15 Dec 2017 Large Metros with Fastest Growing Gross Regional Product Are San Jose, Austin and San Antonio; Slowest Are Tucson, Rochester, Hartford
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 2011 and 2016. 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 11% in the United States. Among large metros, the highest growth is found in San Jose (37%), Austin (35%), and San Antonio (31%). Other large metros with rapidly growing GRP are Nashville, Dallas-Ft. Worth, San Francisco and Grand Rapids.
The slowest growth in Gross Regional Product is found in Tucson (-4%), Rochester (-1.5%), and Hartford (-1.3%).
From 2006 to 2011, U.S. GRP rose 1.4%. The point change in the 5-year growth rate from 2011 to 2016 is 9.5 percentage points. The large metros showing the most improvement (with the greatest increase in the 5-year growth rate) are Las Vegas (+30 pts.), Grand Rapids (+29 pts.) and San Francisco (+28 pts.). Miami, Jacksonville and San Antonio also experienced a substantial improvement.
The large metros with the largest decreases in growth rate in 2016 compared to 2011 are Portland (27 pt. decrease), Washington (-6 pts.) and Tucson (-2 pts.). Other metros with a declining 5-year growth rate since 2011 are Milwaukee, Buffalo and Hartford.
Research, analysis and content developed by Headlight Data. Original data from the U.S. Bureau of Economic Analysis.
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