Kokomo Economy Grew 3.3% in 2013 Almost Twice the National Rate

The City of Kokomo’s 3.3 percent growth in real gross domestic product (GDP) for 2013 was second fastest in Indiana and strong enough to place it 82nd out of 381 metropolitan areas in the country. The city’s rate of growth was nearly double the national rate of 1.7 percent GDP increase for U.S. metropolitan areas.

Since 2009 the Kokomo metropolitan area has had one of the largest upturns in (GDP) in the country, according to new data from the Bureau of Economic Analysis (BEA.)

For 2013, Kokomo’s real GDP shot up to $4.1 billion. By comparison the city’s 2009 value was $2.5 billion.

“Kokomo’s economic growth continues to outpace most other communities,” said Kokomo Mayor Greg Goodnight. “This new BEA report confirms that we are on the right track in terms of economic development, quality of life investments and new infrastructure improvements.  Kokomo’s economy is growing at nearly double the national rate, and this is a direct result of making smart strategic choices.”

Educational services and healthcare coupled with durable goods manufacturing are the sectors that led Kokomo’s GDP expansion. The U.S. Bureau of Economic Analysis tracks GDP to measure the progress of the national economy.

Source:http://www.bea.gov/newsreleases/regional/gdp_metro/2014/pdf/gdp_metro0914.pdf