Cities With The Biggest Growth In GDP, Including Industries

cities-with-the-biggest-growth-in-gdp,-including-industries

Drilling machinery in the Permian Basin in Midland, Texas. The Midland metro area posted an … [+] incredible 60.1% growth in GDP for all industries from 2015 to 2020.

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In a recent Forbes article, we analyzed which states in the United States had experienced the fastest growth in terms of gross domestic product (GDP). This time around, we’ve decided to analyze the economies of America’s major metropolitan statistical areas (MSAs), in order to identify which places have experienced the largest growth in GDP over the period 2015 to 2020, with data sourced from the Bureau of Economic Analysis (BEA). In this study is also included the industries that have contributed most significantly to each metro areas overall GDP growth. GDP figures are in real GDP, meaning the dollar figures are in chained 2012-dollars, so inflation doesn’t artificially inflate the GDP figures of more recent years.

Read on to find out which cities in the U.S. have experienced the biggest growth in GDP over the last five years.

Cities With the Biggest Growth in GDP

Looking at the country’s largest MSAs in terms of the GDP of all industries, the 10 with the biggest growth in their economies over the five-year period 2015 to 2020 is a very interesting mix. Some of the cities are more obvious ones that you’d assume would rank highly, such as Seattle or San Francisco. Others are less obvious. Here’s a look at the top 10 cities by GDP in terms of the largest growth over the last five years:

1. Midland, Texas

2015-2020 GDP Change: 60.1%

2015 Real GDP: $23.01 billion

2020 Real GDP: $36.85 billion

Midland, Texas, has experienced the greatest growth in its GDP for all industries for the five-year period 2015 to 2020, an incredible 60.1%. The biggest period of growth came in 2017 to 2018, when Midland’s GDP grew by 21.5%, and in 2018 to 2019, when its GDP grew by 21.6%. There were several industries that contributed to this excellent growth. One of the biggest sources of GDP growth in Midland was the mining, quarrying, and oil and gas extraction industry. This industry grew by 124.9%, from $14.12 billion in 2015 to $31.77 billion in 2020, with the biggest year-over-year growth coming in 2016 to 2017, when this industry’s GDP grew by 30.8%. Other industries that contributed to Midland’s huge GDP growth include:

  • Utilities GDP growth 2015-2020: 94.2% | $43.8 million to $85.06 million
  • Transportation and warehousing GDP growth 2015-2020: 59.1% | $377.18 million to $600.24 million
  • Management of companies and enterprises GDP growth 2015-2020: 58.5% | $515.4 million to $816.9 million

2. The Villages, Florida

2015-2020 GDP Change: 45.3%

2015 Real GDP: $2.65 billion

2020 Real GDP: $3.86 billion

Who would’ve thought The Villages, Florida, would see one of the biggest growths in its economy? It’s definitely one of the best places to retire in the U.S., but it’s not usually associated with economic dynamism. With the GDP of all industries growing by 45.3% from 2015 to 2020, The Villages is a dynamic economic zone. In fact, in a single one-year period, 2018 to 2019, its GDP grew by 20.3%, from $3.1 billion to $3.74 billion. Some of the industries contributing most to The Villages’ superb economic growth include:

  • Real estate and rental and leasing GDP growth 2015-2020: 52.9% | $729.58 million to $1.01 billion
  • Administrative and support and waste management and remediation services GDP growth 2015-2020: 44.2% | $64.78 million to $90.13 million
  • Finance and insurance GDP growth 2015-2020: 42.6% | $65.07 million to $92.78 million

3. San Jose, California

2015-2020 GDP Change: 38%

2015 Real GDP: $248.01 billion

2020 Real GDP: $327.83 billion

San Jose is right in the heart of Silicon Valley, so it comes as no surprise that this city would experience some serious economic growth over the last five years. In just five years, from 2015 to 2020, the GDP of all industries in San Jose leapt up by almost $100 billion, an incredible feat. Some of the industries that contributed to San Jose’s massive economic growth over the years include:

  • Information GDP growth 2017-2020: 42.2% | $75.04 billion to $106.71 billion
  • Manufacturing GDP growth 2015-2020: 41.6% | $58.47 billion to $82.77 billion
  • Real estate and rental and leasing GDP growth 2015-2020: 20% | $20.42 billion to $24.5 billion

4. Provo-Orem, Utah

2015-2020 GDP Change: 35.6%

2015 Real GDP: $20.56 billion

2020 Real GDP: $27.89 billion

The Provo-Orem MSA is an economic powerhouse, but it’s also not the only Utah metro area to make this list of the places that experienced the greatest GDP growth over the last five years. From 2015 to 2020, the GDP of all industries in Provo-Orem grew by more than a third. The one-year period that experienced the fastest economic growth was from 2017 to 2018, when its GDP grew by 9.5%. Some of the industries that contributed most to Provo-Orem’s exceptional GDP growth include:

  • Construction GDP growth 2015-2020: 64.9% | $1.53 billion to $2.53 billion
  • Utilities GDP growth 2015-2020: 64.6% | $267.02 million to $439.54 million
  • Administrative and support and waste management and remediation services GDP growth 2015-2020: 38.2% | $593.05 million to $801.39 million

5. St. George, Utah

2015-2020 GDP Change: 35%

2015 Real GDP: $4.53 billion

2020 Real GDP: $6.11 billion

Here’s another Utah city to make our list of the places with the largest growth in GDP over the last five years. St. George saw its GDP for all industries increase by almost $2 billion from 2015 to 2020, which is quite a lot for a comparatively small economy. The period of fastest growth was from 2016 to 2017, when St. George GDP increased by 10.1%, from $4.94 billion to $5.44 billion. Some of the industries that contributed to St. George’s impressive growth in GDP include:

  • Mining, quarrying, and oil and gas extraction GDP growth 2015-2020: 236.7% | $39.82 million to $134.12 million
  • Construction GDP growth 2015-2020: 80.6% | $349.89 million to $631.8 million
  • Finance and insurance GDP growth 2015-2020: 51% | $120.06 million to $181.26 million

6. Bellingham, Washington

2015-2020 GDP Change: 28.8%

2015 Real GDP: $10.01 billion

2020 Real GDP: $12.9 billion

Bellingham, Washington, is right outside Seattle and benefits from the tech explosion in the Seattle area. Though Bellingham GDP declined from 2019 to 2020, this was common for nearly every city in the study due to the pandemic. But each year, from 2015 through 2019, Bellingham’s GDP for all industries increased faster than the previous year. From 2018 to 2019, its GDP grew by 9.8%, from $12.41 billion to $13.63 billion. Some of the industries that contributed to Bellingham’s robust economic growth include:

  • Manufacturing GDP growth 2015-2020: 119.7% | $2.19 billion to $4.82 billion
  • Agriculture, forestry, fishing and hunting GDP growth 2015-2020: 53.6% | $316.51 million to $486.18 million
  • Natural resources and mining GDP growth 2015-2020: 45.5% | $344.79 million to $501.78 million

7. Bend, Oregon

2015-2020 GDP Change: 28%

2015 Real GDP: $7.13 billion

2020 Real GDP: $9.13 billion

Bend, Oregon, has become a major hotspot for Americans relocating to a new city to settle down. As such, its economy has experienced major growth in recent years. Bend’s GDP increased by just over $2 billion in five years, which is excellent for such a comparatively small economy. The one-year period with the fastest growth was 2015 to 2016, when Bend’s GDP for all industries rose by 9.2%, from $7.13 billion to $7.79 billion. Some of the industries that contributed the most to Bend’s economic surge include:

  • Management of companies and enterprises GDP growth 2015-2020: 96.1% | $95.04 million to $186.42 million
  • Information GDP growth 2015-2020: 85.8% | $305.99 million to $568.68 million
  • Utilities GDP growth 2015-2020: 53.5% | $30.08 million to $46.17 million

8. Idaho Falls, Idaho

2015-2020 GDP Change: 27.9%

2015 Real GDP: $5.84 billion

2020 Real GDP: $7.46 billion

Idaho Falls comes in as the No. 8 city with the biggest growth in its economy over the last five years. The Idaho Falls GDP grew by well over a quarter from 2015 to 2020, and in the one-year period 2018 to 2019 alone, experienced GDP growth of 11.4% for all industries, from $6.8 billion to $7.57 billion. Some of the industries that contributed to Idaho Fall’s GDP growth from 2015 to 2020 include:

  • Mining, quarrying, and oil and gas extraction GDP growth 2015-2020: 1,788% | $75,000 to $1.42 million
  • Retail trade GDP growth 2015-2020: 67.3% | $685.33 million to $1.15 billion
  • Agriculture, forestry, fishing and hunting GDP growth 2015-2020: 52.5% | $233.53 million to $356.17 million

9. Seattle, Washington

2015-2020 GDP Change: 24.5%

2015 Real GDP: $303.61 billion

2020 Real GDP: $378.15 billion

Seattle making this list shouldn’t come as too much of a surprise. As the tech industry has exploded over recent years, Seattle has been one of its main centers of growth. From 2015 to 2020, Seattle’s GDP for all industries grew by about a quarter, adding about $75 billion to its overall GDP. Its fastest one-year period of growth was 2017 to 2018, when the Seattle GDP rose by 7.8%, from $335.59 billion to $361.91 billion. Some of the industries that contributed to Seattle’s economic growth over the last five years include:

  • Information GDP growth 2015-2020: 112.1% | $48.08 billion to $101.99 billion
  • Retail trade GDP growth 2015-2020: 76.2% | $24.42 billion to $43.02 billion
  • Utilities GDP growth 2015-2020: 52.5% | $322.62 million to $491.95 million

10. San Francisco, California

2015-2020 GDP Change: 24.5%

2015 Real GDP: $422.32 billion

2020 Real GDP: $525.83 billion

Rounding out our list of the places with the biggest growth in GDP is the San Francisco metro area. The centerpiece of the Bay Area, San Francisco saw its GDP of all industries increase by over $100 billion in five years. Its greatest period of one-year growth was 2016 to 2017, when San Francisco’s GDP increased by 8.2% in just one year, from $447.06 billion to $483.7 billion. Some industries that contributed the most to San Francisco’s overall GDP growth include:

  • Information GDP growth 2015-2020: 98.3% | $45 billion to $89.24 billion
  • Manufacturing GDP growth 2015-2020: 63.8% | $49.63 billion to $81.32 billion
  • Professional, scientific, and technical services GDP growth 2015-2020: 28.5% | $64.44 billion to $82.79 billion

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