Archive for the 'GDP by Metro Area' Category

Professional and Business Services Led Metro Area Growth

gdp_metro0916

• Professional and business services contributed more than one percentage point to growth in 25 metropolitan areas, most notably in San Jose-Sunnyvale-Santa Clara, CA (2.75 percentage points), the second fastest growing metropolitan area in the nation (8.9 percent).

• Trade contributed more than one percentage point to growth in 20 metropolitan areas, most notably in Hickory-Lenoir-Morganton, NC (1.44 percentage points).

• Finance, insurance, real estate, rental, and leasing contributed more than one percentage point to growth in 48 metropolitan areas. This industry also had strong contributions to growth in three metropolitan areas in Florida where total growth was greater than four percent: Sebastian-Vero Beach, FL (3.22 percentage points); Naples-Immokalee-Marco Island, FL (2.91 percentage points); and Punta Gorda, FL (2.39 percentage points).

• Natural resources and mining led to notable growth in total real GDP for Midland, TX (9.4 percent) and Visalia-Porterville, CA (7.6 percent), the fastest and fourth fastest growing metropolitan areas, respectively. Nondurable-goods manufacturing led to growth in Lake Charles, LA (8.3 percent)—the third fastest growing metropolitan area.

For more information, read the full report.

Widespread Growth Across Metropolitan Areas

Metro GDP map

  • Real GDP increased in 282 of the nation’s 381 metropolitan areas in 2014, led by widespread growth in professional and business services; finance, insurance, real estate, rental, and leasing; and trade. Natural resources and mining also spurred strong localized growth in several metropolitan areas.
  • Professional and business services and finance, insurance, real estate, rental, and leasing contributed more than 50 percent to real GDP growth in 49 and 39 metropolitan areas, respectively.
  • Profession and business services contributed to growth in 314 of the nation’s 381 metropolitan areas in 2014, most notably in Midland, MI (4.56 percentage points) and San Francisco-Oakland-Hayward, CA (2.05 percentage points).
  • Mining in the Permian Basin and Cline formation led to notable total real GDP growth for Midland, TX (24.1 percentage points) and San Angelo, TX (11.4 percentage points). Mining in the Marcellus shale formation contributed significantly to the 9.5 percent increase in total real GDP for Wheeling, WV-OH.
  • In 2014, Dallas-Fort Worth-Arlington, TX was the fastest growing metropolitan area (8.5 percent) among economies with populations of 500,000 or more. Midland, TX grew the fastest (24.1 percent) of the metro areas with populations of less than 500,000.

For more information, read the full report.

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.


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