Thursday, September 21, 2017

2016 GDP Growth By Large And Small Metropolitan Areas: San Francisco-Oakland-Hayward, CA And Bend-Redmond, OR Had The Highest GDP Growth For Large And Small Metro Areas

From US Department of Commerce, Bureau of Economic Analysis, "Gross Domestic Product by Metropolitan Area, 2016: Professional and Business Services Led Growth Across Metropolitan Areas in 2016:"
Real gross domestic product (GDP) increased in 267 out of 382 metropolitan areas in 2016 according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis. Real GDP by metropolitan area growth ranged from 8.1 percent in Lake Charles, LA and Bend-Redmond, OR to -13.3 percent in Odessa, TX (table 2 [Omitted]).

Source: Bureau of Economic Analysis
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Large Metropolitan Area Highlights
  • Of the large metropolitan areas, those with population greater than two million, San Francisco-Oakland-Hayward, CA (5.4 percent) and Austin-Round Rock, TX (4.9 percent) were the fastest growing metropolitan areas. Real GDP growth in San Francisco-Oakland-Hayward, CA was led by growth in finance, insurance, real estate, rental, and leasing, while growth in Austin-Round Rock, TX was led by professional and business services.

  • The only large metropolitan area that declined was Houston-The Woodlands-Sugar Land, TX (-3.0 percent). The real GDP decline in Houston-The Woodlands-Sugar Land, TX was led by a decline in natural resources and mining.
Small Metropolitan Area Highlights
  • Of the small metropolitan areas, those with population less than two million, Bend-Redmond, OR (8.1 percent) and Lake Charles, LA (8.1 percent) were the fastest growing metropolitan areas. Bend-Redmond, OR was led by growth in finance, insurance, real estate, rental, and leasing, while Lake Charles, LA was led by growth in nondurable-goods manufacturing.

  • The largest declines in real GDP for small metropolitan areas were in Odessa, TX (-13.3 percent) and Casper, WY (-11.6 percent). Natural resources and mining subtracted from growth in each of these metropolitan areas.