June 27, 2023
The U.S. Bureau of Economic Analysis recently started estimating county-level Gross Domestic Product (GDP), giving us a first glance at economic activity for the region and our member counties. GDP more than doubled from 2001 to 2021 with a 105% growth rate. This was above Pennsylvania's 99% and below New Jersey’s 116% growth rates, and under the national growth rate of 141% over the same period.
The U.S. Bureau of Economic Analysis recently started estimating county-level Gross Domestic Product (GDP), giving us a first glance at economic activity for the region and our member counties. We found that GDP more than doubled from 2001 to 2021 with a 105% growth rate. This was above Pennsylvania's 99% and below New Jersey’s 116% growth rates, and under the national growth rate of 141% over the same period. GDP faltered in 2020 due to the pandemic’s impacts on economic activity, but rebounded much more quickly than it had after its Great Recession drop in 2009. The Arts, Entertainment, Recreation, Food, and Accommodations sector was, unsurprisingly, the most impacted by the COVID-19 pandemic in 2020, but largely recovered by 2021. We’ll update GDP trends with 2022 data when it’s released in December to see if it and other lagging sectors have exceeded 2019 levels.
GDP measures economic activity. While heavily relied upon by economists, it is not an indicator of societal well-being as not all economic activity results in beneficial outcomes. However, it does help us gauge how well the region is moving toward Connections 2050 Plan goals to facilitate goods movement, aviation, and multimodal intercity connections; expand internet access; and grow small businesses. GDP growth can spur opportunity for the region's residents in the form of job and income growth.
Gain further insights on 2001–2021 GDP trends with our interactive charts and “How are we doing?” analysis on our Gross Domestic Product indicator page, and explore other indicators on our Tracking Progress dashboard.