Mankato, MINN. (September 23, 2015) – The Bureau of Economic Analysis (BEA) recently released their 2014 Gross Domestic Product figures at the regional level. The Mankato - North Mankato Metropolitan Statistical Area (MSA) (Blue Earth and Nicollet Counties) showed growth of .34% from 2013 – 2014 for a total of $4,094,000 (Real GDP). Real GDP accounts for inflation and uses the value of a dollar from 2009. It is a useful measure when looking at past GDP benchmarks.
Manufacturing, the largest portion of the MSA’s GDP representing more than 18%, grew by $1 million (.12%). The highest areas of growth for the Mankato - North Mankato MSA from 2013 - 2014 were:
- professional and business services (4.3%),
- information (4.1%) and
- educational services, healthcare, and social assistance (3.5%).
“GDP is just one measure of growth of an economic region” said Greater Mankato Growth, Inc. president & CEO, Jonathan Zierdt. “The GDP growth our region and the state experienced is consistent with what we heard from the business community in 2014. We are staying in communication with manufacturers who are currently feeling the global constrictions of some industrial sectors rippling through the local supply chain."
Almost the entire state of Minnesota showed positive GDP growth according to the BEA, which reflects a healthy overall economic climate in the state. Despite showing continual, positive steady growth, the Mankato – North Mankato MSA experienced the second lowest growth of GDP from 2013 - 2014 out of all MN MSAs; however, the MSA still had the second highest growth total since 2010.
Growth of GDP from 2010 – 2014 by MN MSA
2010-2014 GDP Growth
Mankato – North Mankato
Per capita Real GDP is useful in comparing metropolitan areas to one another because it factors in the size of the metro. The Mankato-North Mankato MSA had a Per Capita Real GDP level of $41,575. Comparing the MSA to the other 381 MSAs in the U.S. on a per capita basis, the Mankato – North Mankato MSA ranked in the top half at #163. This puts Mankato - North Mankato ahead of Duluth (203rd) and Saint Cloud (168th) and behind Rochester (118th) and Minneapolis -Saint Paul (23rd).
Real Gross Domestic Product (GDP) demonstrates a certain area’s productivity in terms of 2009 dollars. Real GDP by metropolitan area is an inflation-adjusted measure of each metropolitan area's gross product that is based on national prices for the goods and services produced within the metropolitan area.
The figures are subject to revision as new information becomes available. Subcategories that did not have disclosed information included utilities, mining, agriculture, and transportation and warehousing.
About Greater Mankato Growth
Greater Mankato Growth, Inc. exists to intentionally develop the regional center by promoting, supporting and serving as a catalyst for economic development through: business growth, retention and attraction; talent growth, retention and attraction; regional livability and advocacy of the marketplace. Greater Mankato Growth, Inc., the regional Chamber of Commerce and Economic Development organization, includes two LLCs: Visit Mankato, LLC, which focuses on visitor attraction and servicing, and the City Center Partnership, LLC, which focuses on development in the City Center.
About the Regional Economic Development Alliance
In 2009, the Regional Economic Development Alliance (REDA) began with a progressive group of communities and counties joining together with Greater Mankato Growth in business attraction and development efforts. REDA participants include Eagle Lake, Lake Crystal, Le Sueur, Madison Lake, Mankato, North Mankato, Saint Peter and Blue Earth County. By working together, the group is able to efficiently provide regional and individual city and county information to businesses interested in the Greater Mankato marketplace. As a result of promoting the individual strengths of each community, along with the combined assets of the regional marketplace, all experience collective success.
contact: Amy Linde, 507.382.3993 or firstname.lastname@example.org