The Owensboro MSA gross domestic product (GDP) based on estimates released today by the Bureau of Economic Analysis (BEA), outpaced growth both nationally and regionally. 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 $275 million between 2005 and 2006. The 7.5% growth is higher than the 3.2% national growth. It was also higher than the 4.1% increase in the Evansville/ Henderson metro and the 6.5% growth in the Bowling Green metro. The Owensboro MSA five year growth was 19.6%.
Industries with the largest growth over the five-year period include health care and social assistance, manufacturing, and private service-providing industries. Private good producing industries, constituted $1.5 billion of the metro GDP (nearly $1 billion of which come from manufacturing), while private service-providing industries were responsible for $1.9 billion. Manufacturing bounced back with its first growth period in five years, an 18% increase. The health care sector continued steady growth, with an 8% increase between 2005 and 2006.