Sunday, September 27, 2009

Regional GDP Plummets and more hot topics

Region's GDP drops severely

Published: Friday, September 25, 2009 at 1:00 a.m.
Last Modified: Thursday, September 24, 2009 at 5:52 p.m.

The Great Recession and housing downturn took a considerable bite out of gross domestic product in Southwest Florida, reversing a course of large growth starting in 2006.

The data released Thursday from the federal Bureau of Labor Statistics might be the broadest measure to date of the pain. GDP is the total market values of goods and services produced by workers and capital within a area's borders within a year.

From 2005 to 2006, the Bradenton-Sarasota-Venice area's GDP rose 7.4 percent, or about $1.7 billion, to $24.66 billion.

But things started sliding in 2007 and by 2008, GDP had slipped $836 million, or about 3.4 percent, to $23.83 billion from its peak.

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