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If it's inflation adjusted, shouldn't they all affected similarly? They clearly aren't. Something doesn't seem right.
No, Vlajos is correct. Real GDP is the standardized value of your economy's production, both goods and services. Nominal GDP ("current dollar GDP") is the valuation of those goods and services at that particular time when the numbers are compiled -- the market value of that given time period. For instance, if the GDP was tallied on say December 31st, 2016, then the Nominal GDP values for each city's economy is for that date as related to the value of the dollar on that date. If everything about that city's economy remained the same but the value of the dollar fluctuated say 7 months later, you'll see those revisions, either up or down, reflected in the Nominal GDP figures. If you go 7 months into the future, then the value of the dollar will have fluctuated either up or down, and with it so will the regions economy. BEA is prone to revising Nominal GDP annually, it's fairly standard practice for them. In contrast Real GDP is a constant, that is the standardized value of your economy regardless of date, meaning the fluctuation in the dollar's value has little effect on it (i.e. takes out inflationary totals).
With regard to your question, actually no. Inflation adjustment has different effects on different types of economies. All economies are different and distinct in their own manner and especially with regard to the value of the American dollar. Different factors that play into inflation will have a stronger or weaker reaction. For instance, economies that are import heavy generally tend to do well when the value of the dollar is globally high, as it gives the consumer base more spending power to purchase goods from overseas since the value of the dollar is strong compared to other currencies. It cheapens the value of those overseas commodities. In contrast, commodity driven markets weaken when the value of the dollar is high because their own valuations go in the opposite direction of the value of the dollar. When the value of the dollar weakens, it generally tends to favor commodity markets as it increases the overall value of each of those commodities. The flip side to it is that it becomes harder for the average American to purchase those commodities on the open market because they become more expensive. Think back to 3 years ago or so when prices at the gas pump were essentially double of what they must be now and look at it now. That's what the fluctuation of the American dollar's value does. Just a basic crash course into Economics 101, it's not just oil that has that relationship with the American dollar but also gold, copper, silver, natural gas (different thing than oil), iron, ore, minerals, and several other production goods as well.
Last edited by Trafalgar Law; 09-20-2017 at 01:56 PM..
I think there can no longer be any doubt that Richmond is Virginia's alpha city. We are now within $12 billion of the Hampton Roads MSA, a region with 440,000 more people compositely made up of seven different cities. Truly, when broken down by Southside Hampton Roads (the Norfolk/Virginia Beach side) to Peninsula Hampton Roads (the Newport News/Hampton side), Richmond is going to have an estimated advantage of roughly $16.5 billion GDP dollars...
Anybody with a clear perspective can witness the differences. Richmond is on the cusp of entering a serious boom and looks the part; everything is just bigger and faster in Richmond. Norfolk and Virginia Beach are growing modestly but have one of the most stale economies of any large metros in the entire country. Hampton Roads had a 1.02% growth from 2015 to 2016, and had a 10.21% growth over the last five years. Conversely, Richmond had a 4.76% growth from 2015 to 2016, and a 20.63% growth from 2011-2016. Just a larger, more dynamic, more robust economy everywhere around...
Virginia's situation is a lot like New Jersey's or Connecticut's in my opinion.
Arguably its economic power is tied to a large Metro centered outside the state. If NOVA didn't exist, I think that its dynamic between Richmond and Hampton Roads would be a lot different.
Certainly compared the slower growing economy of HR, Richmond is the faster growing economy.
Virginia's situation is a lot like New Jersey's or Connecticut's in my opinion.
Arguably its economic power is tied to a large Metro centered outside the state. If NOVA didn't exist, I think that its dynamic between Richmond and Hampton Roads would be a lot different.
Certainly compared the slower growing economy of HR, Richmond is the faster growing economy.
I agree. Having a larger metro such as Virginia Beach, and a super metro in D.C. makes Richmond not the premier city in Virginia despite it's growth and economic achievements. The city continues to attract new business, but I think it would be more recognized/prominent if the other metros were not there. On a state level, VA would be more like Alabama and Kentucky if you were to remove Hampton Roads and D.C. with Richmond being the sole large city.
Virginia's situation is a lot like New Jersey's or Connecticut's in my opinion.
Arguably its economic power is tied to a large Metro centered outside the state. If NOVA didn't exist, I think that its dynamic between Richmond and Hampton Roads would be a lot different.
Certainly compared the slower growing economy of HR, Richmond is the faster growing economy.
We can play the "if" game a bunch of ways. If Washington didn't exist, NoVa would be more intrinsically tied to Richmond than it already is, Richmond would have a degree if higher prominence, etc...
Nova would always exist because NoVa was here before Washington was, so your point is innacurate. You're showing a lack of knowledge of how Virginia functions. Richmond is the economic heart of Virginia. Northern Virginia has a lot of money and influence but the heartbeat of Virginia is and always has been in Richmond. Richmond had a rough couple decades economically, the decades that NoVa grew from farmland to super suburbia, but now it has been evident throughout the last five years or so, the center of economic gravity is growing and shifting from being NoVa dominated to Richmond/NoVa...
Richmond created it's own economy and already had one, without piggybacking off of, or growing because if, The District, so your comparison to Jersey or Connecticut is not accurate or viable. The fact that the already existent relations between DC and Rich have continued to grow in the modern era is not a knock on Richmond and is further proof of the city's dynamism and maturity...
I agree. Having a larger metro such as Virginia Beach, and a super metro in D.C. makes Richmond not the premier city in Virginia despite it's growth and economic achievements. The city continues to attract new business, but I think it would be more recognized/prominent if the other metros were not there. On a state level, VA would be more like Alabama and Kentucky if you were to remove Hampton Roads and D.C. with Richmond being the sole large city.
Couldn't we use these analogies for any state, though? Like, if Nashville hadn't merged with its county and ______, Memphis would still be the dominant city in Tennessee. Couldn't we use this for any state? If the RTP didn't exist, Raleigh would still be a rural farmland?
So I'm not getting your point, or his, and at any rate you guys are wrong and off-base about Richmond. Richmond didn't become Richmond because of DC, or NoVa (which is what it is because of DC), or Tidewater. Richmond has almost always been the heart of Virginia's economy. That's not me talking, that's the history of one if the most historic states in the nation...
You've been doing good on silencing your Richmond hate. But you're nowhere near as knowledgeable about Virginia as you think you are, because absolutely nobody believes any Tidewater city or NoVa city is the premier city in Virginia. There isn't a single city in The Commonwealth with the tools and dynamism of Richmond. And as is increasingly evident, the Central Virginia/Greater Richmond area has caught up to Tidewater in economic size, and has literally always been stronger and more diverse than that metro. As for Northern Virginia, well, again, that area is to DC what Jersey is to New York. Which is to say, it's not a self-functioning area...
Please though, continue to illustrate your incessant and blissful ignorance of Richmond...
5.Dallas- $511 B
6.Philadelphia- $505 B
7. Houston- $485 B
8.SF- $470 B
Gave Philadelphia back their satellite micro regionsin Trenton + Allentown.
Allentown PA - $42.7 B
Trenton NJ- $31.2 B
Allentown is over 100 miles to NYC and virtually no affiliation. Dozens of state/county/interstate roads and thorofares directly connect Allentown with Philly region.
Trenton to Philly seperated by 200 foot wide Delaware River . Trenon/Philly One continuous region for sure.
DFW is the double-headed hydra, lol. I was kind of surprised with fort worth's median household income myself, actually.
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