BEA: Prov. metro 175th in nation for 1.5% real GDP growth in 2014

PROVIDENCE – The Providence-Warwick metropolitan area ranked 175th among the nation’s 381 metropolitan areas for its 1.5 percent economic growth in 2014, according to federal Bureau of Economic Analysis statistics released this week.
The Providence metro’s growth was not as great as it was in 2013, when it increased 1.7 percent, according to the BEA. Real GDP for U.S. metropolitan areas climbed 2.3 percent in 2014 after increasing 1.9 percent in 2013.
The Providence metro’s GDP was $69.9 billion in 2014, compared with $68.9 billion the year before.
Professional and business services contributed a 0.77 percentage point to Providence metro real GDP growth in 2014; that sector also contributed a 0.61 percentage point to U.S. metro real GDP growth last year, and was responsible for growth in 314 of the nation’s 381 metro areas, the BEA said.
Other areas for growth for the Providence metro were: durable goods manufacturing, 0.18 percentage point; non-durable goods manufacturing, 0.08; wholesale and retail trade, 0.29; information, 0.08; finance, insurance, real estate, rental and leasing, 0.09; educational services, health care and social assistance, 0.16; arts, entertainment, recreation, accommodation and food service, 0.11; and other services, except government, 0.04.
Sectors that experienced declines over the year were: construction, 0.14 percentage point; transportation and utilities, 0.03; and government, 0.11.
Ranking first in the nation for real GDP growth was Midland, Texas, at 24.1 percent, while Homosassa Springs, Fla., ranked last for a 7.2 percent decline.

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