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P. 1
GDP Report

GDP Report

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Published by srdiel
GDP Report
GDP Report

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Published by: srdiel on Sep 17, 2013
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01/10/2014

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, SEPTEMBER 17, 2013
Technical: Sharon Panek (202) 606-9228 BEA 13-42Ralph Rodriguez (202) 606-9631Media: Jeannine Aversa (202) 606-2649E-Mail inquiries:gdpbymetro@bea.gov 
ECONOMIC GROWTH WIDESPREAD ACROSS METROPOLITAN AREAS IN 2012
 Advance 2012, and Revised 2001–2011 GDP-by-Metropolitan-Area Statistics
 Real GDP increased in 305 of the nation’s 381 metropolitan areas in 2012, led by growth indurable-goods manufacturing, trade, and financial activities, according to new statistics released today bythe U.S. Bureau of Economic Analysis. Real GDP in metropolitan areas increased 2.5 percent in 2012after increasing 1.7 percent in 2011.
1
Today’s release of GDP by metropolitan area represents a return tothe previous release schedule, publishing 9 rather than 14 months after the end of the calendar year.
2
 
1
The GDP data in this release do not incorporate the new concepts and definitions that were part of the comprehensiverevision to the National Income and Product Accounts released in July 2013. Those changes, along with statistical revisions,will be included in the September 2014 release of GDP by metropolitan area. See the box on page 3.
2
See section on “Advance Statistics of GDP by Metropolitan Area for 2012 by NAICS Sector”.
 
 NEWS RELEASE
 
 - 2 -Of the ten largest metropolitan areas, the three with the fastest real GDP growth in 2012 wereSan 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 metropolitanareas in 2012. Strong contributions from this industry fueled growth in many small metropolitan areaswhere it constitutes a large portion of the area’s economy.
4
This is especially true in the Great Lakesregion 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, withoverall 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 381metropolitan areas experienced positive contributions to growth. The strongest contributions from thisindustry 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 metropolitanareas. 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 occurred 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).Tables 1-3 show these results in more detail; complete detail is available on the BEA Web site atwww.bea.gov. 
3
The ten largest metropolitan areas, as measured by 2012 real GDP, are: New York-Northern New Jersey-Long Island, NY- NJ-PA; Los Angeles-Long Beach-Santa Ana, CA; Chicago-Joliet-Naperville, IL-IN-WI; Washington-Arlington-Alexandria,DC-VA-MD-WV; Houston-Sugar Land-Baytown, TX; Dallas-Fort Worth-Arlington, TX; Philadelphia-Camden-Wilmington,PA-NJ-DE-MD; Boston-Cambridge-Quincy, MA-NH; San Francisco-Oakland-Fremont, CA; and Atlanta-Sandy Springs-Marietta, GA. The real GDP produced by each of these metropolitan areas exceeds $249 billion.
4
Small metropolitan areas are those with real GDP of less than $10 billion.
 
 - 3 -
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.
Explanatory Notes
 
Definitions
. 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.

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