Twin Cities’ 2010 GDP Ranks 13th Nationwide
The Twin Cities' economy has grown considerably since 2007 and its gross domestic product (GDP) is the 13th largest in the nation, according to a report released Tuesday by the U.S. Bureau of Economic Analysis (BEA).
The Minneapolis-St. Paul metro area's GDP totaled $199.6 billion in 2010, increasing 4.4 percent from 2009 and 5.2 percent since 2007. The metro generated $191.1 billion, $193.8 billion, and $189.6 billion in 2009, 2008, and 2007, respectively.
The metro area's GDP growth between 2009 and 2010 outpaced the 2.5 percent average growth among all 366 U.S. metro areas tracked by the BEA.
The New York City metro area ranked first in the nation with a 2010 GDP of $1.28 trillion, followed by Los Angeles ($735.7 billion), Chicago ($532.3 billion), Washington D.C. ($425.2 billion), and Houston ($384.6 billion).
In 2010, the Twin Cities area generated about 73.9 percent of Minnesota's total GDP, which was approximately $270 billion and ranked 17th in the country, according to a report released by the BEA in June. Statewide GDP grew 3.2 percent between 2009 and 2010, while the national average growth was 2.6 percent.
The largest contributor to GDP growth in Minnesota in 2010 was the durable goods manufacturing industry, followed by the wholesale trade industry, according to the June report.