Capital Region Market Value Exceeds $61 Billion
According to the latest federal statistics on the gross domestic product of U.S. counties, the Capital Region has the third highest per capita GDP in the New York and has the state’s third fastest-growing GDP.
The U.S. Bureau of Economic Analysis (BEA), which measures and reports on the GDP of the nation and states, recently released its first datasets of county-level GDP. The data reveals that in 2015 the Capital Region had a GDP of $61.05 billion in current dollars. That was the sixth largest GDP among the state’s 10 economic development regions, matching its population ranking in the state. Among the region’s eight counties, Albany County had the highest GDP of $28.4 billion, which was the 10th highest in the state. The Capital Region counties with the next largest GDPs were Saratoga ($9.7 billion, 16th highest in NYS) and Schenectady County ($7.8 billion, 20th highest in NYS).
Per Capita GDP
However, the region’s 2015 per capita GDP was $56,220 per resident, based on the BEA data and U.S. Census Bureau 2015 population estimates. That was the third highest per capita GDP in the state, trailing the Long Island and New York City regions. Among New York’s 62 counties, Albany had the second-highest per capita GDP, of $92,183, trailing New York County. Per capita GDP is defined as “a measure of country’s gross domestic product by person” and is a leading indicator for a geographic area’s standard of living and the sense of prosperity felt by its people.
Between 2012 and 2015, the Capital Region’s GDP increased by 5.2 percent (2009 dollars). That was the state’s third-fastest growth rate, trailing Western New York (5.4 percent) and Central New York (7.1 percent).
CEG and GDP
CEG’s mission is “to market the Capital Region to attract new business and encourage new investments, enable existing businesses to be more competitive in the global marketplace, and promote collaboration and enhance partnerships among the region’s stakeholders.” This mission contributes to the Capital Region’s GDP, and CEG’s 2018 activities to drive its growth include:
- 78 newly identified project leads that are being pursued
- Represented region tech sectors at 25 trade shows/conferences
- Hosted or co-hosted 35 events
- Prepared or supported responses to 25 RFPs/RFIs
- 26 completed CEG BGS completed projects for manufacturers and tech companies
- 18 Strategic energy management projects
Don’t miss these insights into the trends that are shaping the Capital Region’s economy. Sign up for CEG’s e-news and follow us on: