This amounted to a larger percent growth than other Upstate New York Metropolitan Areas such as Buffalo-Niagara Falls (3.5%), Albany (2.4%), Utica-Rome (2.2%) and Rochester (1.5%).
A previous report released in 2010 by the same federal agency showed that between 2007 and 2010, the GDP of the Syracuse area remained more stagnant in that time frame. Between 2007 and 2010 it increased by 1.7%.
In 2009, the Syracuse Metropolitan Area (defined as Onondaga, Oswego and Madison counties) had a GDP of $23,356. By 2012 it reached a total of $24,284.
The report broke down the U.S. GDP into 380 metropolitan areas and adjusted them to account for inflation. Gross Domestic Product is generally defined as the value of all the recognized goods and services produced in a given geographical area.
While the GDP measures the production of the economy, other metrics such as job numbers show how the Syracuse area local economy relates more closely to the average citizen. To that question, the Post Standard recently reported that between July 2012 to July 2013, the Syracuse Area added 4,100 jobs.
So tell us, what do you think all this says about Syracuse? Do you see our economy as on the rise? If so, click like below. Also, tell us what you think in the comments section below.
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