Area's economic output growth slower than average

Area's economic output growth slower than average

The economic output of the Champaign-Urbana metropolitan area grew slower than the average for metro areas in 2012, according to figures released Tuesday by the U.S. Bureau of Economic Analysis.

The metro area — which includes Champaign, Ford and Piatt counties — had a gross domestic product of nearly $9.53 billion in 2012.

When adjustments were made for inflation, that represented growth of 0.7 percent from a year earlier.

That was much smaller than the 2.5 percent average increase for metro areas nationwide.

The Danville area — which includes Vermilion County — had a gross domestic product of $2.54 billion in 2012, according to the bureau.

But when adjustments for inflation were made, GDP in the Danville area actually shrank 0.5 percent from 2011.

Of the nation's 381 metro areas, 305 saw increases in GDP, when adjusted for inflation, while 76 did not.

The fastest-growing was Midland, Texas, with a 14.4 percent increase, while the biggest percentage shrinkage in GDP was in Shreveport, La., with an 11.1 percent decline.

Among Illinois metro areas, Peoria had the largest percentage growth in GDP, with a 7 percent gain — the 11th best in the nation.

Also strong was Kankakee, with a 5.1 percent increase, good for 26th place.

Here are the other Illinois metro areas, their inflation-adjusted GDP growth rates and their rankings among metro areas in terms of growth:

— Chicago, 2.4 percent, No. 134.

— Bloomington-Normal, 2 percent, No. 161.

— Rockford, 1.9 percent, No. 170.

— Moline-Rock Island-Davenport, Iowa, 1.8 percent, No. 172.

— St. Louis, including nearby Illinois, 1.6 percent, No. 186.

— Champaign-Urbana, 0.7 percent, No. 265.

— Carbondale-Marion, 0.1 percent, No. 302.

— Decatur, -0.2 percent, No. 310

— Danville, -0.5 percent, No. 324.

— Springfield, -0.9 percent, No. 344.

In the Champaign-Urbana metro area, the biggest growth in GDP came in trade and professional and business services, while the biggest shrinkage came in natural resources and mining.

In the Danville metro area, the biggest growth was in financial activities, while the biggest declines were in natural resources and mining and durable goods manufacturing.

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Topics (2):Economy, Employment