Lane County’s Economy Grows Faster Than the Overall Growth Rate for U.S. MSAs in 2016November 21, 2017 Lane County’s Gross Domestic Product (GDP) rose 2.8 percent in 2016 according to the Bureau of Economic Analysis, making it the 86th fastest growing economy out of 382 metropolitan statistical areas (MSAs) in the U.S. The overall growth rate for U.S. MSAs was 1.7 percent while Oregon’s 2016 growth rate was 3.3 percent. The Bend-Redmond MSA tied Lake Charles, LA for strongest growth in the country at 8.1 percent.
GDP measures the dollar value of final goods and services, meaning those that are bought by the final user, produced in a region in a given period of time. It’s used as a comparative measure of the relative size and performance of an area’s economy.
The Eugene MSA’s (Lane County’s) economy grew by roughly $400 million in 2016 to reach $13.5 billion, making it the 156th largest MSA economy in the U.S.
At the industry level, professional and business services, financial activities, education and health services, trade and construction contributed the most to GDP growth in 2016, making up 89 percent. The three industries contributing the most growth at the national level were professional and business services, information, and financial activities.
For more information on GDP, visit the Bureau of Economic Analysis.