Austin’s Gross Domestic Product was the 2nd highest in the nation, the Austin American Business Journal reports.
The Gross Domestic Product measures the total amount of all the goods and services that come out of the Austin metro area and was $125.8 billion in 2016, up 4.9 percent from 2015’s $119.9 billion.
The San Francisco Bay area beat out Austin in the rankings of metros with a population of at least 2 million.
Austin’s growth was strongest in the professional and business services sector, as well as finance and real estate. Construction, trade and information were also robust. The biggest drop in GDP was in the energy and durable-goods manufacturing industries.
Out of the United States’ 382 metropolitan areas, 267 saw an increase in their real GDP. The average rise was 1.7 percent.
In Texas, GDP in Dallas was up 3 percent in 2016, but Houston’s was down 3 percent due to slowdowns in the energy industry.
Austin may have had the best growth in the country last year, it was the smallest increase in Austin since 2012. The Austin Metro Area’s growth has been fast since 2011. GDP was $93.4 billion that year.
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