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In December, the U.S. Bureau of Economic Analysis (BEA) released the first ever gross domestic product (GDP) statistics by county for 2012-2015, offering a view of local area economic conditions.
Simply put, GDP is the total value of all goods and services produced in an economic market during a certain time period. In this case, it’s broken down by county. According to BEA, the rate at which GDP increases is the most popular indicator of the nation’s overall economic health. GDP is measured in current-dollar statistics that are valued at the prices of the period when transactions occurred, known as market value, and also in real values that are inflation-adjusted that exclude the effects of price changes.
The statistics for Jackson County are broken down into four categories: All industries; Private goods-producing industries; Private services-producing industries; and Government and government enterprises. They are listed in thousands of dollars.
The current-dollar GDP for the all industries category in Jackson County increased from $851,026 in 2012 to $922,842 in 2015.
Private goods-producing industries — agriculture, forestry, fishing and hunting; mining; construction; and manufacturing — increased from $106,811 in 2012 to $181,168 in 2015. Government and government enterprises also increased from $421,602 in 2012 to $429,173 in 2015.
Meanwhile, private services-producing industries — a large category including wholesale and retail trade, finance and insurance, real estate, health care and social assistance, food services, and many other services — decreased from $322,613 in 2012 to $312,501 in 2015.
The real GDP for the all industries category in Jackson County also increased from $851,026 in 2012 to $864,249 in 2015. Real GDP statistics are adjusted for inflation.
Private goods-producing industries increased from $106,811 in 2012 to $173,023 in 2015, increasing to $115,487 in 2013 and $140,104 in 2014. However, this category was the only one to increase in real GDP.
Private services-providing industries decreased from $322,613 in 2012 to $293,358 in 2015. Likewise, government and government enterprises decreased from $421,602 in 2012 to $398,205 in 2015.
The real GDP growth for all industries in Jackson County increased by 2 percent from 2014 to 2015. In all of Oklahoma, real GDP growth from 2014 to 2015 was greatest in Washington County at 42.1 percent (Bartlesville); Woods County at 32.4 percent (Alva); Latimer County at 19.5 percent (Wilburton); Major County at 16.1 percent (Fairview); and Alfalfa County at 16 percent (Cherokee). Oklahoma County’s real GDP growth increased by 9.4 percent.
In a press release, Secretary of Commerce Wilbur Ross said, “The prototype data addresses one of the last remaining gaps in economic knowledge, offering policymakers and businesses a new tool to inform their decision-making.”