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Advance Statistics of GDP by Metropolitan Area for 2012 by NAICS Sector
The advance statistics of GDP by metropolitan area for 2012 are based on source data that areincomplete or subject to further revision by the source agency. Revised statistics, based on morecomplete data, will be released in September 2014.As part of the 5-month acceleration in the release of BEA’s 2012 local area personal incomestatistics, the August release of advance metropolitan area personal income was discontinued. The lossof this data source necessitated a delay in the release of 2011 advance GDP-by-metropolitan-areastatistics until February 2013. To improve the timeliness of the release of advance GDP-by-metropolitan-area statistics and return to the previous September release date, a new data source wasidentified and the advance GDP methodology was modified. More information on the methodologyused to produce these advance 2012 statistics, on the revised GDP-by-metropolitan-area statistics for 2001–2011, and on revisions to the GDP-by-metropolitan-area statistics will appear in an article in theOctober 2013 issue of the
Survey of Current Business
, BEA's monthly journal.
. GDP by metropolitan area is the sub-state counterpart of the Nation's grossdomestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economicactivity. GDP by metropolitan area is derived as the sum of the GDP originating in all the industries inthe metropolitan area.The statistics of real GDP by metropolitan area are prepared in chained (2005) dollars. RealGDP by metropolitan area is an inflation-adjusted measure of each area’s gross product that is based onnational prices for the goods and services produced within the metropolitan area. The statistics of realGDP by metropolitan area and of quantity indexes with a base year of 2005 were derived by applyingnational chain-type price indexes to the current-dollar GDP-by-metropolitan-area values for the 61detailed NAICS-based industries.The chain-type index formula that is used in the national accounts is then used to calculate thevalues of total real GDP by metropolitan area and of real GDP by metropolitan area at more aggregated industry levels. Real GDP by metropolitan area may reflect a substantial volume of output that is sold toother areas and countries. To the extent that a metropolitan area’s output is produced and sold innational markets at relatively uniform prices (or sold locally at national prices), real GDP bymetropolitan area captures the differences across metropolitan areas that reflect the relative differencesThe statistics of GDP by metropolitan area released today are consistent with the GDP-by-statestatistics released in June 2013 and incorporate revisions to national GDP by industry released byBEA in December 2012. However, these statistics do not incorporate the comprehensive revisionto the national income and product accounts released in July 2013. The comprehensive revisionincluded the capitalization of research and development expenditures and artistic originals and improved measures of transactions for defined benefit pensions; these will be included in theSeptember 2014 release of GDP-by-metropolitan-area statistics. Changes in GDP will likely beconcentrated in metropolitan areas where industries affected by these revisions account for anotable portion of total GDP. For more information, see “Preview of the 2013 ComprehensiveRevision of the Industry Economic Accounts” in the June 2013 issue of the
Survey of Current Business
, BEA’s monthly journal.