Providence area GDP drops from ’06 to ’11

By PBN Staff
Twitter: @ProvBusNews

PROVIDENCE – The real gross domestic product for the Providence metro area averaged $58.5 billion – in 2005 dollars – during the first quarter of 2011 compared with $61.8 billion five years earlier, according to a report from e-forecasting.com

Mid-quarter estimates of the most recently available data – the first quarter of 2011 – showed a population of 1.6 million in the Providence metro, unchanged over the last five years.

Employment, which is measured by all private and government workers, totaled 647,000 in the first quarter of 2011, a decline of 7 percent over the previous five years, according to the report.

The average annual pay in the metro area, which is measured as the ratio of all city wages and salaries to total employment, totaled $43,123 during the first three months of 2011.

Comparatively, the metro area’s annual earnings per worker five years earlier was $41,039, according to the report.