Gross Domestic Product
Based on 2012 Gross Domestic Product (GDP) data released by the Bureau of Economic Analysis, Real GDP rose by 4.1% ($146 million) from 2011 to 2012 in the Mankato-North Mankato Metropolitan Statistical Area (MSA). The MSA showed a continued growth of .8% from 2012-2013. The Bureau of Economic Analysis compiles GDP and Real GDP for the country, states and metropolitan areas. Real GDP adjusts for inflation and is calculated in 2005 dollars. This eliminates the rise in cost of goods and services and only presents the change in production.
The entire state of Minnesota showed positive GDP growth according to the BEA, which reflects a healthy overall economic climate in the state. The Mankato-North Mankato MSA continues to lead the state in growth since 2010, holding a ranking of 43rd amoung the 384 MSAs nationwide (top 11%).
Greater Mankato's general economic make-up is highly diversified, with approximately 36% Primary Economy, 53% Professional/Service Economy and 11% Retail/ Consumer Economy. Even within these areas, the economy is diversified, with no sector accounting for more than 18% of the overall economy.
(Above percentages are as of Q1 2012)
Source: Quarterly Census of Employment & Wages
From 2010-2012, the Mankato-North Mankato MSA has the highest growth rate of Per Capita Personal Income among all Minnesota-based MSAs. This growth rate can represent a generation of wealth among the businesses and households within the marketplace. Mankato-North Mankato also had the highest growth rate of total Personal Income and the second highest population growth. Dollar figures below are in "thousands."
GDP, Industry Diversification
The Consumer Price Index (CPI) is a measure of the average change in prices over time of goods and services purchased by households. CPIs are based on a variety of things. The prices are collected every month from 87 urban areas across the United States. Taxes directly associated are included within the index.