With gross domestic product (GDP) increasing 2.3 percent last year, many metropolitan areas across the country are experiencing big gains in industry and business — will real estate get a boost in those cities?
It’s quite possible, taking a look at Howmuch.net’s latest graphics on how the economy is faring in many markets. Using 2014 data on GDP by metropolitan area from the Bureau of Economic Analysis, the cost information website has built a map to provide a 3-D visualization depicting GDP growth across the country.
House prices do tend to rise in areas experiencing industry expansion, and higher competition could mean fewer days for homes to sit on the market, as well. In addition, the Fed’s upcoming interest rate hike is a reflection of the health of the overall economy.
Visualizing the U.S. Growing (and Shrinking) Economies in a 3D Map via Howmuch.net
Of the top metro areas, New York has the highest GDP in the country with $1.5 trillion, an increase of 2.4 percent over 2013’s GDP growth, thanks to strong gains in the financial, insurance and real estate sectors.
Los Angeles comes in second with $866 billion in GDP, a 2.3-percent increase over 2013, thanks to growth in professional services, finance, insurance and real estate.
Chicago comes in third with $610 billion and 1.8-percent growth over 2013, due to a boost in its professional and business service industries.
Of the top 10 metro areas, Dallas reported the highest GDP growth at 8.5 percent. San Francisco came in second with a 5.2-percent increase over 2013. Atlanta was third, with GDP growth of 3 percent year over year.
Diving into other hot metro areas, Howmuch.net’s map shows that three places saw double-digit GDP growth in the last year, according to the map: Midland, Texas, which reported a 24.1-percent gain; San Angelo, Texas, which reported an 11.4-percent gain; and Lake Charles, Louisiana, which reported a 10.3-percent gain.
Other cities with strong GDP growth were Greeley, Colorado, with 9.9-percent gains, and Wheeling, West Virginia, with 9.5-percent gains, both of which saw growth in their mining industries, according to Howmuch.net’s map.
