Lynchburg region's GDP grew by 3.3 percent in 2008
The Lynchburg MSA economy grew by 3.3 percent between 2007 and 2008, according to federal statistics released on Thursday, September 24, 2009.
The Bureau of Economic Analysis’ most recent report on the metropolitan area Gross Domestic Product (GDP) shows that the Lynchburg area increased by 3.3 percent year over year. Neighboring Roanoke metro area decreased over that same period by 0.1 percent, while the Richmond metro area increased by 2.5 percent.
“This is positive news for the Lynchburg region, especially in light of the national economic downturn,” says R. Bryan David, Executive Director of Virginia’s Region 2000 Economic Development Council. “It’s another benchmark that shows this region is doing the right things to rebalance our economy into high growth areas.”
The GDP is the total value of all goods and services produced in an area. When local industries see growth in their export numbers on goods and services, the GDP figures will show that. The measure includes activity from all businesses, large and small.
The new figures place the Lynchburg MSA 195th out of 366 metro areas nationwide in terms of economic growth.
According to an economic analysis done this week by Mangum Economic Consulting, LLC, performance over the past three years looks even better for the Lynchburg region. On average, over the three year period between 2005 and 2008, total GDP in Lynchburg was nearly five percent. Up against other benchmarked regions in the state, the numbers for that period are:
- Lynchburg metro area increased by 4.9%
- Roanoke metro area increased by 3.1%
- Richmond metro area increased by 3.4%
- Virginia Beach-Norfolk-Newport News metro area increased by 4.6%
- Washington-Arlington-Alexandria metro area increased by 4.5%
According to David, the region's economy is more dependent on the private sector and less dependent on the government sector than in the other benchmarked areas listed above. In 2008, private sector GDP grew by 3.2 percent and accounted for 89.9 percent of the Lynchburg metro area's GDP, while government sector GDP grew by 4.2 percent and accounted for 10.1 percent of the overall mix.
"We can feel very good that the growth is stronger here than in most other regions, but we don't want to forget that we're still in a downturn and there are a lot of people that still need jobs," David said. "We can't lose sight of what can be done to address our need for job creation."
Information sources:
U.S. Bureau of Economic Analysis
Mangum Economic Consulting, LLC
Contacts:
R. Bryan David, Executive Director
Virginia's Region 2000 Partnership Economic Development Council
434-847-1447
Traci Blido, Communications Officer
Virginia's Region 2000 Partnership
434-847-1447