PROVIDENCE – The Providence-New Bedford-Fall River metropolitan area real gross domestic product shrank to $58.01 billion from $59.62 billion in 2009, reflective of a national trend.
Real GDP, a measure adjusted for price changes, declined in 80 percent of U.S. metropolitan areas in 2009, according to data released Wednesday by the U.S. Bureau of Economic Analysis. The economic decline was “widespread,” affecting 292 of 366 areas, fueled by declines in national durable-goods manufacturing, construction and professional and business services.
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In contrast to most industries, natural resources and mining was a “strong positive contributor” to growth in 2009 for 70 metropolitan areas, including: Casper, Wyo., and Oklahoma City, Okla.
Real U.S. GDP by metropolitan area dropped 2.4 percent in 2009, after declining 0.4 percent in 2008, the Bureau said.
The Providence metropolitan area’s real GDP – chained to 2005 dollars – declined 2.7 percent in 2009 from 2008 to $58.01 billion, ranking 186 out of 366 areas. The measure has steadily declined since 2006 ($60.75 billion); in 2007 it was $60.04 billion and in 2008, $59.62 billion.
The two factors to contribute positively to the Providence area’s real GDP was a 0.62 percentage point increase in financial activities and 0.05 percentage point tick upward by education and health services. Four factor contributions were not disclosed for reasons of confidentiality.
The bureau also released the GDP by metropolitan are in current dollars, reporting the Providence metropolitan area at $64.34 billion in 2009, down from $64.67 billion in 2008. In current dollars, the local area ranked 43.
