Tulsa's gross domestic product up 0.5 percent in 2011
BY LAURIE WINSLOW World Staff Writer
Tuesday, February 26, 2013
2/26/13 at 8:06 AM
The Tulsa and Oklahoma City areas were among 242 metros that saw their real gross domestic product rise in 2011, according to data recently released by the U.S. Bureau of Economic Analysis.
Tulsa's real GDP grew 0.5 percent from $40.5 billion in 2010 to $40.7 billion in 2011 and ranked No. 209 out of 366 metros nationwide. Oklahoma City's real GDP grew 2.0 percent to $53.5 billion, ranking No. 97.
Tulsa's real GDP growth in 2011 was above the 0.1 percent growth recorded in 2010 and the 6.0 percent decline posted in 2009, according to the BEA.
The appreciable rise in 2011 bodes well for continued growth, Bob Ball, an economist with the Tulsa Regional Chamber, said Monday.
He noted that the metro area's employment and income earning capacity, as well as shipment and sales, increased last year, which should lead to better GDP numbers for 2012.
GDP measures the value of all goods and services produced, providing a broad gauge of economic growth.
Real GDP is an inflation-adjusted measure of each state's GDP that is based on national prices for the goods and services produced within that metro area.
Real GDP in the nation's metro areas grew 1.6 percent in 2011 after increasing 3.1 percent in 2010, according to the BEA. Growth was led by professional and business services, durable-goods manufacturing and trade.
In metro Tulsa, financial activities contributed $6.7 billion to the area's real GDP while manufacturing contributed $5.9 billion, the BEA reported.
Year-over-year employment growth in the Tulsa area's manufacturing sector ranged from 8 percent to 12 percent on a monthly basis last year, which is reflective of continued GDP growth, Ball said.
The bureau's data also looks at current-dollar GDP, which refers to dollar value, and is a measure of the market value of all final goods and services produced within an area annually.
Based on the current-dollar value, Tulsa's GDP grew to $46.4 billion in 2011 from $44.5 billion in 2010, putting the area at No. 54. Oklahoma City's current-dollar GDP grew to nearly $61 billion and ranked 46th nationwide.
The Tulsa area saw its per capita real GDP drop to $42,944 in 2011 from $43,040 in 2010.
A slight increase in population relative to an increase in total gross product accounted for the difference, Ball said.
Original Print Headline: Tulsa has increase in GDP for 2011
Laurie Winslow 918-581-8466