Tallahassee Ranks 17th in Economic Growth Since Recession

A report published by the US Bureau of Labor Statistics compares the Gross Domestic Product (GDP) of 381 Metro Statistical Areas (MSA’s) from 2009 through 2014.

For 2014, the report found that the real GDP increased in 282 of the nation’s 381 metropolitan areas in 2014, led by growth in several industry groups: professional and business services, wholesale and retail trade, and the group of finance, insurance, real estate, rental, and leasing. Natural resources and mining remained a strong contributor to growth in several metropolitan areas. Collectively, real GDP for U. S. metropolitan areas increased 2.3 percent in 2014 after increasing 1.9 percent in 2013.

The table below provides annual GDP information for the twenty-two MSA’s in Florida from 2009 to 2014. The last two columns of the table shows the ranking of the MSA’s among all 381 MSA’s and the growth, in percentage terms, in the GDP from 2009 to 2014.

Florida had five MSA’s ranked in the top 100 for GDP in 2014. The Miami MSA led the way ranked 12th, followed by Tampa (25), Orlando (31), Jacksonville (40) and Sarasota (92). Tallahassee was ranked 155.

With regards to growth rate in GDP between 2009 and 2014, only one MSA did not register positive growth during this period, Homosassa Springs. The Villages MSA led the way with 35.1% followed by the Naples MSA with 31.5% growth. Tallahassee’s GDP growth was 6.2% which was ranked 17th.

Comparing North Florida

Not surprisingly, Jacksonville led the North Florida MSA’s in 2014 GDP. Jacksonville was followed by Pensacola, Tallahassee, Fort Walton Beach, Gainesville, and Panama City. Jacksonville also led in GDP growth from 2009 to 2014 with a growth rate of 15.4%. They were followed by Pensacola (15.1%), Gainesville (11.4%), Panama City (9.2%), Tallahassee (6.2%) and Fort Walton Beach (4.1%).

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