Real gross domestic product (GDP) declined in three of six Central New York metropolitan areas in 2016, according to new statistics on GDP growth by metro area, released on Sept. 20 by the U.S. Bureau of Economic Analysis (BEA). All six CNY metro areas trailed the national average of 1.7 percent real GDP growth in […]
Real gross domestic product (GDP) declined in three of six Central New York metropolitan areas in 2016, according to new statistics on GDP growth by metro area, released on Sept. 20 by the U.S. Bureau of Economic Analysis (BEA).
All six CNY metro areas trailed the national average of 1.7 percent real GDP growth in the nation’s 382 metro areas. And none of the six local areas ranked among the top 240 regions in real GDP growth last year.
Elmira experienced the sharpest decline among CNY metropolitan areas with a real GDP drop of 3.8 percent. Syracuse recorded the highest gain among Central New York regions with 0.4 percent growth.
Nationally, real GDP increased in 267 out of 382 metropolitan areas in 2016 compared to 2015. Real GDP growth by metro area ranged from a high of 8.1 percent in Lake Charles, Louisiana and Bend–Redmond, Oregon to a low of -13.3 percent in Odessa, Texas.
GDP by metro area is the sub-state counterpart of the nation’s GDP, the BEA’s “featured and most comprehensive” measure of U.S. economic activity, the bureau said. GDP by metro area is derived from the sum of the GDP originating in all the industries in the metro area. Real GDP is GDP adjusted for inflation, by excluding the effects of price changes.
