New Haven County vs. Connecticut
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 2001-2020
Introduction
New Haven County vs. Connecticut
New Haven County:
2020 GDP = $53,026,077K
2020 Percent of State = 19.2%
Connecticut:
2020 GDP = $276,422,928K
2020 Percent of U.S. = 1.3%
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of New Haven County is the most comprehensive measure of output of all goods and services produced by labor and property located within New Haven County. It is a market valuation of the goods and services-both private and public-produced within a regional economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while County Personal Income is representative of the "purchasing power" of those that reside within a county, think of Gross Domestic Product as representative of the "producing power" of that county.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by County compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the A Primer on Local Area Gross Domestic Product Methodology article found on the BEA website.

BEA: Definition

GDP by county is the county counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by county is derived as the sum of the GDP originating in all the industries in a county.

The statistics of real GDP by county are prepared in chained (2012) dollars. Real GDP by county is an inflation-adjusted measure of each county's gross product that is based on national prices for the goods and services produced within that county. The statistics of real GDP by county and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-county values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by county and of real GDP by county at more aggregated industry levels. Real GDP by county may reflect a substantial volume of output that is sold to other counties and regions. To the extent that a county's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the counties produce. However, real GDP by county does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by county to U.S. Gross Domestic Product (GDP)

An industry's GDP by county, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-county accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-county statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by county for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by county is nearly identical to GDP by industry except for small differences resulting from the GDP-by-county accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by county.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

New Haven County Gross Domestic Product, 2002-2020
Current vs. Chained 2012 Dollars (Millions)
New Haven County Gross Domestic Product, 2002-2020
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts New Haven County's annual gross domestic product over 2002-2020 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of New Haven County over time.
When measured in current dollars, New Haven County's GDP increased 55.4%, from $34,115M in 2002 to $53,026M in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 8.5%, from $41,974M in 2002 to $45,522M in 2020.
Real Gross Domestic Product, 2001-2020 (Millions)
Real Gross Domestic Product, 2001-2020 (Millions)
Figure 2.
Figure 2 tracks New Haven County's and Connecticut's annual real gross domestic product for the period 2001-2020 to illustrate real gross domestic product patterns over time. During this 20-year period, New Haven County's real gross domestic product rose from $41,110M in 2001 to $45,522M in 2020, for a net gain of $4,412M, or 10.7%. In comparison, Connecticut's real GDP advanced from $218,135M in 2001 to $235,889M in 2020, for a net advance of $17,753M, or 8.1%.
Real Gross Domestic Product Indices (2001=100): 2001-2020
Real Gross Domestic Product Indices (2001=100): 2001-2020
Figure 3.
Figure 3 portrays New Haven County's real gross domestic product growth in a broader context by offering direct comparisons across time with Connecticut, the United States. The growth indices shown here express each region's real gross domestic product in 2001 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 2001 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
New Haven County's overall real GDP growth was 10.7% over 2001-2020 outpaced Connecticut's increase of 8.1%, and fell below the United States' increase of 38.6%.
Gross Domestic Product as a Percent of the Connecticut Total: 2001-2020
Gross Domestic Product as a Percent of the Connecticut Total: 2001-2020
Figure 4.
Another interesting and insightful way of contrasting the gross domestic product growth of New Haven County is to compare its individual percentage contributions to Connecticut's statewide gross domestic product over time, as shown in Figure 4. A rising share means a region's gross domestic product grew faster, or declined less, than Connecticut's gross domestic product, while a declining share shows it grew more slowly.
In 2001, New Haven County's GDP comprised 19.1% of Connecticut's GDP, while in 2020 it totaled 19.2% thereby yielding a +0.0% share-shift.
   
 
Gross Domestic Product Share-Shift
2020 vs. 2001
 
Share-
Shift*
 
2020
vs.
2001
+0.03%
=
19.18%
-
19.15%
 
   
New Haven County Real Gross Domestic Product:
Annual Percent Change, 2002-2020
New Haven County Real Gross Domestic Product:
Annual Percent Change, 2002-2020
Figure 5.
Figure 5 shows the short-run pattern of New Haven County's real gross domestic product growth by tracking the year-to-year percent change over 2002-2020. The average annual percent change for the entire 19-year period is also traced on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.
On average, New Haven County's real GDP grew at an annual rate of 0.57% over 2002-2020. The county posted its highest growth in 2004 (6.34%) and posted its lowest growth in 2009 (-6.49%). In 2020, New Haven County's real GDP declined by -3.52%
New Haven County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2020
New Haven County Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 2002-2020
Figure 6.
Figure 6 again traces the annual percent change in New Haven County's real gross domestic product since 2002, but this time they are overlayed with average growth rates for the decade of the 2000s, and 2020.
During 2002-2009, New Haven County's annual real GDP growth rate averaged 0.85%. It averaged 0.75% during the 2010s, and -3.52% in 2020.
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 7.
Figure 7 compares the decade average growth rates for New Haven County noted in the previous graph with the corresponding decade averages for Connecticut and the nation. As the chart reveals, New Haven County's average annual real gross domestic product growth trailed Connecticut's average in the 2000s (0.85% vs. 1.51%), and outpaced Connecticut's average over the 10 year period of the last decade, 2010-2019 (0.75% vs. 0.28%). In 2020, New Haven County's growth has outgained Connecticut's average (-3.52% vs. -6.21%).
Finally, relative to nationwide real gross domestic product growth trends, New Haven County fell below the nation during the 2000s (0.85% vs. 1.77%), and fell below the nation over 2010-2019 (0.75% vs. 2.25%). In 2020, growth for New Haven County has trailed the national average (-3.52% vs. -3.40%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
0.57
0.85
0.75
-3.52
 
0.46
1.51
0.28
-6.21
 
1.75
1.77
2.25
-3.40
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
New Haven County:
Gross Domestic Product, 2001-2020
 
2001
 
32,787,051
0.935
41,110,134
100.0
N
19.15
2002
 
34,115,311
0.955
41,973,540
102.1
2.10
19.69
2003
 
34,884,568
0.961
42,223,403
102.7
0.60
19.52
2004
 
37,963,177
1.021
44,898,666
109.2
6.34
19.43
2005
 
39,365,092
1.033
45,387,943
110.4
1.09
19.18
2006
 
41,468,861
1.058
46,510,283
113.1
2.47
18.87
2007
 
42,852,584
1.066
46,845,798
114.0
0.72
18.27
2008
 
43,724,188
1.066
46,843,946
113.9
0.00
18.30
2009
 
42,059,114
0.997
43,802,383
106.5
-6.49
18.03
2010
 
42,853,652
1.009
44,350,698
107.9
1.25
18.26
2011
 
43,071,379
1.000
43,970,598
107.0
-0.86
18.47
2012
 
43,955,995
1.000
43,955,995
106.9
-0.03
18.25
2013
 
45,110,863
1.006
44,204,654
107.5
0.57
18.68
2014
 
45,702,211
1.001
43,996,708
107.0
-0.47
18.53
2015
 
47,231,537
1.012
44,497,057
108.2
1.14
18.20
2016
 
48,676,761
1.029
45,210,512
110.0
1.60
18.46
2017
 
49,704,007
1.035
45,503,436
110.7
0.65
18.30
2018
 
51,684,784
1.055
46,357,219
112.8
1.88
18.41
2019
 
53,831,573
1.073
47,182,725
114.8
1.78
18.68
2020
 
53,026,077
1.036
45,522,066
110.7
-3.52
19.18
Source: Calculations by the Connecticut Regional Economic Analysis Project (CT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_2000_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
Connecticut:
Gross Domestic Product, 2001-2020
 
2001
 
171,216,593
0.905
218,135,261
100.0
N
1.62
2002
 
173,248,290
0.899
216,677,688
99.3
-0.67
1.59
2003
 
178,702,182
0.910
219,185,995
100.5
1.16
1.56
2004
 
195,354,861
0.969
233,426,494
107.0
6.50
1.60
2005
 
205,214,649
0.990
238,549,538
109.4
2.19
1.57
2006
 
219,768,422
1.030
248,233,846
113.8
4.06
1.59
2007
 
234,540,681
1.071
257,953,029
118.3
3.92
1.62
2008
 
238,936,806
1.070
257,755,981
118.2
-0.08
1.62
2009
 
233,290,700
1.017
244,894,746
112.3
-4.99
1.61
2010
 
234,699,997
1.014
244,354,749
112.0
-0.22
1.56
2011
 
233,158,748
0.990
238,542,385
109.4
-2.38
1.49
2012
 
240,911,922
1.000
240,911,922
110.4
0.99
1.48
2013
 
241,517,441
0.980
236,050,641
108.2
-2.02
1.43
2014
 
246,596,970
0.979
235,780,926
108.1
-0.11
1.41
2015
 
259,487,788
1.007
242,706,532
111.3
2.94
1.43
2016
 
263,670,293
1.010
243,286,679
111.5
0.24
1.41
2017
 
271,582,647
1.027
247,358,533
113.4
1.67
1.39
2018
 
280,692,030
1.038
249,998,102
114.6
1.07
1.37
2019
 
288,109,102
1.044
251,495,134
115.3
0.60
1.35
2020
 
276,422,928
0.979
235,888,558
108.1
-6.21
1.32
Source: Calculations by the Connecticut Regional Economic Analysis Project (CT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_2000_PSN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
United States:
Gross Domestic Product, 2001-2020
 
2001
 
10,581,929,000
0.816
13,263,417,000
100.0
N
2002
 
10,929,108,000
0.830
13,488,357,000
101.7
1.70
2003
 
11,456,450,000
0.853
13,865,519,000
104.5
2.80
2004
 
12,217,196,000
0.886
14,399,696,000
108.6
3.85
2005
 
13,039,197,000
0.917
14,901,269,000
112.3
3.48
2006
 
13,815,583,000
0.942
15,315,943,000
115.5
2.78
2007
 
14,474,228,000
0.961
15,623,871,000
117.8
2.01
2008
 
14,769,862,000
0.962
15,642,962,000
117.9
0.12
2009
 
14,478,067,000
0.937
15,236,262,000
114.9
-2.60
2010
 
15,048,970,000
0.963
15,648,991,000
118.0
2.71
2011
 
15,599,731,000
0.978
15,891,534,000
119.8
1.55
2012
 
16,253,970,000
1.000
16,253,970,000
122.5
2.28
2013
 
16,843,196,000
1.018
16,553,348,000
124.8
1.84
2014
 
17,550,687,000
1.042
16,932,051,000
127.7
2.29
2015
 
18,206,023,000
1.070
17,390,295,000
131.1
2.71
2016
 
18,695,106,000
1.088
17,680,274,000
133.3
1.67
2017
 
19,479,623,000
1.112
18,079,084,000
136.3
2.26
2018
 
20,527,159,000
1.145
18,606,787,000
140.3
2.92
2019
 
21,372,582,000
1.171
19,032,672,000
143.5
2.29
2020
 
20,893,746,000
1.131
18,384,687,000
138.6
-3.40
Source: Calculations by the Connecticut Regional Economic Analysis Project (CT-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
November 2021
REAP_PI_CA1400_2000_PN
 
   
Copyright © 2022. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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