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Odessa sees major increase in GDP

Posted on October 11, 2018

Statistics recently released from the Bureau of Economic Analysis shows Odessa had one of the largest increases in real Gross Domestic Product by metropolitan area in 2017.

Odessa saw a 12.1 percent increase in real GDP that was attributed to an increase in natural resources and mining. The second-largest increase in a small metropolitan area was Elkhart-Goshen, Ind. with an 11.3 percent increase, led by an increase in durable goods and manufacturing, a BEA news release stated.

The real GDP increased in 312 out 383 metropolitan areas in 2017. In large metropolitan areas, or those with population greater than two million, Austin-Round Rock saw a 6.9 percent increase and Seattle-Tacoma-Bellvue, Wash. saw a 5.2 percent increase in real GDP that was attributed to wholesale and retail trade, the release stated.

Real GDP in Houston-The Woodlands-Sugarland was unchanged from the previous year, making it the only large metropolitan area not to increase. Professional and business services subtracted the most growth from the area, offsetting notable contributions from natural resources and mining and nondurable-good manufacturing, the release stated.

OTHER HIGHLIGHTS

  • Professional and business services increase 3.5 percent across the nation’s metropolitan areas. This industry contributed to growth in 317 metropolitan areas, most notably in Midland, Mich. which increased 9.5 percent.
  • Wholesale and retail trade increased 3.2 percent. This industry contributed to growth in 323 metropolitan areas.
  • Finance, insurance, real estate, rental and leasing increased 1.5 percent. This industry contributed to growth in 237 metropolitan areas.
  • Natural resources and mining increased by 2.2 percent. Although the industry wasn’t a large contributor overall, it did make significant contributions in several metropolitan areas, including Odessa and Beckley, West Va., which saw a 9.6 percent increase.