Regional Gross Domestic Product
What is GDP and why is it important?
GDP, or Gross Domestic Product measures the total output of goods and services in an economy. You may see it reported at a national level, and that provides a comprehensive measure of our economic activity. We look at it regionally to see how our local economy is changing. GDP is also equal to the sum of personal expenditures, private investment, net exports, government consumption and gross investment.
What is “Gross domestic product (GDP) by metropolitan area (millions of current dollars)”?
Gross domestic product (GDP) by metropolitan area- GDP by metropolitan area is the measure of the market value of all final goods and services produced within a metropolitan area in a particular period of time (annually). For a complete list of regional statistics, see Regional Definitions. (U.S. Bureau of Economic Analysis)
What is “Per Capita Personal Income”?
Personal Income consists of the income that persons receive in return for their provision of labor, land, and capital used in current production as well as other income, such as personal current transfer receipts. In the state and local personal income accounts the personal income of an area represents the income received by or on behalf of the persons residing in that area. It is calculated as the sum of wages and salaries, supplements to wages and salaries, proprietors’ income with inventory valuation (IVA) and capital consumption adjustments (CCAdj), rental income of persons with capital consumption adjustment (CCAdj), personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance plus the adjustment for residence
Per Capita Personal Income is defined as the personal income of a given area divided by the resident population of the area (U.S. Bureau of Economic Analysis)