While real Gross Domestic Product (GDP) fell in seven of the Southern Tier’s 14 counties in 2015, Tioga County led all of New York State with a 10.8 percent growth rate, according to a new statistical report issued by the U.S. Bureau of Economic Analysis (BEA) on Dec. 12.
The BEA defines GDP as the total value of all goods and services “originating in all the industries in the county.” The real GDP measure adjusts for inflation, meaning it removes the effect of price changes.
The report, covering the period from 2012 to 2015, is described as a “prototype” and is the first attempt to provide individual GDP statistics for all counties in the United States.
The data suggests that Tioga County’s 2015 performance is part of a larger trend. According to Tioga County Economic Development, the County grew by 22.1 percent between 2012 and 2015, second only to Steuben County’s 24 percent growth rate during this period.
“This is certainly encouraging news for Tioga County,“ stated Economic Development and Planning Director LeeAnn Tinney.
Tinney added, “This data is clear evidence that we are heading in the right direction with the recent growth in manufacturing and agricultural sectors.”
In 2014-2015, real GDP growth rates in the Southern Tier region ranged from Tioga County’s 10.8 percent growth to a 4.7 percent decline in Schuyler County. Tioga County’s performance was propelled by a 15.8 percent increase in “private goods-producing industries,” which include manufacturing, construction and agriculture. Notably, this growth was accomplished despite a 4 percent decrease in spending on government salaries and programs.
County Legislative Chairperson Marte Sauerbrey added, “It is impressive that according to 2014-2015 data, Tioga County not only lead all of New York State in growth rate, but was also in the top seven percent of all counties across the United States.”
The BEA plans to release county-level GDP statistics annually, starting in December 2019.
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