Kankakee County Real GDP Growth exceeds national average, second highest in state of Illinois
KANKAKEE, IL –September 18, 2014 – Continuing the trend of favorable economic reports for Kankakee County, the Kankakee-Bradley Metropolitan Statistical Area maintained its position as the second strongest metro in the state of Illinois in 2013 for growth in real gross domestic product (GDP), according to figures released Tuesday by the U.S. Department of Commerce Bureau of Economic Analysis. With year-over-year growth of 2.3%, which exceeds the national average of 1.7%, the Kankakee-Bradley MSA’s Real GDP in 2013 totaled $3.360 billion, positioning the area 138th among 381 metro areas.
Among the 10 MSAs within the state of Illinois, four experienced a decline in real GDP, while four experienced growth of 1.6% or less. Only one MSA exceeded Kankakee-Bradley, at 4% growth.
“From manufacturing to health care to higher education to public infrastructure, Kankakee County is experiencing truly unprecedented capital investment,” explains Economic Alliance President/CEO Mike Van Mill. “Put simply, they invest here because they’ve found success here and can grow more effectively here than in other places.
“The BEA’s numbers align perfectly with what we’re experiencing on the ground and the outcomes of various national rankings,” continued Van Mill. “We’re ideally positioned for significant growth.”
Real GDP increased in 292 of the nation’s 381 metropolitan areas in 2013, led by widespread growth in finance, insurance, real estate, rental and leasing, non-durable goods manufacturing, and professional and business services, according to the BEA. Real GDP is an inflation-adjusted measure of an area’s gross product that is based on national prices for the goods and services produced within the metro area.
In the last 24 months, the Economic Alliance has tracked and facilitated $430 million in announced and completed capital investment in Kankakee County. In addition to its second-place ranking in the state of Illinois for real GDP growth, the Kankakee-Bradley Metropolitan Statistical Area is currently ranked the top “small city” in Illinois for job growth, economic vitality and technology growth by the Milken Institute, and ninth nationally for cost of doing business by Forbes.
The Economic Alliance of Kankakee County is a public-private partnership that works to create jobs and expand the economic base by improving the local business climate. For more information, visit kankakeecountyed.org or phone 815.935.1177.