Saturday, December 28, 2019

Bloomberg, A Third of America’s Economy Is Concentrated in Just 31 Counties:

While America’s economy has grown for over a decade, that growth is increasingly concentrated in 1% of the nation’s counties.

Just 31 counties, or the top 1% by share, made up 32.3% of U.S. gross domestic product in 2018, according to data released last week by the Bureau of Economic Analysis that included nearly 20 years of county-level GDP data. ...

The nation’s economy is becoming increasingly concentrated in large cities and by the coasts—and less so in rural counties—spurring the question of whether rural areas will be increasingly left behind. ...

Top 1% of Counties

The largest 31 county economies made up 32% of national GDP in 2018

Looking at the largest counties by output, Los Angeles County, which has a GDP equivalent to Saudi Arabia, added $395.2 billion to total U.S. GDP from 2001 to 2018. New York County, home to Manhattan, added $340 billion.

The top 1% of counties were spread across 16 states and the District of Columbia, and populous states like California, Florida and Texas each had multiple counties make the cut. But all 31 counties either included or were near major U.S. cities.

https://taxprof.typepad.com/taxprof_blog/2019/12/a-third-of-americas-economy-is-concentrated-in-just-31-counties.html