WASHINGTON, D.C. — Statistics released this week by the U.S. Bureau of Economic Analysis show that the slowdown in U.S. economic growth was widespread in 2008, with 60 percent of metropolitan areas seeing economic growth slow down or reverse.
Real GDP growth slowed in 220 of the nation's 366 metropolitan statistical areas (MSAs) in 2008 with downturns in construction, manufacturing, and finance and insurance restraining growth in many metropolitan areas. Growth in real U.S. GDP by metropolitan area slowed from 2.0 percent in 2007 to 0.8 percent in 2008.
In West Virginia, Morgantown went against the national trend, posting 4.2 percent growth last year - making it the 29th fastest-growing of the 366 metro areas in the United States. Charleston's real gross domestic product grew by 1.7 percent, making it the 117th fastest-growing metro area.
Other metro areas that include all or a portion of West Virginia and their growth rankings: Cumberland, Md.-W.Va., 71st; Hagerstown-Martinsburg, Md.-W.Va., 257th; Parkersburg-Marietta-Vienna, W.Va.-Ohio, 194th; Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va., 69th; Weirton-Steubenville, W.Va.-Ohio, 43rd; Wheeling, W.Va.-Ohio, 50th; and Winchester, Va.-W.Va., 335th.
Real economic growth slowed in all eight BEA regions, but three were particularly hard hit—the Southwest region experienced the largest deceleration, the Southeast region slowed to no growth, and the Great Lakes region contracted. Metropolitan areas in the Southwest region were slowed by a decline in nondurable goods manufacturing. Declines in construction, manufacturing, and finance and insurance caused metropolitan areas in the Great Lakes and Southeast to slow or contract.
In 2008, real GDP by metropolitan area declined in 111 of the 366 MSAs. Many metropolitan areas in the Sun Belt, which had previously experienced large growth in the housing market, were adversely affected by protracted housing declines. Much of the decline in the housing-related industries (construction and finance and insurance) can be attributed to metropolitan areas in Arizona, California, Florida, and Nevada. Specifically, the areas of Los Angeles-Long Beach-Santa Ana, CA; Miami-Fort Lauderdale-Pompano Beach, FL; Phoenix-Mesa-Scottsdale, AZ; and Reno-Sparks, NV were hard hit. Metropolitan areas in Florida—Cape Coral-Fort Myers, FL; Punta Gorda, FL; Naples-Marco Island, FL; Palm Coast, FL; and Bradenton-Sarasota-Venice, FL—were among the hardest hit in the nation by the construction slowdown.
In contrast, growth accelerated in 146 metropolitan areas, most notably in areas where natural resources and mining industries are concentrated such as Casper, WY and Grand Junction, CO. Grand Junction had the fastest real GDP growth (12.3 percent) of any metropolitan area in 2008 due largely to growth in natural resources and mining. The professional and business services industry group also showed strong growth in 2008, contributing the most to real GDP growth in 112 metropolitan areas.
Per capita real GDP by metropolitan area in 2008. San Jose-Sunnyvale-Santa Clara, CA had the highest per capita real GDP in 2008 of $82,880, which was almost twice the U.S. metropolitan area average. San Jose's ranking reflects its high concentration in the information and data processing sector. Palm Coast, FL had the lowest at $11,611, which was 72.2 percent below the U.S. metropolitan area average.
More information, and a complete copy of the BEA's report can be found online at www.bea.gov .
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