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Jon Talton

Analysis and commentary on economic news, trends and issues, with an emphasis on Seattle and the Northwest.

September 16, 2014 at 10:10 AM

Seattle GDP posts strong showing

Gross domestic product for Seattle-Tacoma-Bellevue totaled nearly $285 billion in 2013, making us the 11th largest metro in the nation by output. Growth was also relatively strong at 2.4 percent. By comparison, GDP adjusted for inflation for all 381 metro areas in the nation was only 1.7 percent.

Still. it was slower than the 4.7 percent increase in 2012, when the national number was 2.6 percent. It was also only in the top third of the pack in percent change, ranking 122. The data come from the U.S. Bureau of Economic Analysis.

Elsewhere in the Northwest: Portland, $164 billion (No. 20); Spokane, $21 billion (108); Bellingham, $10.1 billion (192); Bremerton, $9.4 billion (199); Boise, $28.5 billion (85); Kennwick-Richland, $11.5 billion (177); Olympia, $9.8 billion (195), Wenatchee, $4.3 billion (332), Yakima, $9 billion (204), and Anchorage, $31.6 billion (78).

You can read the entire BLS report here.

Meanwhile, here’s a new report from the Atlanta Fed that maps quarterly changes in GDP from 2005 through 2013. One thing that’s striking is how distortive the housing bubble was. Thus, Nevada showed a total annualized change of 10.2 percent and Arizona 9.4 percent. But both states are in negative territory in the “recovery,” in making up for the losses of the bubble.

By contrast, Washington’s annualized rate was 3.5 percent and it is recovering steadily. The national average was 2.1 percent.


Tuesday Reading: California earthquake for hedge funds | Bloomberg


Today’s Econ Haiku:

Boeing space taxi

It can’t show up soon enough

Right now Vlad’s Uber


 

Comments | More in Pacific Northwest economy

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