Discover the latest data on St. Louis’ income trend, projected GDP growth, and why it’s becoming a top city for economic expansion
Here’s a summary of the key points that will help explain what’s happening in the metro area. In addition, I shared an article last summer on the Top cities with stunning skylines and GDP rankings, and St. Louis was in the Top 16th.
Income Growth: Over the last five years, the St. Louis region has led the nation in income growth. From 2019 to 2023, the St. Louis metro area saw a 33% increase in per capita personal income, making it the top metro area in the nation for income growth.
GDP Growth: The St. Louis metro area’s GDP grew by 2.5% in 2023, which is considered healthy growth. The GDP for the St. Louis Metropolitan Area reached $226 billion in 2023, up from $211 billion in 2022.
Future Projections: The Federal Reserve Bank of St. Louis forecasts a slower growth rate for the region in the coming years, with a projected GDP growth of 1.1% for both 2024 and 2025. This slowdown is seen as a return to the long-term growth trend.
Sector Performance: In 2023, significant growth was observed in the healthcare and leisure and hospitality sectors, contributing to the region’s overall economic performance.
Economic Diversity: The data highlights the large and diverse economy of the St. Louis metro area, which includes contributions from various sectors and businesses operating on a national scale
What is GDP, for those who do not know?
What is GDP
GDP, or Gross Domestic Product, is a measure of the economic performance of a country or region. It represents the total value of all goods and services produced over a specific time period. GDP is often used to gauge the health of an economy, with higher GDP indicating a more productive and prosperous economy.
There are three main ways to calculate GDP:
- Production Approach: Adds up the value of all goods and services produced in the economy.
- Income Approach: Sums up all incomes earned by individuals and businesses, including wages, profits, and taxes minus subsidies.
- Expenditure Approach: Totals all spending on final goods and services in the economy, including consumption, investment, government spending, and net exports (exports minus imports).
GDP can be measured in nominal terms (current prices) or real terms (adjusted for inflation). Real GDP provides a more accurate reflection of an economy’s size and how it’s growing over time.
St. Louis Federal Reserve:
The Federal Reserve Bank of St. Louis provides extensive data and analysis on GDP through its FRED (Federal Reserve Economic Data) platform. They track and report on various aspects of GDP, including national and regional economic performance. Here are some key points:
- National GDP Data: The St. Louis Fed offers detailed data on the U.S. GDP, including quarterly updates and historical trends.
- Regional GDP Insights: They also provide insights into the GDP of different regions, including the St. Louis metro area, highlighting economic growth and sector performance.
- Economic Analysis: The St. Louis Fed conducts in-depth economic analysis and publishes reports on GDP trends, projections, and their implications for the economy.
For more detailed information, you can explore their FRED platform.
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