As data geeks, EM’s editors actually get a charge out of analyzing things like the 2017 Gross Metropolitan Product (GMP) data for Metropolitan Statistical Areas (MSAs) released this week by the U.S. Bureau of Economic Analysis, or the latest local population figures released each July by the U.S. Census Bureau.
More often than not, the local markets showing the best growth year-over-year in GMP or the biggest population increases are also showing good growth in customer employment, housing starts, and the amount of new commercial construction breaking ground or in the planning stages.
The chart below offers the latest GMP data and population estimates for the 53 MSAs with more than 1 million residents. These MSAs account for roughly half of the United States’ total population. Not all of them are necessarily growing fast, but there are a few that are more than doubling up the national growth rates for GMP and population growth from 2016-2017.
GMP growth. More than 30 of the nation’s largest metros beat the 2017 U.S. All Industries GDP growth average of 2.2%. Leading the pack were San Jose/Sunnyvale/Santa Clara, CA (+7.6%); Austin, TX (+6.9%); Seattle, WA (+5.2%); San Antonio, TX (+4.6%); and Nashville, TN (+4.1%).
Population growth. If you hear anyone from Austin complaining about traffic jams from all of the new people moving in, they are right. The population for the Austin-Round Rock, TX, MSA grew by more than 15% from 2016-2017, with more than 55,000 new residents. From 2012-2017 this metro’s population increased by 281,261. Other metros with increases in population of better than 10% from 2016 to 2017 were the Orlando, Houston, Dallas-Fort Worth and Phoenix metros.
Population growth. If you hear anyone from Austin complaining about traffic jams from all of the new people moving in, they are right. The population for the Austin-Round Rock, TX, MSA grew by more than 15% from 2016-2017, with more than 55,000 new residents. From 2012-2017 this metro’s population increased by 281,261. Other metros with increases in population of better than 10% from 2016 to 2017 were the Orlando, Houston, Dallas-Fort Worth and Phoenix metros.