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New Stats on GDP by Metropolitan Area

0709gdpma.gifThe Bureau of Economic Analysis has released an interesting prototype report that breaks down the contribution of 363 metropolitan areas, including specific industries in those areas, to total annual U.S. GDP from 2001 through 2005. The map to the right shows the areas with the largest percent change between 2004 and 2005 with blue representing the most change and orange the least. Here are some highlights I calculated from the report:
The five areas accounting for the highest percentage of national GDP:
  1. New York-Northern New Jersey-Long Island, NY-NJ-PA
  2. Los Angeles-Long Beach-Santa Ana, CA
  3. Chicago-Naperville-Joliet, IL-IN-WI
  4. Washington-Arlington-Alexandria, DC-VA-MD-WV
  5. Dallas-Fort Worth-Arlington, TX
  • The fastest growing area was Palm Coast, FL, which experienced a 163.8% growth from 2001 to 2005; nearly triple that of Corvallis, OR, the second fastest-growing area.
  • Of the top 50 largest metropolitan areas by GDP, Las Vegas-Paradise, NV experienced the largest growth, 31.2%, with its largest increase, 10%, between 2003 and 2004.
  • The biggest loss of GDP was experienced in Lafayette, LA (10.7% loss). It took its biggest hit in 2002 when the GDP dropped 11.3% because of the effects of tropical storm Isidore and Hurricane Lili on the oil and fishing industries.

If the BEA gets positive feedback about the report, they're hoping to have 2006 estimates available next Fall.

BEA Introduces New Measures of the Metropolitan Economy

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