Pittsburgh has been named the 23rd U.S. metro area with the highest gross domestic product (GDP), according to the latest report from the Bureau of Economic Analysis. The report lists Pittsburgh's GDP at $131.265 billion in 2013, a 3.3% increase from 2012. Since 2001, the city's economy has been growing pretty steadily overall. The rising rank could signal a growing business climate in the region. The Pittsburgh Business Times', Paul J. Gough, weighed in on the report saying:
Read moreThe gross domestic product, also known as the gross national product, is the dollar amount of all goods and services within a national border. The Pittsburgh region's share of the GDP has been growing steadily from $88.75 billion in 2001 until the most recent figures. It only declined one year, in 2009, due to the impact of the recession.But the region lags when it comes to change since 2010, according to a Buffalo Business First analysis of the federal data. It's 12.6 percent growth since 2010 puts it only at No. 124 in terms of three-year change.Pittsburgh's GDP is higher than any other metro region in Pennsylvania except Philadelphia (No. 8, $383.4 billion). It's ahead of neighboring big cities including Columbus, Ohio (No. 30, $114.25 billion), Cleveland (No. 26, $122.88 billion) and Buffalo, N.Y. ($51.63 billion, No. 56).The largest part of Pittsburgh's GDP is in the financial category, which contributed $24.735 billion in 2013, up slightly from 2012. That includes finance, insurance, real estate, rental and leasing activity. Professional and business services were the second highest at $21.189 billion.
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