Thu, July 18, 2024

Simon Says: Examining the area’s GDP

The Augusta Metropolitan Statistical Area (MSA) grew by 0.5 percent in 2022 from 2021, according to a recent news release from the Bureau of Economic Analysis.

Real Gross Domestic Product (GDP), which is the market value of all final goods and services produced in the MSA in 2022 was $28.4 billion.

The fastest growth was seen in arts, entertainment, recreation, accommodation, and food services, growing at 12.9 percent. The arts, entertainment, and recreation sector, which makes up about 25 percent of the overall industry, grew at a stellar 30.8 percent. Food and accommodation services grew at 8.5 percent.

Other sectors that grew include manufacturing (1.9 percent), educational services (8 percent), and health care and social assistance (5.5 percent). “Other services” which includes a ragbag of industries such as pet care services, equipment and machinery repairing, and death care services grew at 9.3 percent.

All other sectors of the economy shrank between 2021 and 2022. This includes a 13.2 percent decline in agricultural output and 14.6 percent in construction. Smaller declines in output were seen in retail, transportation and warehousing, finance, and government.

As I mentioned in my economic forecast presentation, the structure of the Augusta economy has changed little in the last 20 years and this new data does not change that fact. Most sectors’ share of GDP has changed by one or two percentage points over the last two decades. The only exception is manufacturing which has declined from 15% of GDP in 2004 to 12% in 2022.

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