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Call me stupid but I'm confused by how Washington DC surpassed Dallas but the report says Dallas had high growth while DC had low growth. Are those two bits referring to different measures of GDP?
Apparently, Dallas does well in real gdp(accounts for inflation) growth, but is rather lackluster in nominal(current-dollar) gdp growth. I'm pretty confused as well.
So what's the difference between real gdp and current dollar GDP because for some cities, the differences between the two figures are vast. For example, Houston's real GDP growth is impressive(+21 billion), but it's current GDP growth is god awful(-19 billion). What is more important between the two?
Does current GDP growth more represent the strength of the local economy?
real GDP adjusts for inflation. Inflation is not growth, real gdp is all that matters
It will be interesting to note how fast the metros within Virginia have risen. Quarter I 2016 showed Virginia had the 3rd-fastest growing economy in the Southeast (after Arkansas and Florida), and the 13th-fastest growing in the nation. The District of Columbia and Greater Richmond have fueled that growth, and by all accounts, Richmond is forecasted to accelerate in its climb in population and economic growth for the foreseeable future. I expect to see the margin continue to shrink between it and Hampton Roads in GDP, as in the vast majority of other measures, Richmond is the economic engine of the Commonwealth...
What are you all looking forward to seeing?
DC did grow its GDP respectfully but not by a large percentage (+3.51%) and it certainly helps carry Virginia (and Maryland) economically. As it stands, Richmond did have a very healthy growth rate of +8.83% but it didn't close the gap with Hampton Roads which grew its GDP absolute number more than Richmond but with a slower percentage (+8.83%). Richmond also lost ground to nearby Raleigh (+9.35%), which jumped over it in both MSA population and GDP in 2015. However, both Richmond and Raleigh jumped Oklahoma City in 2015 and put distance on another city that was closely clustered with both of them in 2014: Memphis.
DC did grow its GDP respectfully but not by a large percentage (+3.51%) and it certainly helps carry Virginia (and Maryland) economically. As it stands, Richmond did have a very healthy growth rate of +8.83% but it didn't close the gap with Hampton Roads which grew its GDP absolute number more than Richmond but with a slower percentage (+8.83%). Richmond also lost ground to nearby Raleigh (+9.35%), which jumped over it in both MSA population and GDP in 2015. However, both Richmond and Raleigh jumped Oklahoma City in 2015 and put distance on another city that was closely clustered with both of them in 2014: Memphis.
using growth rates not adjusted for inflation is pretty much useless, DC MSA's economy grew 1.3% in 2015.
DC did grow its GDP respectfully but not by a large percentage (+3.51%) and it certainly helps carry Virginia (and Maryland) economically. As it stands, Richmond did have a very healthy growth rate of +8.83% but it didn't close the gap with Hampton Roads which grew its GDP absolute number more than Richmond but with a slower percentage (+6.46%). Richmond also lost ground to nearby Raleigh (+9.35%), which jumped over it in both MSA population and GDP in 2015. However, both Richmond and Raleigh jumped Oklahoma City in 2015 and put distance on another city that was closely clustered with both of them in 2014: Memphis.
Made a mistake and put in Richmond's growth rate twice. Fixed it now.
DC did grow its GDP respectfully but not by a large percentage (+3.51%) and it certainly helps carry Virginia (and Maryland) economically. As it stands, Richmond did have a very healthy growth rate of +8.83% but it didn't close the gap with Hampton Roads which grew its GDP absolute number more than Richmond but with a slower percentage (+8.83%). Richmond also lost ground to nearby Raleigh (+9.35%), which jumped over it in both MSA population and GDP in 2015. However, both Richmond and Raleigh jumped Oklahoma City in 2015 and put distance on another city that was closely clustered with both of them in 2014: Memphis.
I saw that. I also noted that out of all of their peer cities--in which I include any city between 50b-99.9b GDP--, Raleigh, then Richmond/Hampton Roads, had the highest one year economic growth rates!
1. Raleigh (+8.55)
T-2. Richmond/Hampton Roads (+6.07)
3 and on: BR/GR/Tulsa/Roc/Buff/Omaha/Hon/Bham/Jax/Mem/Okc/NO/Prov/Hart/Slc...
By all forecasts, Virginia is gearing up for some exciting times and accelerated growth. I doubt we'll ever reach NC cities' level of growth, but certainly, Urban Virginia is on the rise...
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