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Robert Trigaux

As a metro area, Tampa Bay's 23d in GDP

26

September

New data by the U.S. Bureau of Economic Analysis show that real GDP by metropolitan area grew in 308 of 363 metropolitan areas in 2006. Growth in the metropolitan portion of the United States was 3.2 percent in 2006, slightly greater than the 3.1 percent growth in 2005. Strong growth in financial industries (remember, these are 2006 numbers, well before the current crisis) —  specifically real estate and securities, commodity contracts, and investments — accounted for 39 percent of U.S. metropolitan area GDP growth in 2006. Contraction in the construction industry tempered growth in most metropolitan areas.

Look at this map, which could be titled: Sunbelt good, Midwest bad. The economies of 55 metropolitan areas contracted in 2006; 27 of those metropolitan areas are in the Great Lakes area. So how did the Tampa Bay area fare? It ranked 23d among metro areas in GDP (gross domestic product) with a 2006 GDP of $108.5-billion, up from $101.2-billion in 2005 and $93.2-billion in 2004. That means we're just ahead of Pittsburgh (24th) and Portland, Ore. (25th), and just behind Riverside-San Bernardino-Ontario (22nd) in California and the Charlotte area of North Carolina (21st).

Here's some perspective: • Current-dollar GDP for U.S. metro areas was $11.8-trillion, accounting for 90 percent of the nation’s $13.1-trillion GDP. • GDP for the New York metropolitan area was $1.1-trillion which ranked it 1st among metropolitan areas; 2nd (behind California) when ranked among states and 10th (behind Spain) when ranked among countries. • The five largest metropolitan areas accounted for 23 percent of U.S. GDP. • The smallest 78 metropolitan areas accounted for less than 2 percent of U.S. GDP.

-- Robert Trigaux, Times Business Columnist

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[Last modified: Tuesday, June 1, 2010 12:22pm]

    

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