lake | 35.2k | 1.8% | 3.0% |
| Lincoln | 23.7k | 2.7% | 2.0% |
| Park | 18.5k | 1.1% | 1.6% |
| Hill | 16.4k | 0.3% | 1.4% |
| Sanders | 14.8k | 2.6% | 1.3% |
| Jefferson | 13.9k | 2.0% | 1.2% |
| Glacier | 13.5k | -0.3% | 1.2% |
| Big Horn | 12.5k | -0.7% | 1.1% |
| Carbon | 12.2k | 2.2% | 1.1% |
| Fergus | 12.0k | 0.8% | 1.0% |
| Custer | 12.0k | 0.1% | 1.0% |
| Richland | 11.0k | -0.6% | 0.9% |
| Madison | 10.4k | 2.9% | 0.9% |
| Beaverhead | 10.3k | 1.5% | 0.9% |
| Deer Lodge | 9.9k | 0.9% | 0.9% |
| Roosevelt | 9.8k | -1.7% | 0.8% |
| Stillwater | 9.3k | 0.6% | 0.8% |
State economic profile
Montana Demographics
In Montana, 38.2% of the population has a Bachelors or higher. The largest ethnic group in Montana is White, accounting for 84.5% of the state's population.
Education level in Montana
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 38.2 |
| Other | 61.8 |
Race in Montana
| Race | Share (%) |
|---|---|
| White | 84.5 |
| Other | 8.6 |
| Hispanic | 5.3 |
| Asian | 1.0 |
| Black | 0.6 |
Montana State industry reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level, with accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 615 Montana industry reports.
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Compare Montana’s economy with other states in the United States.
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