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Greater D.M. economic growth slows to 2% in 2015

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Real economic growth in Greater Des Moines increased by 2 percent in 2015 from the prior year, according to new data released by the U.S. Bureau of Economic Analysis. By comparison, year-over-year growth in the metro’s gross domestic product was 4.3 percent in 2014 from 2013.


Real GDP increased in 292 metropolitan areas in 2015, led by growth in professional and business services; wholesale and retail trade; and finance, insurance, real estate, rental and leasing, according to statistics released today by the BEA. Collectively, real GDP for U.S. metropolitan areas increased 2.5 percent in 2015 after increasing 2.3 percent in 2014.


Greater Des Moines’ GDP was $41.42 billion in 2015, up from $40.62 billion in 2014. By industry, the finance, insurance, real estate, rental and leasing group contributed the largest percentage gain in economic activity for the metro, at 1.25 percent. The second-highest contributor to growth was the professional and business services sector, which grew at 0.65 percent.


Among the negative contributing factors were durable goods and nondurable goods manufacturing, with negative growth of 0.11 and 0.17 percent, respectively. The construction sector declined by 0.5 percent as well.