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October 26, 2007

Metro economies

Economists have a new set of numbers to analyze our nation's metropolitan regions. N.C. State University economist Mike Walden explains what those numbers are and what they mean for North Carolina. Listen

"I'm sure many people have heard the concept gross domestic product. We talk about this ... as the broadest economic measure of economic activity in the nation. We also have a comparable measure for states," says Dr. Walden, a professor of agricultural and resource economics. "And gross domestic product is the value of all production ... from factories, offices, farms, services in a year. And this is the number that's most avidly tracked to gauge what's happening to economies like the nation and North Carolina.

"Well now the U.S. Department of Commerce has developed GDP numbers for metropolitan regions," he continues. "And so it's interesting to look at these because it gives us some sense of the size of regions in North Carolina as well as nationally.

"The largest region in terms of economic activity is the Charlotte-Gastonia-Concord metropolitan area in North Carolina, (which) had a gross domestic product of $106 billion in 2005.
Second was the Durham-Raleigh-Cary area, $70 million. And then third was the Winston-Salem-Greensboro-High Point area at $51 billion.

"The largest metropolitan area in terms of economic activity in the nation is the New York-Northern New Jersey-Long Island area, which produces $1 trillion of production annually."

Posted by deeshore at October 26, 2007 08:00 AM