After two years of declines, local economy grows in 2010

By Anthony Clark | The Gainesville Sun

Gainesville's economy grew 2.7 percent in 2010, ahead of U.S. metropolitan area economic growth of 2.5 percent, according to gross domestic product numbers released Tuesday by the U.S. Bureau of Economic Analysis.

The measure of all goods and services produced showed the Gainesville Metropolitan Statistical Area of Alachua and Gilchrist counties growing after two years of losses. The local GDP shrank 0.9 percent in 2008 and 1.6 percent in 2009. All U.S. metros combined shrank 0.4 percent in 2008 and 2.5 percent in 2009. Total U.S. GDP growth - including nonmetro areas - was 3.0 percent in 2010.

The growth rate is adjusted for inflation based on 2005 dollar amounts. In current dollar values, Gainesville's economy grew 3.7 percent in 2010, from $10.1 billion to $10.4 billion, making it the 168th largest economy out of 366 metro areas.

Florida metro areas' GDP -- not adjusted for inflation -- grew 2.0 percent in 2010 after shrinking 2.0 percent in 2009.

The Bureau of Economic Analysis did not provide GDP or growth rate data for six of 13 industry sectors in Gainesville to avoid disclosure of confidential information -- including the largest growth industries. Of those that were disclosed, financial activities grew the most at 1.26 percent. Construction was the only industry disclosed that shrank -- by 0.13 percent.

Nationwide, durable-goods manufacturing, trade, and financial activities led the way for metro growth in 304 of 366 areas - -or 83 percent.

Durable-goods manufacturing fueled growth in many small metro areas, especially in Indiana. Wholesale and retail trade was particularly strong in the Plains and Mideast regions, while growth in financial activities was more widespread. Construction continued to detract from growth.

Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

 Subscribe in a reader

Subscribe to Front Street's News Page by Email