Sarasota manufacturing industry shines in 2012

 

Sarasota manufacturing industry shines in 2012

 

Date: September 18, 2013
by: Alex Mahadevan | Digital Content Producer

 
 

 

Signs of economic recovery continue to roll in for Sarasota County, with highlights from two industries crippled by the Great Recession.

The North Port-Sarasota-Bradenton metro area recorded the second year of positive growth in gross domestic product (GDP) in the last six years from 2011 to 2012, according to statistics released by the Bureau of Economic Analysis Sept. 17. The rate of increase matched the state's numbers, which the BEA released earlier this year.

GDP, a measure of output used as a proxy for economic growth, increased 2.4% in 2012 to $24.5 billion in the local metro area. The last time GDP was greater than reported in 2012 was 2007, when the total output was $25.5 billion.

Output increased 11.3% in manufacturing and 5.2% in construction in 2012 over the previous year. Manufacturing GDP was the largest since 2006 last year, while construction recorded the best year since 2007. Both industries account for a combined 12% of overall economic activity in the local metro area.

Other highlights from 2012 include:

+ Retail output jumped 6.5% to $2.3 billion
+ Arts, entertainment and recreating spending grew 2.7% to $490 million
+ Leisure and hospitality output increased 7.7% to $1.6 billion
+ Financial services remains largest industry, falls 7.2% to $5.6 billion

 

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