Gross Domestic Product Shows Continued Growth in the Rogue Valley in 2018January 9, 2020 The Bureau of Economic Analysis (BEA) recently released the 2001 to 2018 gross domestic product (GDP) for all counties. GDP is one of the more popular lagging economic indicators that gives us insight into the size of the economy and the contribution to GDP by industry sector. Business owners, county officials, and policymakers at all levels of government can use these statistics to make better-informed decisions about investments, economic development, or economic policies.
Gross domestic product represents an estimate of the total dollar value of all goods and services produced in an area during a specific time. The output of the Jackson County economy in 2018 was roughly $8.22 billion. Josephine County’s estimated GDP was $2.55 billion. GDP is estimated based on the place of production, such as the county where an office or factory is located, regardless of where the workers live.
The majority of this output is market production, meaning those goods and services produced for sale in the market. However, a portion of GDP is non-market production, such as education services provided by local governments or management of our public lands. Gross domestic product is equal to the value of final goods. An example would be if a business produces components for particle measuring devices (final product), then their production is not directly counted in GDP. Instead, GDP measures the value of the particle counter (final product), which theoretically includes the production value of the component parts.
Josephine County continued to see gains in gross output in 2018, but at a slight slower pace dropping from 5.0 percent growth in 2017 to 4.1 percent in 2018. Jackson County’s GDP growth rate was unchanged – GDP increased 3.3 percent in both 2017 and 2018. Oregon’s statewide GDP rose by 3.8 percent in 2018 from the prior year.
From 2001 to 2018, Jackson County had the 14th fastest GDP growth among Oregon counties, while Josephine had the eighth fastest growth, up by 36.9 percent and 48.2 percent, respectively. Oregon’s overall GDP rose by 58.4 percent during that time.
Jackson County’s 2018 growth in GDP was buoyed by faster growth in output in the accommodation and food services; professional and business services; construction; information; and real estate, rental and leasing industries. Industries with negative contribution to 2018 Jackson County GDP growth included finance and insurance, and transportation.
Josephine County industries contributing to growth in 2018 include manufacturing; construction; agriculture, forestry, fishing and hunting; information; and professional and business services while the only sector with negative GDP contribution was utilities in 2018. You can find out more about this and other data from the Bureau of Economic Analysis at www.bea.gov.