WASHINGTON – Real gross domestic product increased in 242 of the nation’s 366 metropolitan areas in 2011, including the Providence-New Bedford-Fall River area, according to new statistics released Friday by the U.S. Bureau of Economic Analysis.
The real GDP in the metro area in 2011 was $59.3 million in chained 2005 dollars, the 169th highest in the U.S. and a 0.9 percent increase from the $58.8 million reported in 2010.
Industries that contributed positively to the 0.9 percent real GDP change in the Providence metro area included: information (0.27 percent), professional and business services (0.39 percent), education and health services (0.06 percent), leisure and hospitality (0.08 percent), and government (0.25 percent).
Industries that decreased year over year and contributed negatively to the 2011 real GDP included: natural resources and mining (0.04 percent), transportation and utilities (0.08 percent), financial activities (0.22 percent) and “other services” (0.01 percent).
The BEA analysis did not include the year-over-year changes in the Providence metro area’s construction, durable-goods manufacturing, nondurable-goods manufacturing or trade industries.
The U.S. as a whole saw its real GDP increase 1.5 percent from 2010. Improvement was led by growth in professional and business services, durable-goods manufacturing and trade.
The report also listed the Providence metro area’s GDP in current U.S. dollars. The 2011 GDP in current dollars is $68.1 billion, the 43rd highest in the United States and a 2.9 percent increase from the $66.2 billion reported in 2010.
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.