Metropolitan areas accounted for nearly 90 percent of national current-dollar gross domestic product (GDP). The ten largest metropolitan areas accounted for 38 percent of national GDP in 2011, while the smallest 79 metropolitan areas accounted for 2 percent of national GDP.
- Real GDP grew in 242 of the 366 MSAs. Professional and business services, durable-goods manufacturing, and trade led growth in 2011. Professional and business services contributed more than 50 percent to real GDP growth in 57 metropolitan areas. Growth in this sector was strongest for metropolitan areas in the New England and Far West regions, such as Worcester, MA, and San Francisco-Oakland-Fremont, CA.
- Many metropolitan areas in the Great Lakes region experienced strong growth in durable-goods manufacturing in 2011. Growth in this sector contributed more than 6 percentage points to growth in Kokomo, IN, and Columbus, IN.
- Trade contributed 1 percentage point or more to overall growth in real GDP in Odessa, TX, Logan, UT-ID, WA, and Midland, TX.
- In 2011, San Jose-Sunnyvale-Santa Clara, CA, was the fastest growing metropolitan area (7.7 percent) among economies with real GDP of more than $100 billion. Midland, TX, grew the fastest (9.5 percent) of the metro areas with real GDP of $10–100 billion. Odessa, TX, grew the fastest (15.2 percent) of the metro areas with real GDP of less than $10 billion.
For more information on GDP by metropolitan area, read the full report.
State personal income growth slowed to 0.5 percent in the third quarter of 2012 from 0.7 percent in the second quarter. Growth slowed in 34 states, accelerated in 11, and was unchanged in 5. Growth across states ranged from 1.4 percent in North Dakota to –1.6 percent in South Dakota. Inflation, as measured by the national price index for personal consumption expenditures, accelerated to 0.4 percent in the third quarter from 0.2 percent in the second quarter.
For more information about state personal income, read the full report.
Personal income rose in 3,062 of the nation’s 3,113 counties in 2011, with growth ranging from 62.2 percent in King County, TX, to –28.8 percent in Lynn County, TX. Of the 50 counties with the fastest personal income growth in 2011, 45 were located in the Plains Region—with 41 of the 45 counties located in Nebraska, North Dakota, and South Dakota. Increases in farm income were a major factor in the growth rates for most of these counties. Inflation, as measured by the national price index for personal consumption expenditures, accelerated to 2.4 percent in 2011 from 1.9 percent in 2010.
Per capita personal income (personal income divided by population) in counties in 2011 ranged from $121,301 in New York County (Manhattan), NY, to $16,752 in Crowley County, CO. Of the nation’s 3,113 counties, 609 (19.6 percent) had 2011 per capita personal income levels that exceeded the nation’s average of $41,560.
For more information about personal income, read the full report.