30 Nov 2016 Large Metros with Fastest Growing Gross Regional Product are San Jose, Austin and Nashville; Slowest are New Orleans, Hartford, Tucson
Recently released data from the Bureau of Economic Analysis illuminates which large metros have the fastest growing Gross Regional Product (GRP). Growth is measured by the percentage change in GRP between 2010 and 2015. Headlight Data ranks growth for the 53 largest metros (1,000,000+ people) in the U.S.
In the last five years, Gross Regional Product grew 21% in the United States. Among large metros, the highest growth is found in San Jose (44%). Austin (37%), Nashville (34%), and San Antonio (33%) follow. Other large metros with rapidly growing GRP are Charlotte, Grand Rapids and San Francisco.
The slowest growth in Gross Regional Product is found in New Orleans (1%). Hartford (5%), Tucson (9%) and Rochester (12%) follow.
From 2005 to 2010, U.S. GRP rose 14%. The point change in the 5-year growth rate from 2010 to 2015 is 7 percentage points. The large metros showing the most improvement (with the greatest increase in the 5-year growth rate) are Grand Rapids (+32 pts.), Detroit (+31 pts.) and Charlotte (+25 pts.). Miami, San Jose and Las Vegas also experienced a substantial improvement.
Growth has slowed in eight large metros since 2010. The large metros with the largest decreases in growth rate are Portland (28 pt. decrease), Hartford (-11 pts.) and Washington DC (-8 pts.). Other metros with a declining 5-year growth rate since 2010 are New Orleans, Tucson and Virginia Beach.
Research, analysis and content developed by Headlight Data. Original data from the Bureau of Labor Statistics.
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