Long Island’s economy continues to show signs of growth since the recession. However, growth has lagged behind the U.S. GDP as a whole.
Why is this important?
The Gross Domestic Product (GDP) is a measure of economic activity within a defined geographic region or within a sector of a defined economic region. When referencing a defined metropolitan area it is sometimes referred to as the Gross Metropolitan Product (GMP). Essentially the GDP/GMP measures the economic output of a region and can be used to compare overall economic activities across regions, or the contributions of various sectors.
How are we doing?
In 2013, the total private sector GMP for Long Island was almost $153 billion (in 2013 dollars). GMP increased 1.6% between 2012 and 2013. The 2013 figure represents a 7.4% increase from the official end of the recession in 2009. Overall, private sector Long Island GMP is up 10.7% for the decade.
Long Island continues to demonstrate an uneven pattern of growth in the post-recession years as compared to the United States at large. Long Island’s economy grew at a higher rate than the U.S. as a whole for only one of the four post-recession years (2012). The U.S. growth between 2012 and 2013 of 2.3% out stripped Long Island’s 1.6%. For the entire period from 2004 to 2013, the U.S. overall growth was 14% as compared to Long Island’s 10.7.