The U.S. Bureau of Economic Analysis released a report on Tuesday showing St. Joseph, Mo., as a leader in real gross domestic product growth.
The BEA reported that Real GDP in metropolitan areas increased 2.5 percent in 2012, in comparison to 1.7 percent in 2011. It listed St. Joseph as one of the fastest-growing metropolitan areas in terms of 2012 GDP growth with an increase of 9.8 percent. St. Joseph ranked fourth in the nation out of 381 metro areas.
“I think the increased percentage is an indication that overall, the U.S. economy is improving,” said R. Patt Lilly, President and CEO of the St. Joseph Metro Chamber. “It also indicates the strength and diversity of manufacturing in St. Joseph.”
Mr. Lilly said GDP is a measure of products that are produced or manufactured and sold both domestically and internationally.
“A lot of people may think of traditional manufacturers like Altec, Johnson Controls or Wire
Rope in St. Joseph, but many of our top employers like Boehringer Ingelheim Vetmedica, Inc., Nestle Purina and Triumph Foods also contribute to St. Joseph’s GDP. This report speaks to the vitality of St. Joseph’s manufacturing base, which continues to grow.”
For example, Boehringer Ingelheim continues its expansion efforts in Eastowne Business Park with the addition of the Consolidated Packaging and Physical Distribution Warehouse and Triumph Foods is making $7.4 million in new capital investment and adding 105 new jobs in 2013.
St. Joseph ranked only behind Midland, Texas; Odessa, Texas; and Elkhart-Goshen, Indiana, in the rankings. St. Joseph was the only Missouri city in the top 10 list.
For more information about this report, please see http://bea.gov/newsreleases/regional/gdp_metro/gdp_metro_newsrelease.htm
For a quick list of the top 10 communities, see this article.
