Tuesday, September 17, 2013Tweet
[IWS] BEA: GDP BY METROPOLITAN AREA, 2012 AND REVISED 2001-2011 [17 September 2013]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
GDP BY METROPOLITAN AREA, 2012 AND REVISED 2001-2011 [17 September 2013]
[full-text, 23 pages]
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 2011.1 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.2
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).3 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.4 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).
In 2012, the financial activities industry was a strong contributor to growth in many metropolitan areas. Notable contributions to growth from this industry occurred in Missoula, MT (3.4 percentage points); Eau Claire, WI (2.3 percentage points); Bloomington, IL (2.3 percentage points); Minneapolis-St. Paul-Bloomington, MN-WI (2.0 percentage points); and Ocean City, NJ (2.0 percentage points).
Although natural resources and mining was not a major contributor to growth for the nation, several metropolitan areas in the Southwest region experienced strong growth spurred by this industry. Notable contributions to growth occured in Laredo, TX (2.6 percentage points); San Angelo, TX (2.2 percentage points); Corpus Christi, TX (2.2 percentage points); and Longview, TX (2.1 percentage points).
AND MORE...including TABLES....
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