Description of the Indicator
Gross Domestic Product (GDP) is a measure of a region’s or state’s output. It represents the total value added across all industries in the state. This indicator assesses the Scranton/Wilkes-Barre Metropolitan Area and the state GDP in millions of current-year dollars.
Why is it important?
GDP is one of the most important indicators of a region’s or state’s economic health. It can be used to determine whether the economy is growing more quickly or more slowly than before.
How is the region performing?
GDP growth continued into 2023. 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 2022 to 2023 was not as robust as the previous year’s growth in Lackawanna or Wayne Counties but was greater in Luzerne County. Overall, the five-year growth has been significant.
The finance, insurance, rental, real estate, and leasing sectors were the largest contributors to GDP in 2023.