Posted on Friday, February 22, 2013 at 12:00 PM
By: Bill Orben
Original Link: Orlando Business Journal, FL 2.22.13
February 22, 2013
Orlando's gross domestic product increased in 2011, but it still is not at the level registered in 2008, the U.S. Bureau of Economic Analysis reported Feb. 22.
The region’s gross domestic product of $89.95 billion in 2011 — the latest statistics available — was 0.6 percent above the $89.4 billion in 2010, but was $4.87 billion lower than the $94.27 billion recorded in 2008.
For 2013, the Orlando region’s growth rate will rise slightly above the national growth rate of 2 percent, University of Central Florida economist Sean Snaith predicted in his latest economic forecast. The economy will rise another 0.5 points in 2014 and 0.75 points higher in 2015, Snaith predicted.
Orlando's gross domestic product has been steadily improving since falling 5.6 percent in 2009, when gross domestic product was nearly $90 billion.
The Orlando region ranked 197th out of 366 metropolitan areas in gross domestic product growth in 2011.
The industry categories contributing the most to gross domestic product growth in 2011 were professional and business services, education and health services, and leisure and hospitality. Those categories have been leading job growth and are expected to continue in 2013.