Description of the Indicator
Gross Domestic Product (GDP) is a measurement of a region’s or state’s output. It is the sum of value added from all industries in the state. This indicator measures the Scranton/Wilkes-Barre Metropolitan Area and the state GDP in millions of current-year dollars and highlights growth.
Why is it important?
GDP is one of the most important indicators of the health of a region or state’s economy. It can be used to determine if the economy is growing more quickly or more slowly than the year before.
How is the region performing?
GDP growth continued into 2022. Despite COVID, or perhaps due to COVID, there was a surge in GDP as people spent their money on home improvements and other durable goods. The growth rate from 2021 to 2022 was not as robust as the prior year’s growth, but five-year growth has been significant.
