Wednesday, February 23, 2011
Metropolitan GDP figures released
The U.S. Bureau of Economic Analysis (BEA) has just released 2009 estimates of Gross Domestic Product for Metropolitan Statistical Areas (MSAs) across the nation. (Yes, that's not a "typo" 2009 data is the most recent information available for MSAs.) Given the economic downturn, it may be surprising that only 80 percent (292 of 366) of the nation's MSAs experienced a decline in real (inflation-adjusted) gross domestic product.
How did Utah's MSAs perform? Three of five Utah MSAs showed an increase in gross domestic product in 2009--Logan, Salt Lake City, and Ogden-Clearfield. In fact, the Salt Lake City MSA (which includes Salt Lake, Tooele, and Summit counties) placed in the top quintile of all MSAs. The gains weren't phenomenal (just under 1 percent), but during a recession, any gains are certainly welcome.
The St. George, UT MSA (Washington County) produced the worst Utah decline in GDP during 2009--3.4 percent. Of course, the St. George area participated in housing market speculation to a much greater degree than any other area in the state. Indeed, Washington County's decrease placed it in the lowest quintile of all MSAs. It's performance ranking? It ranked 310 out of 366 MSAs. In addition, Provo-Orem experienced a 1.7 percent drop.
For more information on recent GDP performance: http://www.bea.gov/newsreleases/regional/gdp_metro/gdp_metro_newsrelease.htm