Capital Region’s Private Sector Gross Regional Product Grows
The gross regional product (GRP) of the Capital Region’s private sector increased over the last five years by 6.1 percent, boosted by robust growth in the real estate, information, health care and manufacturing sectors, according to a Center for Economic Growth analysis.1
Regional Performance
GRP is defined as “the market value of all goods and services produced within a given area over a specific period of time, is a good measure of the size, income, and productivity of a regional economy.” In 2018, the region’s GRP totaled $57.2 billion. Throughout the eight-county region, five-year GRP growth was as high as 13 percent in Saratoga County and as low as -0.4 percent in Columbia County.
At 6.1 percent, the Capital Region ranked third in New York for five-year GRP growth among the state’s 10 economic development regions, based on chained 2012 dollars. The Capital Region trailed only the Mid-Hudson (7 percent) and New York City (7.6 percent) regions.
Industry Performance
Some Capital Region sectors with rapidly growing GRPs over five years included information (up 29.6 percent), administrative and support services (up 12.1 percent) and accommodation and food services (up 11.3 percent). The sectors that contributed the most to the GRP growth were real estate (up $778.8 million), information (up $586.5 million), health care and social assistance (up $471.3 million) and manufacturing (up $335.1 million).
CEG Activities
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 GRP, and CEG’s 2019 activities to drive its growth include:
161 newly identified project leads that are being pursued
Represented region tech sectors at 27 trade shows/conferences
Hosted or co-hosted 41 events
Prepared or supported responses to 21 RFPs/RFIs
85 completed CEG BGS completed projects for manufacturers and tech companies
19 Strategic energy management projects
Notes
1 Data from the U.S. Bureau of Economic Analysis.
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