- Real GDP expanded in 44 of the 52 MSAs wholly contained in this region. Professional scientific, and technical services contributed the most to growth in real GDP for the region. This region accounts for 20.4 percent of the nation’s current-dollar GDP in professional, scientific, and technical services. By contrast, mining restrained growth in the region’s GDP.
- Grants Pass, OR and Corvallis, OR experienced the largest upturns in real GDP growth due to growth in durable goods manufacturing and the government sector, respectively. Grants Pass, OR growth improved to 5.4 percent in 2014 from – 1.7 percent in 2013 (7.1 percentage points), while Corvallis, OR growth improved to -0.7 percent in 2014 from -7.1 percent in 2013 (6.4 percentage points).
- Growth in real GDP ranged from -2.1 percent to 6.7 percent with the fastest growth occurring in San Jose-Sunnyvale-Santa Clara, CA and Bend-Redmond, OR. Growth in each of these metropolitan area was spurred by durable goods manufacturing and construction, respectively.
- Los Angeles-Long Beach-Anaheim, CA and San Francisco-Oakland-Hayward, CA- the two largest metropolitan areas in the region, and the 2nd and 7th largest in the nation – experienced growth (2.3 percent and 5.2 percent, respectively), due to growth in real estate and rental and leasing and professional, scientific, and technical services, respectively.
Widespread Growth in the Far West RegionPublished September 23, 2015 BEA , BEA News , GDP , gross domestic product Leave a Comment
Tags: BEA, BEA News, GDP, gross domestic product, real gross domestic product