While real Gross Domestic Product (GDP) fell in seven of the Southern Tier\u2019s 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. <\/p>\n\n\n\n
The BEA defines GDP as the total value of all goods and services \u201coriginating in all the industries in the county.\u201d The real GDP measure adjusts for inflation, meaning it removes the effect of price changes. <\/p>\n\n\n\n
The report, covering the period from 2012 to 2015, is described as a \u201cprototype\u201d and is the first attempt to provide individual GDP statistics for all counties in the United States. <\/p>\n\n\n\n
The data suggests that Tioga County\u2019s 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\u2019s 24 percent growth rate during this period. <\/p>\n\n\n\n
\u201cThis is certainly encouraging news for Tioga County,\u201c stated Economic Development and Planning Director LeeAnn Tinney. <\/p>\n\n\n\n
Tinney added, \u201cThis data is clear evidence that we are heading in the right direction with the recent growth in manufacturing and agricultural sectors.\u201d <\/p>\n\n\n\n
In 2014-2015, real GDP growth rates in the Southern Tier region ranged from Tioga County\u2019s 10.8 percent growth to a 4.7 percent decline in Schuyler County. Tioga County\u2019s performance was propelled by a 15.8 percent increase in \u201cprivate goods-producing industries,\u201d which include manufacturing, construction and agriculture. Notably, this growth was accomplished despite a 4 percent decrease in spending on government salaries and programs. <\/p>\n\n\n\n
County Legislative Chairperson Marte Sauerbrey added, \u201cIt 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.\u201d <\/p>\n\n\n\n
The BEA plans to release county-level GDP statistics annually, starting in December 2019. <\/p>\n","protected":false},"excerpt":{"rendered":"
While real Gross Domestic Product (GDP) fell in seven of the Southern Tier\u2019s 14 counties in 2015, Tioga County led all of New York State…<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-70625","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n