Posts Tagged 'GDP'

Widespread Growth in the Far West Region


  • 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 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.

GDP Increases in Second Quarter

Real gross domestic product (GDP) increased 3.7 percent in the second quarter of 2015, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 1.4 percentage points from the “advance” estimate released in July. In the first quarter, real GDP increased 0.6 percent.

GDP highlightsQ2Q Growth Aug 27
The second-quarter increase in real GDP mainly reflected an increase in consumer spending. Spending on services, nondurable goods, and durable goods increased.

Exports, state and local government spending, business investment, residential investment, and inventory investment also contributed to the increase in real GDP.

These contributions to the increase in real GDP were partly offset by a rise in imports, mainly in autos and auto parts. (Imports are subtraction in the calculation of GDP.)

The upward revision to second-quarter GDP growth reflected upward revisions to business investment (all three major categories), inventory investment, state and local government spending, and consumer spending.

For more information, see the technical note.

Corporate profitsQ2Q Profits Aug 27
Corporate profits increased 2.4 percent at a quarterly rate in the second quarter after decreasing 5.8 percent in the first quarter.

  • Profits of domestic nonfinancial corporations increased 1.3 percent after decreasing 5.3 percent.
  • Profits of domestic financial corporations increased 9.4 percent after decreasing 6.1 percent.
  • Profits from the rest of the world decreased 0.7 percent after decreasing 6.9 percent.

Over the last 4 quarters, corporate profits decreased 0.5 percent.

For more information, read the full report.

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