How To Rank The Gross Metropolitan Product Of The United States

Transcription

1 U.S. Metro Economies GMP and Employment Including 2020 Economic Forecast June 2014 Prepared for: The United States Conference of Mayors and The Council on Metro Economies and the New American City Prepared by: The United States Conference of Mayors

2 The United States Conference of Mayors Kevin Johnson Mayor of Sacramento President Stephanie Rawlings-Blake Mayor of Baltimore Vice President Michael B. Coleman Mayor of Columbus Chair, Council of Metro Economies and the New American City Tom Cochran CEO and Executive Director Published by IHS Global Insight (USA), Inc. Corporate Headquarters: 24 Hartwell Avenue, Lexington, MA by IHS Global Insight (USA), Inc. Reproduction in whole or in part prohibited except by permission. All rights reserved. Printed on Recycled Paper. do your part! please recycle!

3 U.S. Metro Economies GMP and Employment Including 2020 Economic Forecast June 2014 Prepared for: The United States Conference of Mayors and The Council on Metro Economies and the New American City Prepared by: The United States Conference of Mayors

4

5 INTRODUCTION After a weak first quarter, battered by the harsh winter weather, the nation is expected to gather momentum during the remainder of the year. Improved global growth will support stronger exports, while business and consumer spending will also gain some traction. Metro economies will lead the way, first enabling the nation to at last recover the jobs lost during the recession, and then propelling the US economy to achieve its growth potential of greater than 3% real gains per year, a rate not reached since In 2015 almost half of all metros will exceed the 3% growth rate. Of course, not all metros will recover lost jobs this year, or be able to generate such growth. Economic activity is improving across the nation, but much work still needs to be done in many of the nation s metros. THE US ECONOMY IN 2014 Real GDP actually measured a decline in the first quarter, but there is an element of good news in the data. Inventory accumulation in the latter months of last year boosted 2013 GDP growth, but it was recognized that this would artificially depress 2014 GDP growth. The first quarter data indicate that the entire correction was achieved in the first quarter. As a result we project a second quarter rebound to 3.7% growth, thanks to exports and capital equipment investment. Our outlook for the rest of the year has growth averaging near 3%, inflation just under 2%, housing starts above one million units, and unemployment dipping towards 6%. The labor market now has strong momentum. May represented the fourth consecutive month with at least 200,000 jobs created. The labor force participation rate held steady at 62.8% a helpful factor to drive future job creation. While the economy has generated million jobs over the past year, a major concern remains the quality of these jobs. Of these jobs, 388,000 were in administrative and waste services (which include temporary help services); 317,000 in retail; and 311,000 in food and beverage establishments all low-wage sectors. Key higherpaying sectors, such as manufacturing, government, and financial services, contributed very little to this annual growth. METROPOLITAN ECONOMIES AND GROSS METRO PRODUCT Metropolitan areas continued to be the beating heart of the US economy in They were home to 84% of the nation s population, 86% of total non-farm employment, 87% of total real income, 90% of new housing starts, and 90% of real gross domestic product. And they are expanding: total metropolitan employment climbed by 1.9% last year, real gross product increased by 2.1%, and metropolitan area population rose by 0.9%, with each growth rate faster than that of the US. 1

6 Led by $1.4 trillion in New York, the gross metropolitan product (GMP) of 33 US metros surpassed $100 billion in 2013, as Austin, Columbus, and Sacramento joined that elite club. In 2014 we project that Las Vegas and Nashville will as well. Combined, the nation s 10 highest-producing metro economies surpassed the output of the 37 lowest-producing states in New York, Los Angeles, and Chicago would all rank in the top ten among state economies. (See Appendix Table 4) Comparing metro economies to the nations of the world provides further evidence of the importance of US metros. Eight of the world s 40 highest producing economies are US metropolitan areas. New York s economy alone would rank 13 th among the nations of the world, ahead of Spain, South Korea and Mexico. Los Angeles would rank in the top 20, and Chicago s metropolitan economy ranks 23 rd, ahead of Sweden. Houston, Washington, Dallas, San Francisco, Philadelphia, Boston, Atlanta, and Miami all rank among the top 50. San Antonio ranks 36 th among US metros, and would be in the top 100 among nations and metros combined. Thus, U.S. metros comprise 36 of the 100 largest world economies, and are truly major players in the global economy. (See Appendix Table 2 for full details) In 2013, 294 of the country s metropolitan areas saw their real GMP increase. Of those 294, 21 metros saw growth of 4% or more, 52 of 3% or more, 120 of 2% or more, faster than the national rate, and 230 of 1% or more. Conversely, 69 metros last year saw no, or declining, growth. (See Appendix Table 8) FIGURE 1: 2013 REAL GROSS METRO PRODUCT GROWTH, 100 LARGEST METRO AREAS Highest (%) Lowest (%) Austin Round Rock San Marcos, TX 4.6 Poughkeepsie Newburgh, NY 1.0 San Jose Sunnyvale Santa Clara, CA 4.2 Rochester, NY 0.8 Nashville Davidson, TN 4.2 Dayton, OH 0.6 San Francisco Oakland Fremont, CA 4.1 New Haven Milford, CT 0.5 New Orleans Metairie Kenner, LA 3.9 Youngstown Warren, OH PA 0.4 Charlotte Gastonia Rock Hill, NC SC 3.8 El Paso, TX 0.3 Fayetteville Springdale Rogers, AR MO 3.8 Hartford, CT 0.2 Dallas Fort Worth Arlington, TX 3.7 Buffalo Niagara Falls, NY 0.2 Tampa St. Petersburg Clearwater, FL 3.5 Wichita, KS 0.2 Phoenix Mesa Glendale, AZ 3.3 Portland, ME 0.2 The fastest growers among the 100 largest metro areas were mostly in the West and South regions where the real estate market recovery has fueled economic growth. 2

7 Real estate and housing markets in 2013 proved to be a boon for Dallas, Austin, Tampa, and Phoenix, in particular. Professional and business services and information were the largest contributors to San Francisco and San Jose, respectively. The fastest growing metro in the nation was once again the small metro of Midland, TX where the agriculture, construction and mining industries boosted total real GMP growth to 8.5%. METRO ECONOMIES IN 2014 AND 2015 IHS anticipates US real economic growth to accelerate in 2014 to 2.3%. This will occur despite a tepid first quarter in which payrolls expanded by less than 1%, as economic activity was restrained by extreme winter weather, which led to supply disruptions and slowed real estate and construction markets. For the year, 344 metros (95%) will see real GMP growth. FIGURE 2: 2014 REAL GROSS METRO PRODUCT GROWTH, % Percent -1.5 to to to to 7.3 The labor markets of metropolitan areas will continue to heal, as payrolls increase, unemployment falls and employment levels return to their pre-recession peaks. By the fourth quarter of 2013, 284 metropolitan areas had seen their unemployment rates fall below 8%, while 205 fell below 7%, 121 dropped under 6%, and 49 had rates less than 5%. At the end of 2013 Bismarck and Fargo ND had the lowest rates 3

8 of unemployment at 2.5% and 3.0%, respectively. Looking ahead, at yearend 2016, 324 metros will have jobless rates below 7%, 269 under 6%, 144 less than 5%, and 49 will drop below 4%. (See Appendix Table 10) As labor force participation rates stabilize or advance, the improvement in unemployment rates will come from job growth. In fact, 337 metropolitan areas will experience year-over-year employment growth in 2014, with 254 seeing growth of 1% or more, 116 at 2% or greater, and 33 at 3% or higher. Over this span of time, metropolitan areas will significantly lead non-metros in employment growth averaging 2.0% compound growth, compared to 1.6% in non-metropolitan areas. (See Appendix Table 8 for a detailed list of metropolitan employment growth) Ocean City, NJ, with 5.8% job growth led by a rebound in leisure and hospitality, is expected to be the metro with the fastest employment gain, followed by Midland, TX (5.5%), Greeley, CO (5.2%), and Naples, FL (4.6%). The nation s largest metros will see job increases as well but not at such rapid rates as only four (Houston, Dallas, Atlanta and San Francisco) of the 10 largest economies will rank in the 100 fastest growers. All in all, 344 metros will see real GMP growth this year. 316 Metropolitan areas will experience growth of 1% or more, 182 will expand by 2% or more, and 54 will see real gross metropolitan product increase by 3% or more. This leaves just 19 metros expected to plateau or decline. As the experience of recent years causes concern that the nation s economic recovery remains vulnerable, the performance of our metropolitan areas is paramount for our national success. In 2014, these juggernauts of economic growth will supply 87% of the payroll growth, 88% of income growth, 97% of population growth, and 91% of the gross domestic product growth of the nation s economy. Moreover, the economic growth of metro economies in 2015 will accelerate. Real GMP growth in excess of 3% will be provided by 172 metros, pulling the US to real GDP gains of 3.2%. Only 32 metros will see growth of less than 2% in 2015, and IHS expects all 363 metros to see real GMP growth of 1% or better in Construction, natural resources and mining will fuel growth in 2015, particularly in the Southwest as the metros of Texas will grow the fastest. Midland (8.4%) will top the list with Odessa (5.4%), Laredo (5.3%), Houston (4.8%), Austin (4.7%) and McAllen (4.6%) rounding out the top ten. In addition, 345 metros will see employment expand by more than 1%. Unemployment will fall to under 6% for the nation. (See Appendix Tables 8 and 9) 4

9 THE RECOVERY IN EMPLOYMENT FIGURE 3: RETURN TO PEAK EMPLOYMENT Return to Peak Preliminary May 2014 employment data from the BLS indicates that the US economy has at last re-gained its peak employment level before the recession, that of January The economy is now poised to make headway in expanding employment opportunities to those who have recently joined the labor force but unable to find jobs, and to those who have left the labor force prematurely do to the lack of job prospects. At yearend 2013, 123 (34%) metros had returned to their pre-recession employment levels (see Figure 3). That number will grow to 175 (48%) this year and to 219 (60%) in (See Appendix Table 11) THE LONG-TERM METRO OUTLOOK IHS Economics US Regional forecast indicates the nation s metropolitan areas will continue to be the crux of economic growth for years to come, supplying 89% of the employment and real income growth, 92% real gross product growth, and 94% of the population growth through Over that time period, population growth in metros will dwarf that of non-metros, averaging a 0.9% compound annual gain 5

10 compared to 0.3% for non-metros, and leading to 1.5% compound annual employment growth for metros through Construction and natural resources, along with professional/business services will make significant contributions to metropolitan economies, expanding by average annual rates of 4.7% and 3% respectively. The expanding metro economies will support increased household formation, and demand for residential and commercial real estate will tick upwards, fueling advances in housing starts and construction payrolls. The recent economic boon driven by unconventional shale plays - including the abundance of affordable natural gas will inspire further exploration and extraction, spurring growth in the natural resources and mining sector. All the while, the service-based economy will continue to expand, particularly the professional and business sectors. Unfortunately, the low paying administrative and support services division is expected to be the fastest grower, significantly outpacing the more lucrative management and technical sectors. Through 2020, Austin TX (4.4%), Raleigh NC (4.3%), and Fayetteville AR (4.2%) will be the three fastest growing large metros. The information and professional business services sectors will be some of the most critical sources of economic growth across each of these metros, as well as agriculture, construction and mining in Fayetteville, manufacturing in Raleigh, and education/health services in Austin. (For percent growth in all metro areas, see Appendix Table 5) FIGURE 4: REAL GROSS METRO PRODUCT GROWTH AVERAGE ANNUAL PERCENT CHANGE, LARGEST METRO AREAS Highest (%) Austin Round Rock San Marcos, TX 4.4 Raleigh Cary, NC 4.3 Fayetteville Springdale Rogers, AR MO 4.2 Riverside San Bernardino Ontario, CA 4.2 Durham Chapel Hill, NC 4.1 Orlando Kissimmee Sanford, FL 4.1 Bakersfield Delano, CA 4.1 Phoenix Mesa Glendale, AZ 4.0 Houston Sugar Land Baytown, TX 4.0 McAllen Edinburg Mission, TX 4.0 6

11 A NOTE ON LONG TERM POPULATION GROWTH In a previous report for the Conference of Mayors in July 2012, IHS reported that metro area population would grow by 32% from However, in 2013 the US Census Bureau revised downward its long term population projections for the US. These revisions assumed a markedly lower rate of foreign immigration, and a slightly lower birth rate, than previously assumed. Taking these factors into account, we now project the metro population will grow by 25%, approximately 66 million persons, over the next 30 years. CONCLUSION U.S. metro growth will continue to accelerate next year (2015), with almost half of metros having real economic growth in excess of 3%, with all 363 metros projected to see growth of 1% or better. By 2016, nearly three quarters of all metros (269) will have unemployment rates below 6%. What is clear from this accelerated growth forecast is that the economic prosperity of the U.S. economy is directly linked with the economic growth and job producing power of our nation's 363 metro economies. 7

12

13 IHS Global Insight Appendix Tables

14

15 Table of Contents GROSS METROPOLITAN PRODUCT Table 1: Gross Metropolitan Product of U.S. Metro Areas... 1 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) Table 3: Gross Metropolitan Product of U.S. Metro Areas and Gross State Product of U.S. States Table 4: The Gross Metropolitan Product of the Top 10 Metro Areas in 2013 Exceeded the Combined Output of the Following 37 States Table 5: Average Annual Growth of U.S. Metro Area Economies ( ) Table 6: Metro Area Shares of U.S. Production (2013) Table 7: Gross Metropolitan Product as a Share of Gross State Product Table 7b: Gross Metropolitan Product (Division) as a Share of Gross Metropolitan Product (MSA) Table 8: Real GMP and Employment Growth Rates, 2013 to Table 9: Real GMP Growth Rates (Annual Average Percent Change) Table 10: Metro Area Unemployment Rates Table 11: Return to Peak Employment Table 12: Real Gross State and Metropolitan Output IHS Global Insight

16

17 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank New York-Northern New Jersey-Long Island, NY-N Los Angeles-Long Beach-Santa Ana, CA Chicago-Joliet-Naperville, IL-IN-WI Houston-Sugar Land-Baytown, TX Washington-Arlington-Alexandria, DC-VA-MD-WV Dallas-Fort Worth-Arlington, TX San Francisco-Oakland-Fremont, CA Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Boston-Cambridge-Quincy, MA-NH Atlanta-Sandy Springs-Marietta, GA Miami-Fort Lauderdale-Pompano Beach, FL Seattle-Tacoma-Bellevue, WA Minneapolis-St. Paul-Bloomington, MN-WI Detroit-Warren-Livonia, MI Phoenix-Mesa-Glendale, AZ San Diego-Carlsbad-San Marcos, CA San Jose-Sunnyvale-Santa Clara, CA Denver-Aurora-Broomfield, CO Baltimore-Towson, MD Portland-Vancouver-Hillsboro, OR-WA St. Louis, MO-IL Charlotte-Gastonia-Rock Hill, NC-SC Pittsburgh, PA Tampa-St. Petersburg-Clearwater, FL Kansas City, MO-KS Indianapolis-Carmel, IN Riverside-San Bernardino-Ontario, CA Cleveland-Elyria-Mentor, OH Cincinnati-Middletown, OH-KY-IN Orlando-Kissimmee-Sanford, FL Austin-Round Rock-San Marcos, TX Columbus, OH Sacramento--Arden-Arcade--Roseville, CA Las Vegas-Paradise, NV Nashville-Davidson--Murfreesboro--Franklin, TN San Antonio-New Braunfels, TX Milwaukee-Waukesha-West Allis, WI Bridgeport-Stamford-Norwalk, CT Virginia Beach-Norfolk-Newport News, VA-NC New Orleans-Metairie-Kenner, LA Hartford-West Hartford-East Hartford, CT Page 1

18 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank Salt Lake City, UT Richmond, VA Providence-New Bedford-Fall River, RI-MA Memphis, TN-MS-AR Louisville-Jefferson County, KY-IN Jacksonville, FL Oklahoma City, OK Raleigh-Cary, NC Birmingham-Hoover, AL Honolulu, HI Omaha-Council Bluffs, NE-IA Baton Rouge, LA Tulsa, OK Buffalo-Niagara Falls, NY Rochester, NY Des Moines-West Des Moines, IA Albany-Schenectady-Troy, NY Durham-Chapel Hill, NC New Haven-Milford, CT Albuquerque, NM Oxnard-Thousand Oaks-Ventura, CA Madison, WI Greensboro-High Point, NC Grand Rapids-Wyoming, MI Columbia, SC Little Rock-North Little Rock-Conway, AR Bakersfield-Delano, CA Dayton, OH Tucson, AZ Knoxville, TN Allentown-Bethlehem-Easton, PA-NJ Fresno, CA Charleston-North Charleston-Summerville, SC Worcester, MA Harrisburg-Carlisle, PA Toledo, OH Akron, OH Trenton-Ewing, NJ El Paso, TX Wichita, KS Greenville-Mauldin-Easley, SC Page 2

19 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank Anchorage, AK Syracuse, NY Colorado Springs, CO Boise City-Nampa, ID Portland-South Portland-Biddeford, ME Jackson, MS North Port-Bradenton-Sarasota, FL Springfield, MA Lexington-Fayette, KY Winston-Salem, NC Beaumont-Port Arthur, TX Poughkeepsie-Newburgh-Middletown, NY Chattanooga, TN-GA Corpus Christi, TX Manchester-Nashua, NH Huntsville, AL Cape Coral-Fort Myers, FL Lancaster, PA Fayetteville-Springdale-Rogers, AR-MO Santa Barbara-Santa Maria-Goleta, CA Peoria, IL Augusta-Richmond County, GA-SC Boulder, CO Scranton--Wilkes-Barre, PA Santa Rosa-Petaluma, CA Stockton, CA Reno-Sparks, NV Ogden-Clearfield, UT Spokane, WA Ann Arbor, MI Lansing-East Lansing, MI Fort Wayne, IN Davenport-Moline-Rock Island, IA-IL Fayetteville, NC Shreveport-Bossier City, LA Palm Bay-Melbourne-Titusville, FL Evansville, IN-KY Salinas, CA Midland, TX Provo-Orem, UT Lafayette, LA Page 3

20 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank Sioux Falls, SD Lakeland-Winter Haven, FL Youngstown-Warren-Boardman, OH-PA Springfield, MO Mobile, AL Killeen-Temple-Fort Hood, TX McAllen-Edinburg-Mission, TX Lincoln, NE Green Bay, WI Modesto, CA Wilmington, NC York-Hanover, PA Charleston, WV Montgomery, AL Asheville, NC Reading, PA Lake Charles, LA Cedar Rapids, IA Vallejo-Fairfield, CA Pensacola-Ferry Pass-Brent, FL Savannah, GA Canton-Massillon, OH Naples-Marco Island, FL Roanoke, VA Fargo, ND-MN South Bend-Mishawaka, IN-MI Tallahassee, FL Rockford, IL Atlantic City-Hammonton, NJ Norwich-New London, CT Salem, OR Columbus, GA-AL Fort Collins-Loveland, CO Kalamazoo-Portage, MI Hickory-Lenoir-Morganton, NC Deltona-Daytona Beach-Ormond Beach, FL Eugene-Springfield, OR Spartanburg, SC Visalia-Porterville, CA Flint, MI Burlington-South Burlington, VT Page 4

21 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank Clarksville, TN-KY Port St. Lucie, FL Houma-Bayou Cane-Thibodaux, LA San Luis Obispo-Paso Robles, CA Longview, TX Lubbock, TX Kennewick-Richland-Pasco, WA Elkhart-Goshen, IN Huntington-Ashland, WV-KY-OH Amarillo, TX Gainesville, FL Appleton, WI Kingsport-Bristol-Bristol, TN-VA Gulfport-Biloxi, MS Fort Smith, AR-OK Charlottesville, VA Myrtle Beach-North Myrtle Beach-Conway, SC Bellingham, WA Bloomington-Normal, IL Duluth, MN-WI Erie, PA Holland-Grand Haven, MI Springfield, IL Crestview-Fort Walton Beach-Destin, FL Rochester, MN Topeka, KS Santa Cruz-Watsonville, CA Champaign-Urbana, IL Tuscaloosa, AL Tyler, TX Waco, TX Olympia, WA Utica-Rome, NY Bremerton-Silverdale, WA Jacksonville, NC Lafayette, IN Lynchburg, VA Hagerstown-Martinsburg, MD-WV Barnstable Town, MA Odessa, TX Billings, MT Page 5

22 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank Brownsville-Harlingen, TX Oshkosh-Neenah, WI Iowa City, IA St. Cloud, MN Yakima, WA Waterloo-Cedar Falls, IA Greeley, CO Macon, GA Binghamton, NY College Station-Bryan, TX Napa, CA Florence, SC Greenville, NC Columbia, MO Ocala, FL Laredo, TX Racine, WI Athens-Clarke County, GA Bloomington, IN Pascagoula, MS Saginaw-Saginaw Township North, MI Monroe, LA Gainesville, GA Victoria, TX Morgantown, WV Eau Claire, WI Sioux City, IA-NE-SD Casper, WY Harrisonburg, VA Merced, CA Medford, OR Bend, OR Panama City-Lynn Haven-Panama City Beach, FL State College, PA Dover, DE Santa Fe, NM Chico, CA Rocky Mount, NC Joplin, MO Johnson City, TN La Crosse, WI-MN Page 6

23 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank Terre Haute, IN Bismarck, ND Abilene, TX Wheeling, WV-OH Wausau, WI Wichita Falls, TX Jefferson City, MO Parkersburg-Marietta-Vienna, WV-OH Elizabethtown, KY Las Cruces, NM Cheyenne, WY Bangor, ME Alexandria, LA Sheboygan, WI Farmington, NM Niles-Benton Harbor, MI Hattiesburg, MS Warner Robins, GA Mount Vernon-Anacortes, WA Dalton, GA Decatur, IL Rapid City, SD Winchester, VA-WV Fairbanks, AK Blacksburg-Christiansburg-Radford, VA St. Joseph, MO-KS Yuma, AZ Jackson, MI Janesville, WI Pittsfield, MA Vineland-Millville-Bridgeton, NJ Lima, OH Battle Creek, MI Grand Junction, CO Jackson, TN Anderson, SC Flagstaff, AZ Albany, GA Decatur, AL Dubuque, IA Redding, CA Page 7

24 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank Burlington, NC Columbus, IN Missoula, MT Owensboro, KY Corvallis, OR Lawton, OK Muskegon-Norton Shores, MI Bowling Green, KY Kingston, NY El Centro, CA Texarkana-Texarkana, TX-AR Jonesboro, AR Ames, IA Prescott, AZ Dothan, AL Yuba City, CA Altoona, PA Valdosta, GA Williamsport, PA Ocean City, NJ Sebastian-Vero Beach, FL Grand Forks, ND-MN Pueblo, CO Salisbury, MD Hanford-Corcoran, CA Florence-Muscle Shoals, AL Goldsboro, NC San Angelo, TX Coeur d'alene, ID Auburn-Opelika, AL Kokomo, IN Monroe, MI Ithaca, NY Lebanon, PA Madera-Chowchilla, CA Fond du Lac, WI Johnstown, PA Lewiston-Auburn, ME Glens Falls, NY Idaho Falls, ID Hinesville-Fort Stewart, GA Page 8

25 Table 1: Gross Metropolitan Product of U.S. Metro Areas (US$, Billions) Rank Logan, UT-ID Cleveland, TN St. George, UT Springfield, OH Wenatchee-East Wenatchee, WA Lake Havasu City-Kingman, AZ Morristown, TN Michigan City-La Porte, IN Lawrence, KS Sherman-Denison, TX Mansfield, OH Anniston-Oxford, AL Muncie, IN Kankakee-Bradley, IL Steubenville-Weirton, OH-WV Longview, WA Brunswick, GA Sumter, SC Anderson, IN Rome, GA Sandusky, OH Pine Bluff, AR Great Falls, MT Punta Gorda, FL Bay City, MI Danville, VA Hot Springs, AR Elmira, NY Cumberland, MD-WV Carson City, NV Pocatello, ID Gadsden, AL Danville, IL Lewiston, ID-WA Palm Coast, FL Page 9

26 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area United States China Japan Germany France United Kingdom Brazil Russia Italy India Canada Australia New York-Northern New Jersey-Long Island, NY-NJ-PA Spain South Korea Mexico Indonesia Turkey Netherlands Los Angeles-Long Beach-Santa Ana, CA Saudi Arabia Switzerland Chicago-Joliet-Naperville, IL-IN-WI Sweden Poland Norway Belgium Taiwan Argentina Houston-Sugar Land-Baytown, TX Washington-Arlington-Alexandria, DC-VA-MD-WV Dallas-Fort Worth-Arlington, TX Austria United Arab Emirates Thailand San Francisco-Oakland-Fremont, CA Colombia Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Venezuela South Africa Boston-Cambridge-Quincy, MA-NH Denmark Malaysia Atlanta-Sandy Springs-Marietta, GA Iran Page 10

27 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Nigeria Singapore Israel Miami-Fort Lauderdale-Pompano Beach, FL Chile Hong Kong Philippines Seattle-Tacoma-Bellevue, WA Finland Egypt Greece Minneapolis-St. Paul-Bloomington, MN-WI Iraq Pakistan Kazakhstan Algeria Portugal Ireland Detroit-Warren-Livonia, MI Phoenix-Mesa-Glendale, AZ Peru Qatar Czech Republic Kuwait Romania San Diego-Carlsbad-San Marcos, CA San Jose-Sunnyvale-Santa Clara, CA Ukraine New Zealand Denver-Aurora-Broomfield, CO Vietnam Baltimore-Towson, MD Portland-Vancouver-Hillsboro, OR-WA St. Louis, MO-IL Bangladesh Charlotte-Gastonia-Rock Hill, NC-SC Hungary Pittsburgh, PA Tampa-St. Petersburg-Clearwater, FL Kansas City, MO-KS Indianapolis-Carmel, IN Riverside-San Bernardino-Ontario, CA Cleveland-Elyria-Mentor, OH Cincinnati-Middletown, OH-KY-IN Orlando-Kissimmee-Sanford, FL Page 11

28 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Austin-Round Rock-San Marcos, TX Morocco Puerto Rico Columbus, OH Sacramento--Arden-Arcade--Roseville, CA Las Vegas-Paradise, NV Angola Nashville-Davidson--Murfreesboro--Franklin, TN Slovakia San Antonio-New Braunfels, TX Ecuador Milwaukee-Waukesha-West Allis, WI Bridgeport-Stamford-Norwalk, CT Virginia Beach-Norfolk-Newport News, VA-NC Libya New Orleans-Metairie-Kenner, LA Hartford-West Hartford-East Hartford, CT Oman Cuba Salt Lake City, UT Azerbaijan Richmond, VA Belarus Providence-New Bedford-Fall River, RI-MA Memphis, TN-MS-AR Sri Lanka Louisville-Jefferson County, KY-IN Jacksonville, FL Oklahoma City, OK Raleigh-Cary, NC Birmingham-Hoover, AL Dominican Republic Luxembourg Myanmar Sudan Honolulu, HI Croatia Uzbekistan Uruguay Guatemala Bulgaria Omaha-Council Bluffs, NE-IA Macao Costa Rica Baton Rouge, LA 49.4 Page 12

29 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Tulsa, OK Ghana Buffalo-Niagara Falls, NY Ethiopia Rochester, NY Slovenia Tunisia Lebanon Lithuania Kenya Des Moines-West Des Moines, IA Albany-Schenectady-Troy, NY Serbia Durham-Chapel Hill, NC Syria Panama New Haven-Milford, CT Albuquerque, NM Oxnard-Thousand Oaks-Ventura, CA Turkmenistan Madison, WI Greensboro-High Point, NC Grand Rapids-Wyoming, MI Columbia, SC Little Rock-North Little Rock-Conway, AR Yemen Bakersfield-Delano, CA Dayton, OH Tucson, AZ Jordan Knoxville, TN Allentown-Bethlehem-Easton, PA-NJ Bahrain Tanzania Fresno, CA Charleston-North Charleston-Summerville, SC Worcester, MA Latvia Harrisburg-Carlisle, PA North Korea Toledo, OH Akron, OH Bolivia Trenton-Ewing, NJ El Paso, TX 29.9 Page 13

30 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Wichita, KS Greenville-Mauldin-Easley, SC Anchorage, AK Paraguay Syracuse, NY Colorado Springs, CO Boise City-Nampa, ID Cameroon Trinidad & Tobago Portland-South Portland-Biddeford, ME Cote d Ivoire Jackson, MS North Port-Bradenton-Sarasota, FL Springfield, MA Lexington-Fayette, KY Estonia El Salvador Winston-Salem, NC Uganda Zambia Beaumont-Port Arthur, TX Poughkeepsie-Newburgh-Middletown, NY Chattanooga, TN-GA Corpus Christi, TX Manchester-Nashua, NH Reunion Huntsville, AL Cyprus Cape Coral-Fort Myers, FL Lancaster, PA Fayetteville-Springdale-Rogers, AR-MO Santa Barbara-Santa Maria-Goleta, CA Peoria, IL Democratic Rep. of the Congo Augusta-Richmond County, GA-SC Boulder, CO Scranton--Wilkes-Barre, PA Santa Rosa-Petaluma, CA Stockton, CA Reno-Sparks, NV Afghanistan Ogden-Clearfield, UT Spokane, WA Ann Arbor, MI Lansing-East Lansing, MI 19.8 Page 14

31 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Fort Wayne, IN Bosnia and Herzegovina Davenport-Moline-Rock Island, IA-IL Fayetteville, NC Honduras Shreveport-Bossier City, LA Palm Bay-Melbourne-Titusville, FL Nepal Evansville, IN-KY Salinas, CA Midland, TX Provo-Orem, UT Lafayette, LA Sioux Falls, SD Lakeland-Winter Haven, FL Youngstown-Warren-Boardman, OH-PA Springfield, MO Mobile, AL Killeen-Temple-Fort Hood, TX Brunei Darussalam McAllen-Edinburg-Mission, TX Lincoln, NE Green Bay, WI Modesto, CA Georgia Equatorial Guinea Wilmington, NC York-Hanover, PA Charleston, WV Montgomery, AL Asheville, NC Senegal Cambodia Reading, PA Lake Charles, LA Mozambique Botswana Cedar Rapids, IA Vallejo-Fairfield, CA Pensacola-Ferry Pass-Brent, FL Papua New Guinea Iceland Savannah, GA Canton-Massillon, OH Naples-Marco Island, FL 14.4 Page 15

32 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Jamaica Roanoke, VA Fargo, ND-MN South Bend-Mishawaka, IN-MI Tallahassee, FL Rockford, IL Atlantic City-Hammonton, NJ Norwich-New London, CT Salem, OR Columbus, GA-AL Fort Collins-Loveland, CO Kalamazoo-Portage, MI Hickory-Lenoir-Morganton, NC Deltona-Daytona Beach-Ormond Beach, FL Albania Eugene-Springfield, OR Namibia Spartanburg, SC Visalia-Porterville, CA Flint, MI Burlington-South Burlington, VT Mauritius Burkina Faso Clarksville, TN-KY Port St. Lucie, FL Houma-Bayou Cane-Thibodaux, LA San Luis Obispo-Paso Robles, CA Longview, TX Martinique Mongolia Lubbock, TX Kennewick-Richland-Pasco, WA Nicaragua Chad Elkhart-Goshen, IN Huntington-Ashland, WV-KY-OH Gabon Armenia Palestinian Authority Amarillo, TX Zimbabwe Laos Mali Gainesville, FL Appleton, WI 10.7 Page 16

33 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Kingsport-Bristol-Bristol, TN-VA Madagascar Gulfport-Biloxi, MS Fort Smith, AR-OK Charlottesville, VA Myrtle Beach-North Myrtle Beach-Conway, SC Macedonia Bellingham, WA Bloomington-Normal, IL Duluth, MN-WI Erie, PA Holland-Grand Haven, MI Springfield, IL Crestview-Fort Walton Beach-Destin, FL Rochester, MN Topeka, KS Santa Cruz-Watsonville, CA Champaign-Urbana, IL Tuscaloosa, AL Tyler, TX Waco, TX Olympia, WA Malta Republic of Congo Utica-Rome, NY Bremerton-Silverdale, WA Jacksonville, NC Lafayette, IN Lynchburg, VA Hagerstown-Martinsburg, MD-WV Barnstable Town, MA Odessa, TX Billings, MT Brownsville-Harlingen, TX Oshkosh-Neenah, WI Iowa City, IA Tajikistan St. Cloud, MN Yakima, WA Waterloo-Cedar Falls, IA Bahamas Benin Greeley, CO Macon, GA Haiti 8.2 Page 17

34 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Binghamton, NY College Station-Bryan, TX Moldova Napa, CA Florence, SC Greenville, NC Columbia, MO Rwanda Niger Ocala, FL Pascagoula, MS Kyrgyzstan Laredo, TX Racine, WI Athens-Clarke County, GA Bloomington, IN Saginaw-Saginaw Township North, MI Monroe, LA Gainesville, GA Victoria, TX Morgantown, WV Eau Claire, WI Sioux City, IA-NE-SD Casper, WY Kosovo Harrisonburg, VA Merced, CA Medford, OR Bend, OR Panama City-Lynn Haven-Panama City Beach, FL State College, PA Dover, DE Santa Fe, NM Chico, CA Rocky Mount, NC Joplin, MO Johnson City, TN La Crosse, WI-MN Terre Haute, IN Bismarck, ND Abilene, TX Wheeling, WV-OH The Republic of Guinea Wausau, WI Wichita Falls, TX 6.2 Page 18

35 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Jefferson City, MO Liechtenstein Parkersburg-Marietta-Vienna, WV-OH Elizabethtown, KY Las Cruces, NM Cheyenne, WY Bangor, ME Alexandria, LA Sheboygan, WI Niles-Benton Harbor, MI Hattiesburg, MS Warner Robins, GA Mount Vernon-Anacortes, WA Dalton, GA Decatur, IL Rapid City, SD Winchester, VA-WV Farmington, NM Malawi Fairbanks, AK Bermuda Blacksburg-Christiansburg-Radford, VA St. Joseph, MO-KS Yuma, AZ Jackson, MI Janesville, WI Pittsfield, MA Vineland-Millville-Bridgeton, NJ Lima, OH Battle Creek, MI Grand Junction, CO Jackson, TN Suriname Mauritania Anderson, SC Flagstaff, AZ Albany, GA Decatur, AL Dubuque, IA Redding, CA Burlington, NC Columbus, IN Missoula, MT Owensboro, KY Corvallis, OR 4.9 Page 19

36 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Lawton, OK Muskegon-Norton Shores, MI Bowling Green, KY Kingston, NY Guam El Centro, CA Texarkana-Texarkana, TX-AR Jonesboro, AR Ames, IA Prescott, AZ Dothan, AL Yuba City, CA Altoona, PA French Guiana Valdosta, GA Williamsport, PA Ocean City, NJ Sebastian-Vero Beach, FL Grand Forks, ND-MN Pueblo, CO Salisbury, MD Montenegro Hanford-Corcoran, CA Florence-Muscle Shoals, AL Barbados Goldsboro, NC San Angelo, TX Coeur d'alene, ID Sierra Leone Auburn-Opelika, AL Kokomo, IN Monroe, MI Netherlands Antilles Ithaca, NY Lebanon, PA Madera-Chowchilla, CA Fond du Lac, WI Togo Johnstown, PA US Virgin Islands Lewiston-Auburn, ME Idaho Falls, ID Glens Falls, NY Hinesville-Fort Stewart, GA Logan, UT-ID 4.0 Page 20

37 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Fiji Cleveland, TN St. George, UT Springfield, OH Wenatchee-East Wenatchee, WA Lake Havasu City-Kingman, AZ Morristown, TN Michigan City-La Porte, IN Lawrence, KS Sherman-Denison, TX Mansfield, OH Anniston-Oxford, AL Muncie, IN Swaziland Kankakee-Bradley, IL Steubenville-Weirton, OH-WV Eritrea Longview, WA Brunswick, GA Sumter, SC Anderson, IN Andorra Rome, GA Sandusky, OH Pine Bluff, AR Great Falls, MT Punta Gorda, FL Bay City, MI Danville, VA Hot Springs, AR Maldives Elmira, NY Cayman Island Cumberland, MD-WV Carson City, NV Pocatello, ID Gadsden, AL Aruba Burundi Danville, IL Lesotho Cape Verde Islands Lewiston, ID-WA Bhutan Guyana 1.8 Page 21

38 Table 2: Gross Product of Countries (GDP) and Metro Areas (GMP) (US$, Billions) Rank Country or Metro Area Somalia Belize Djibouti Central African Republic East Timor Palm Coast, FL Seychelles Saint Lucia Antigua and Barbuda Liberia Solomon Islands Grenada Vanuatu Gambia Saint Vincent and the Grenadines Saint Kitts and Nevis American Samoa Comoros Western Samoa Guinea-Bissau Dominica Tonga Micronesia Anguilla Kiribati 0.2 Page 22

39 Table 3: Gross Metropolitan Product of U.S. Metro Areas and Gross State Product of U.S. States (US$, Billions) Rank State or Metro Area California Texas New York-Northern New Jersey-Long Island, NY-NJ-PA New York Florida Los Angeles-Long Beach-Santa Ana, CA Illinois Pennsylvania Chicago-Joliet-Naperville, IL-IN-WI New Jersey Ohio North Carolina Houston-Sugar Land-Baytown, TX Washington-Arlington-Alexandria, DC-VA-MD-WV Virginia Georgia Dallas-Fort Worth-Arlington, TX Massachusetts Michigan Washington San Francisco-Oakland-Fremont, CA Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Boston-Cambridge-Quincy, MA-NH Maryland Indiana Minnesota Atlanta-Sandy Springs-Marietta, GA Tennessee Miami-Fort Lauderdale-Pompano Beach, FL Colorado Arizona Seattle-Tacoma-Bellevue, WA Wisconsin Missouri Louisiana Connecticut Minneapolis-St. Paul-Bloomington, MN-WI Detroit-Warren-Livonia, MI Phoenix-Mesa-Glendale, AZ Oregon Page 23

40 Table 3: Gross Metropolitan Product of U.S. Metro Areas and Gross State Product of U.S. States (US$, Billions) Rank State or Metro Area Alabama South Carolina San Diego-Carlsbad-San Marcos, CA San Jose-Sunnyvale-Santa Clara, CA Kentucky Denver-Aurora-Broomfield, CO Oklahoma Baltimore-Towson, MD Iowa Portland-Vancouver-Hillsboro, OR-WA St. Louis, MO-IL Kansas Nevada Utah Charlotte-Gastonia-Rock Hill, NC-SC Pittsburgh, PA Tampa-St. Petersburg-Clearwater, FL Kansas City, MO-KS Indianapolis-Carmel, IN Riverside-San Bernardino-Ontario, CA Cleveland-Elyria-Mentor, OH Arkansas Cincinnati-Middletown, OH-KY-IN District of Columbia Orlando-Kissimmee-Sanford, FL Mississippi Austin-Round Rock-San Marcos, TX Columbus, OH Nebraska Sacramento--Arden-Arcade--Roseville, CA Las Vegas-Paradise, NV Nashville-Davidson--Murfreesboro--Franklin, TN San Antonio-New Braunfels, TX Milwaukee-Waukesha-West Allis, WI Bridgeport-Stamford-Norwalk, CT Virginia Beach-Norfolk-Newport News, VA-NC New Orleans-Metairie-Kenner, LA New Mexico Hartford-West Hartford-East Hartford, CT Salt Lake City, UT 77.7 Page 24

41 Table 3: Gross Metropolitan Product of U.S. Metro Areas and Gross State Product of U.S. States (US$, Billions) Rank State or Metro Area Hawaii Richmond, VA Providence-New Bedford-Fall River, RI-MA West Virginia Memphis, TN-MS-AR Delaware Louisville-Jefferson County, KY-IN New Hampshire Jacksonville, FL Oklahoma City, OK Raleigh-Cary, NC Birmingham-Hoover, AL Idaho Honolulu, HI Maine Omaha-Council Bluffs, NE-IA Rhode Island Alaska Baton Rouge, LA North Dakota Tulsa, OK Buffalo-Niagara Falls, NY Rochester, NY Des Moines-West Des Moines, IA Albany-Schenectady-Troy, NY South Dakota Durham-Chapel Hill, NC Montana New Haven-Milford, CT Albuquerque, NM Oxnard-Thousand Oaks-Ventura, CA Madison, WI Wyoming Greensboro-High Point, NC Grand Rapids-Wyoming, MI Columbia, SC Little Rock-North Little Rock-Conway, AR Bakersfield-Delano, CA Dayton, OH Tucson, AZ 34.1 Page 25