U.S. Bureau of Economic Analysis Results
U.S. Bureau of Economic Analysis estimates showed that actual gross domestic product (GDP) increased in 2,404 counties, fell in 691 counties, and remained steady in 17 counties in 2021. (BEA).
From 81.8% in Coke County, Texas, to -34.8% in Chouteau County, Montana, the percentage change in real GDP fluctuated.
A country’s GDP measures the value of the goods and services generated there. In the United States, there are large regional differences in the GDP-based assessment of a county’s economic size.
The output in Southern California increased by $40 billion over the 2018–19 average, outpacing Wyoming’s annual GDP of $36 billion. Since 2018–19, the GDP growth rates in only four states—California, Texas, Florida, and Washington—have been higher.
GDP’s Effect on the County
It is widely used to indicate a region’s overall economic health and growth. In the case of a county, the GDP can affect it in several ways.
- Employment opportunities: A higher GDP generally means that there is a larger economy, which can lead to the creation of more jobs and employment opportunities.
- Quality of life: A growing economy and higher GDP can improve residents’ standard of living, as more money is being spent in the local area and invested in local services and infrastructure.
- Tax revenue: A higher GDP also means more money is being generated in the local economy, which can translate into more tax revenue for the county, which can be used to improve local services and infrastructure.
- Attractiveness to investors: A high GDP can also make a county more attractive to businesses and investors, as it indicates that the local economy is growing and thriving.
GDP Growth in Riverside County
Riverside County grew by $4.6 billion, ranking 33rd nationwide and 5.8% during two years, placing 31st out of 100.
Recent rankings of Gross Domestic Product from the Bureau of Economic Analysis reveal that Riverside County’s GDP in 2021 surpassed that of 13 states. The most significant numerical change of any California County from 2020 to 2021 was the 11.5% yearly GDP growth in Riverside County. (10.8 Billion)
Riverside County’s year-over-year gain put it in the top 1.2% of American counties for GDP growth, or 33 out of 3,115.
Three Main Areas of Riverside’s Economy
The three largest industries contributing to Riverside County’s economy as of 2021 are:
- Healthcare and Social Assistance
- Retail Trade
Healthcare and Social Assistance
This industry encompasses many healthcare and social support services, including hospitals, nursing homes, and home health care. This industry plays a critical role in the economy by providing essential services to the community and generating employment opportunities in fields such as nursing, therapy, and support services.
This industry encompasses the sale of goods to the end consumer, including both brick-and-mortar stores and online retail. This industry plays a significant role in the economy by generating employment opportunities, providing consumers with goods and services, and supporting local businesses.
This industry encompasses a wide range of activities related to the construction and repair of buildings, roads, bridges, and other infrastructure. This industry plays a critical role in the economy by providing employment opportunities, supporting economic growth by constructing new buildings and infrastructure and helping maintain and improve existing structures.
Riverside County’s economy is thriving, with a GDP of $10.8 billion in 2021 and a growth rate of 11.5%, making it the 33rd best-performing county out of 3,115 in terms of GDP growth. The three main industries driving Riverside’s economy are Healthcare and Social Assistance, Retail Trade, and Construction. These industries provide essential services, and employment opportunities and support economic growth through their various functions.