Palm Coast Tops Nation’s Cities in 2005 GDP Growth

Government study released on Wednesday shows Palm Coast’s 2005GDP growth on top.

September 27, 2007 – Palm Coast, Florida – Yesterday, the Bureau of Economic Analysis issued the first prototype of a new measurement designed to indicate if an area’s economy is growing or shrinking. The report will likely be published on an annual basis. Among the smallest cities included in the study, Palm Coast’s gross domestic product grew 19.4%. The majority of the growth was attributed to the financial activities industry, which includes real estate.

As with the residential growth rates in both Flagler County and the City of Palm Coast, the percentage gain was made possible partly because it began at a small base number. It’s easier to grow a small number by 19.4% than it is a large number by the same amount. And the statistics are from 2005, a time when residential growth was booming in Palm Coast. Still, it’s good news. It’s the kind of thing that gets noticed by both individuals and companies thinking of locating here. Now you know why so many banks have opened in Flagler County lately. They already knew of the financial activity.

Of further interest, New York had the largest economy of all metropolitan areas in the U.S., enough so that if it were a state, it would be listed as second. New York was larger than all but nine countries.