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Great Falls Economy Grows 48% Faster than U.S.
The Great Falls metro area (Cascade County) economy, as measured by Gross Dometic Product (GDP), grew 48% faster than the nation’s economy in 2015, according to data released this morning by the U.S. Bureau of Economic Analysis. Great Falls GDP grew by 3.7% while the nation as a whole grew by 2.5%.
The Great Falls metro economy grew by $156 million, making us a $3.455 billion annual economy. Our growth rate ranked 62nd out of the 382 U.S. metro areas, putting us in the top 17%.
Two-thirds of our growth came from manufacturing at 2.46% contribution to the 3.7% GDP increase. Next was professional and business services at 0.56%. Third was educational services, health care, and social assistance at 0.42%.
Our GDP grew 2.8% in 2014. In two years (2014 and 2015) our Great Falls economy grew by $304 million in annual economic output.
Monthly labor data released this morning by the Montana Department of Labor shows the August unemployment rate for Cascade County at 3.8% (non-seasonally adjusted). The comparable state rate was 3.9% so we were just below the state average, and substantially below the national average of 5.0% (non-seasonally adjusted). The seasonally adjusted rate you’ll hear about for Montana was 4.3% and U.S. 5.0%. Monthly metro area and county labor data is not seasonally adjusted.
Let’s keep working together to grow, strengthen and diversify our economy to benefit everyone in Cascade County and the Golden Triangle!
Thank you to the business owners and leaders, developers, entrepreneurs, employees, professional advisors, contractors, suppliers, public officials, consumers, educators, health care professionals, and everyone else who has worked to make this happen. We’re all in our regional economy together and we make great progress when we’re rowing in the same direction!
FORWARD GREAT FALLS!
Brett Doney
1-406-750-2119
Economic Growth, Diversification and High Wage Jobs
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