The Owensboro MSA showed slow, steady growth of gross domestic product (GDP) based on estimates released today by the Bureau of Economic Analysis (BEA). The GDP of a metropolitan area is defined as the market value of all final goods and services produced within that area for a given period of time. GDP is the most comprehensive measure of economic activity for a metropolitan area.
Owensboro’s GDP grew by $556 million between 2001 and 2005. The 15% growth over the five-year period and 3.7% growth between 2004 and 2005 were in the lowest quintile of U.S. MSA’s. Industries with the largest growth over the five-year period include health care and social assistance, manufacturing, and private service-providing industries. The largest yearly growth was in performing arts, museums and related industries, with nearly a 30% increase between 2004 and 2005. Private good producing industries, constituted $1.3 billion of the metro GDP (nearly $1 billion of which come from manufacturing), while private service-providing industries were responsible for $1.8 billion.
Estimates can be found on BEA’s Web site at http://www.bea.gov/regional/index.htm.