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.