Posts Tagged 'metropolitan area'

Economic Growth Widespread Across Metropolitan Areas in 2012

• Metropolitan areas accounted for nearly 91 percent of national current-dollar gross domestic product (GDP). The ten largest metropolitan areas accounted for 34 percent of national GDP in 2012, while the smallest 79 metropolitan areas accounted for less than 2 percent of national GDP.0917blog

• Real GDP grew in 305 metropolitan areas. Durable-goods manufacturing, trade, and financial activities led growth in 2012. Durable-goods manufacturing and financial activities contributed more than 50 percent to real GDP growth in 80 and 53 metropolitan areas, respectively.

• Trade contributed to real GDP growth in 363 metropolitan areas. Growth was strongest for metropolitan areas in the Southwest regions such as Odessa, TX.

• Financial activities contributed more than 2 percentage points to overall growth in real GDP in Missoula, MT; Eau Claire, WI; Bloomington, IL; Minneapolis-St. Paul-Bloomington, MN-WI; and Ocean City, NJ.

• In 2012, San Francisco-Oakland-Hayward, CA was the fastest growing metropolitan area (7.4 percent) among economies with real GDP of more than $100 billion. Midland, TX, grew the fastest (14.4 percent) of the metro areas with real GDP of $10–100 billion. Odessa, TX, grew the fastest (14.1 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.

BEA Introduces New Measures of the Regional Economy

Today, the U.S. Bureau of Economic Analysis released experimental real, or inflation-adjusted, estimates of personal income for states and metropolitan areas. The inflation adjustments are based in part on regional price parities (RPPs), which provide a measure of differences in price levels across each state and region relative to the national price level for each of the years 2007–2011. When RPPs are applied in conjunction with BEA’s national Personal Consumption Expenditures (PCE) price index, which measures price changes over time, personal income comparisons can be made across regions and time periods. These prototype statistics are being released for evaluation and comment by data users.

PI_1_0612Growth in real state personal income from 2010 to 2011 ranged from 1.3 percent in Mississippi to 10.4 percent in South Dakota. These growth rates reflect the year-over-year change in the state’s nominal personal income, the change in the national PCE price index, and the change in the regional price parity for that state. After South Dakota, the states with the largest growth rates of real personal income are North Dakota (9.5 percent), Iowa (6.1 percent), Nebraska (6.0 percent), and Texas (4.3 percent). The states with smallest growth rates after Mississippi are Maine (1.4 percent), Rhode Island (1.5 percent), Vermont (1.6 percent), and New Mexico (1.6 percent). Four states—Arizona, Indiana, North Carolina, and Oregon—had growth rates equal to the national average of 2.7 percent.

PI_2_0612Growth in real metropolitan area personal income from 2010 to 2011 ranged from a decline of 0.7 percent in Rochester, MN, to an increase of 11.9 percent in Odessa, TX. After Odessa, TX, the metropolitan areas with largest growth rates of real personal income were Midland, TX (10.7 percent), Hanford-Corcoran, CA (6.7 percent), San Jose-Sunnyvale-Santa Clara, CA (6.4 percent), and Madera-Chowchilla, CA (6.2 percent). In addition to Rochester, MN, four metropolitan areas had declining or flat growth rates. These are Ocean City, NJ (–0.3 percent), Anniston-Oxford, AL (–0.2 percent), Gadsden, AL (–0.2 percent), and Cape Girardeau-Jackson, MO-IL (0.0 percent).

To learn more, read the full report.

Growth Continues Across the Nation’s Metropolitan Areas

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.metro_area_0213

  • 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.