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 2024 for all geographies except for Wyoming County. GDP growth from 2023 to 2024 was less robust than the growth observed from 2021 to 2022 in those geographies, however.