Real gross domestic product (GDP) decreased in 10 of Central New York’s 16 counties in 2015, but Tioga County led the state with a 10.8 percent growth rate, according to a new statistical report released by the U.S. Bureau of Economic Analysis (BEA) on Dec. 12. The BEA defines GDP by county as the value […]
Real gross domestic product (GDP) decreased in 10 of Central New York’s 16 counties in 2015, but Tioga County led the state with a 10.8 percent growth rate, according to a new statistical report released by the U.S. Bureau of Economic Analysis (BEA) on Dec. 12.
The BEA defines GDP by county as the value of goods and services “originating in all the industries in the county.” Real GDP is an inflation-adjusted measure that removes the effects of price changes.
The report, covering the period from 2012 through 2015 and described as a “prototype,” was the first time the BEA has provided GDP statistics for every county in the United States.
Among Central New York counties, Onondaga County generated the largest real GDP in 2015 at $26.6 billion. Lewis County had the smallest with $738.9 million.
Real GDP growth rates from 2014 to 2015 in the region ranged from Tioga County’s 10.8 percent increase to a 4.7 percent decline in Jefferson County. Tioga County’s growth during the period was propelled by a 15.8 percent increase in “private goods-producing industries,” while Jefferson County’s drop was driven by a 6.1 percent decrease in “government and government enterprises.”
On the national level, the BEA news release reported, “In 2015, real (inflation adjusted) GDP increased in 1,931 counties, decreased in 1,159, and was unchanged in 23. Real GDP ranged from $4.6 million in Loving County, Texas to $656.0 billion in Los Angeles County, California.”
The BEA plans to produce official county-level GDP statistics annually, beginning in December 2019.
