Gross Domestic Product (GDP)
Source
Source Description
The Bureau of Economic Analysis is an agency of the Department of Commerce. BEA produces economic accounts statistics that enable government and business decision-makers, researchers, and the American public to follow and understand the performance of the Nation’s economy. To do this, BEA collects source data, conducts research and analysis, develops and implements estimation methodologies, and disseminates statistics to the public.
Methodology
The value of the goods and services produced in an area is the gross domestic product. GDP measures the value of the final goods and services produced in the United States (without double counting the intermediate goods and services used up to produce them). Changes in GDP are the most popular indicator of the nation’s overall economic health. GDP statistics for counties, metropolitan areas, and some other statistical areas are released annually. They include 34 industries’ contributions to the local economies. Percent change is calculated as ([Most Recent Year’s GDP] – [Benchmark GDP])/[Benchmark GDP) * 100
Data Breakouts Available
- Gross Domestic Product (GDP)