Columbia economy grows amid metropolitan decline

Columbia’s Gross Domestic Product, the market value of all goods and services made in the metropolitan area, grew about 3 percent in 2009 while the vast majority of other U.S. cities had GDP declines, according a new federal report.
The latest estimate of real GDP, the measurement that compensates for the changes in the value of money of time, increased .02 percent in metro Columbia.
Real U.S. GDP by metropolitan area declined 2.4 percent in 2009 after declining 0.4 percent in 2008, according to statistics released by the U.S. Bureau of Economic Analysis.
The economic decline was widespread as real GDP declined in 292 of 366 (80 percent) metropolitan statistical areas, led by national declines in durable-goods manufacturing, construction, and professional and business services.
The United States has been measuring its GDP since 1947, and the GDP is considered the best single indicator of the health of an economy.
The BEA said that in 2009, the latest year with complete data, Columbia’s GDP was $6.5 billion for all industry, from $6.3 billion in 2008, $6.1 in ’07 and $5.9 million in ’06. The real GDP was $5.83 billion in ’09, $5.81 billion in ’08, $5.77 billion in ’07 and $5.75 billion in ’06.
Columbia’s economy, measured by real GDP, ranked No. 72 in U.S. metropolitan areas.