News & Opinions
The latest news and insights from Hanley Wood’s outspoken experts and key thought-leaders throughout the residential and commercial design and construction industry.
Where America’s Economic Output Is Growing
Richard Florida / The Atlantic Cities / September 18, 2013
Eighty percent of America’s metropolitan areas experienced real economic growth in 2012, according to new figures released yesterday by the U.S. Bureau of Economic Analysis.
Of the nation’s 381 metros, a full 305 experienced some year-over-year growth in GDP. And significantly, this pace of this growth has accelerated, averaging 2.5 percent across the country’s metro areas in 2012, compared to 1.7 percent last year.
That’s the good news. Fewer places than you’d think are being left totally behind, though the story within and between these metros is more complicated. Even with this promising statistic, economic growth remains spiky as the recovery continues to play out. The top 20 metros averaged 8 percent growth, more than three times the national average, while the bottom twenty lagging metros saw their growth rates contract by an average of -3.3 percent. Roughly a third of metros had growth above the national average.
The map below, from the BEA’s report, charts the pattern of growth and decline in GDP for America’s 381 metro areas over the last year.
America’s economy remains geographically concentrated. The ten largest regions (defined by GDP) account for more than a third (34 percent) of the country’s total, and averaged growth levels of 3.1 percent, significantly above the national average. Of these ten metros, San Francisco had the highest rate of growth (7.4 percent), followed by Houston (5.3 percent) and Dallas (4.3 percent).