Source: Bureau of Economic Analysis. Date of last available data: 2017.
The Gross Domestic Product (GDP) in Richland County increased by 1.40% from 2016 to 2017 making the indicator yellow.
GDP by metropolitan area is calculated as the sum of the gross domestic product (in millions) from all industries in the Mansfield Standard Metropolitan Statistical Area. The Mansfield Standard Metropolitan Area is equivalent to the geography covered by Richland County. The real GDP by metropolitan area is displayed in chained dollars to 2009. This measurement is adjusted for inflation of the national prices for goods and services produced in Richland County. The numbers were achieved by applying national prices for goods and services with the reference year 2009 to current-dollar GDP by Richland County area values for 61 NAICS industries.
Gross Domestic Product (GDP) is one of the most comprehensive measurements of the total value of goods and services produced in Richland County. Decision makers and banks use GDP to judge whether the economy is contracting or expanding and to judge other economic factors such as inflation. National leaders monitor GDP in order to make decisions regarding economic, monetary, and fiscal policy.
Green: Year-over-year increase of 2% or greater
Yellow: Year-over-year 0-2%
Red: Year-over-year change <0%
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