GDP by Metropolitan Area, Advance 2012, and Revised 2001–2011

by Sabrina I. Pacifici on September 18, 2013

BEA news release: “Real GDP increased in 305 of the nation’s 381 metropolitan areas in 2012, led by growth in durable-goods manufacturing, trade, and financial activities, according to new statistics released today by the U.S. Bureau of Economic Analysis. Real GDP in metropolitan areas increased 2.5 percent in 2012 after increasing 1.7 percent in 2011. Today’s release of GDP by metropolitan area represents a return to the previous release schedule, publishing 9 rather than 14 months after the end of the calendar year.  Of the ten largest metropolitan areas, the three with the fastest real GDP growth in 2012 were San Francisco-Oakland-Hayward, CA (7.4 percent), Houston-The Woodlands-Sugar Land, TX (5.3 percent), and Dallas-Fort Worth-Arlington, TX (4.3 percent). The ten largest metropolitan areas, accounting for 34 percent of national GDP, averaged 3.1 percent growth in 2012 after growing 1.9 percent in 2011. Durable-goods manufacturing continued to spur growth in many of the nation’s metropolitan areas in 2012. Strong contributions from this industry fueled growth in many small metropolitan areas where it constitutes a large portion of the area’s economy. This is especially true in the Great Lakes region where durable-goods manufacturing contributed 8.5 percentage points to growth in Elkhart-Goshen, IN, 8.3 percentage points to growth in Columbus, IN and 7.2 percentage points in Kokomo, IN. Elkhart-Goshen, IN and Columbus, IN were two of the fastest growing metropolitan areas in 2012, with overall real GDP growth of 11.4 percent and 9.6 percent, respectively. The effect of the growth in trade (wholesale and retail) was widespread—363 of the nation’s 381 metropolitan areas experienced positive contributions to growth. The strongest contributions from this industry occurred in the Southwest region. One of the largest contributions occurred in Odessa, TX (3.1 percentage points).”

 

Previous post:

Next post: