Tampa Bay area among the largest economies in the U.S.

Article From: http://www.bizjournals.com/

By Chris Erickson, Tampa Bay Business Journal

The Bureau of Economic Analysis has released its annual figures for gross domestic product by metropolitan statistical area, and the Tampa-St. Petersburg-Clearwater MSA had a GDP of more than $133 billion in 2015.

This means the region is the 26th largest in the country and second only to Miami in the state.
The North Port-Sarasota-Bradenton MSA ranked as the 91st largest with a GDP of $28.4 billion, and Lakeland-Winter Haven fell in at No. 124 with a GDP of $19.1 billion.

When ranked by percentage growth, North Port-Sarasota-Bradenton fell well above the national average of 2.5 percent with a growth rate of 4.1 percent. This put it as the 46th fastest-growing metropolitan area by GDP. Tampa-St. Petersburg-Clearwater was also above the national average, with a growth rate of 2.7 percent, while Lakeland-Winter Haven lagged behind at 1.5 percent.

The sector that contributed the most to growth in the Tampa-St. Petersburg-Clearwater MSA was professional and business services (1.13 percent), followed by trade (0.7 percent) and educational, health care and social assistance (0.34 percent). The biggest decrease was in transportation and utilities (-0.31 percent) and government (-0.09 percent).

The San Antonio-New Braunfels, Texas MSA was the fastest-growing among large metropolitan areas (defined as those with more than two million residents), according to the Bureau of Economic Analysis. The growth rate of 5.9 percent edged out Austin-Round Rock, Texas (5 percent).

Chris Erickson is Research Director for the Tampa Bay Business Journal.