Donald Trump’s victory was only one of the many defining events of 2024. The economy kept up its momentum, and a tech mogul developed a shadow presidency. Simultaneously, persistent climate challenges and dazzling tech advancements, like artificial intelligence, stole the spotlight. Here’s a look through 10 charts that showcase these major developments, shedding light on both what unfolded this year and what might lie ahead.
1. America Steps Right
Donald Trump emerged victorious, not merely by a narrow 1.5 percentage point advantage in the popular vote but also by gaining substantial ground by sweeping every battleground state, including the famed Democratic stronghold of Wisconsin, Michigan, and Pennsylvania. This shift was fueled in part by reduced Democratic voter turnout compared to four years ago. Additionally, Trump made significant strides among various demographics, including Latinos, Black men, and younger Americans, driven by frustrations over economic concerns, immigration policies, and a perception of the Democratic Party’s leftward shift on social issues.
2. An Expensive Campaign Season
Kamala Harris didn’t falter due to a lack of funds. The Democrats, including Harris, managed to outpace the Republican side in fundraising, particularly among small and large donors. Trump, however, found strong support from candidate-backed PACs, especially as tech executives turned away from Democrats over issues like cryptocurrency and antitrust regulations. Despite the $5 billion spent on the presidential race, inflation-adjusted figures reveal a slight decrease compared to the previous election, attributed to factors like Bloomberg’s costly 2020 campaign and Georgia’s Senate runoffs.
3. A Strong Economy (According to Data)
By traditional measures, the economy remained robust, as inflation declined close to the Federal Reserve’s 2% target, growth surged, and job creation followed suit. The stock market continually rose to new heights. Even after accounting for the impacts of COVID, Biden’s economic performance held its ground compared to Trump’s. Yet, the lingering effects of inflation proved challenging for Democrats. In December, the Federal Reserve startled markets by reducing the expected interest rate cuts to two instead of four next year, influenced by the mixed news of rapid growth but persistent inflation.
4. Manufacturing Investment Surged
A particularly bright spot has been the surge in company investments in manufacturing, driven by legislative efforts during Biden’s term. The Inflation Reduction Act, focused on tax credits for climate-friendly projects, and the CHIPS and Science Act, channeling nearly $40 billion into semiconductor production, played pivotal roles. Meanwhile, technology and AI-related investments also surged, signaling potential for future growth.
5. Elon Musk Had a Great Year
Remarkably, as Trump transitioned back into office, tech entrepreneur Elon Musk rose as an informal co-president-elect. Despite little familiarity with political machinations, Musk publicly opposed a major legislative effort to avert a government shutdown, amplifying Washington’s chaotic tendencies. Aligning with Trump proved financially beneficial for Musk, as Tesla’s stock price almost doubled, and SpaceX saw a 67% rise in value since mid-year, marking an increase of over $200 billion in Musk’s wealth. His significant political donations, totaling $277 million, marked him as the top donor of this election cycle.
6. Border Encounters Dropped
Concerns over border security likely contributed to the Democrats’ loss, stemming from high numbers of migrants attempting to cross the southern border after Biden’s early immigration policies seemingly encouraged migration, peaking at over 300,000 encounters per month by late 2023. Yet, by fall 2024, those numbers returned to approximately the levels seen during Trump’s presidency, a shift that went largely unacknowledged by the public.
7. A Global Desire for Change
Globally, the sentiment calling for change surged in 2024, mirroring the anti-incumbency trend in the U.S. Across nine G20 countries that held elections, the ruling parties experienced vote share losses in seven cases. The U.S. shift was relatively minor in comparison; in Britain, the Labour Party secured a massive victory while the incumbent Conservative Party saw its vote share drop by 20 percentage points.
8. Global Temperatures Remain High
The alarming rise of global temperatures persisted, with this year’s average reaching 0.1 degree Celsius above the previous year —which was already the hottest on record— and 1.3 degrees above the 20th-century average. Unpredictable weather events, from North Carolina hurricanes to Northeast wildfires, showcased this ongoing environmental stress.
9. The A.I. Boom Continues
Artificial intelligence continued its meteoric ascent, marking one of the fastest adoptions of any recent technological advancement. With the initial success of applications like OpenAI’s ChatGPT —which handled tasks from coding to poetry— a wave of competitors and uses emerged. AI-driven companies, such as Nvidia, Meta, Alphabet, and Amazon, saw their stock prices soar. Though the financial promises of AI remain to be fully realized, its potential to positively transform our lives is increasingly evident.
10. Death From Armed Conflict Slows
While conflicts remained a pressing issue in people’s minds, global death tolls from armed confrontations decreased for the second year running. The wars in Ukraine and Gaza overshadowed other continuing violence from Sudan to Mexico. December saw the unexpected downfall of Assad’s regime in Syria, possibly marking an end to his brutal leadership, though peace in Syria remains uncertain.
