Stats Shot: 381 U.S. Metro Areas, Ranked by Their 2014 GDP
The Homosassa Springs metro area saw a 7.5 percent drop in GDP last year, a U.S. low. TRE Wheeler BA (Hons) / Shutterstock.com
The U.S. Bureau of Economic Analysis released the figures on Wednesday.
In terms of gross domestic product, the New York metropolitan region remained the top economic powerhouse last year among the nation's urban areas, according to figures the U.S. Bureau of Economic Analysis released Wednesday.
New York City, and surrounding areas, generated an estimated $1.4 trillion of goods and services during 2014, according to the data, which featured GDP figures for 381 metropolitan regions around the United States. In the data, the New York metro area also includes Newark and Jersey City, located in neighboring New Jersey.
The total GDP figure for the city is adjusted for inflation and is in "chained" 2009 dollars.
The metropolitan area that saw the strongest growth last year based on the data was Midland, Texas, where GDP skyrocketed by 24.1 percent over 2013 levels. The Bureau of Economic Analysis pointed to mining in the Permian Basin and Cline formation, two centers for oil and gas extraction, as a key factor behind Midland's upsurge.
Here are growth figures for all of the metropolitan areas included in the new data:
As the chart shows, the economy was not kind last year to the area around Homosassa Springs, Florida, located north of Tampa on the state's Gulf Coast. But the area's 7.5 percent drop in GDP was the exception rather than the rule. Of the metropolitan areas, 278, or about 73 percent, saw some amount of growth last year.
Growth across all of the metropolitan areas was 2.3 percent. Overall for the U.S. in 2014 it was 2.2 percent.
Below are the total 2014 GDP figures for each place. Again, these numbers are adjusted for inflation and shown in 2009 dollars.
GDP measures the value of goods and services produced during a given period of time in an economy. Last month, the Bureau of Economic Analysis released quarterly GDP numbers for U.S. states. Route Fifty's look at those figures can be found here.
Bill Lucia is a Reporter for Government Executive’s Route Fifty.
NEXT STORY: What’s the Coolest Idea, Project or Program You’ve Seen in Another Local Government?