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Mapped: The Largest 15 U.S. Cities by GDP
Mapped: The Largest 15 U.S. Cities by GDP
The United States has the largest GDP in the world in nominal terms, and urban areas are a major contributor to the country’s economic might. In fact, metropolitan areas account for roughly 90% of U.S. economic output.
In this visual we’ve ranked the economic output of the top 15 U.S. cities from New York City to Minneapolis, using data from the U.S. Bureau of Economic Analysis. The data covers 2021, which is the most recent release from BEA.
It’s important to note that the data considers entire surrounding metropolitan areas, so as an example, New York City includes neighboring population centers such as Newark, NJ, as well as Jersey City—reaching a GDP of nearly $2 trillion.
Measuring a city’s economy at the metro level can provide a more accurate representation of its economic activity. This is because the metropolitan areas include not only the central city but also the surrounding suburban and rural areas that are economically connected to it.
America’s Economic Hubs
There are some obvious winners when it comes to the largest U.S. cities by GDP, including NYC, Los Angeles, Dallas, and San Francisco.
In the table below, we’ve listed each of the 384 metropolitan areas out of the dataset all the way down to last place, Sebring-Avon Park, Florida, alongside respective ranks and GDP:
Rank | City | GDP (in thousands) |
---|---|---|
#1 | New York-Newark-Jersey City, NY-NJ-PA | $1,992,779,274 |
#2 | Los Angeles-Long Beach-Anaheim, CA | $1,124,682,354 |
#3 | Chicago-Naperville-Elgin, IL-IN-WI | $764,583,227 |
#4 | San Francisco-Oakland-Berkeley, CA | $668,677,573 |
#5 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $607,628,505 |
#6 | Dallas-Fort Worth-Arlington, TX | $598,333,263 |
#7 | Houston-The Woodlands-Sugar Land, TX | $537,066,232 |
#8 | Boston-Cambridge-Newton, MA-NH | $531,671,846 |
#9 | Seattle-Tacoma-Bellevue, WA | $479,966,484 |
#10 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $477,580,629 |
#11 | Atlanta-Sandy Springs-Alpharetta, GA | $473,823,474 |
#12 | Miami-Fort Lauderdale-Pompano Beach, FL | $417,147,866 |
#13 | San Jose-Sunnyvale-Santa Clara, CA | $410,418,579 |
#14 | Phoenix-Mesa-Chandler, AZ | $316,090,586 |
#15 | Minneapolis-St. Paul-Bloomington, MN-WI | $296,969,112 |
#16 | Detroit-Warren-Dearborn, MI | $283,660,258 |
#17 | San Diego-Chula Vista-Carlsbad, CA | $267,973,544 |
#18 | Denver-Aurora-Lakewood, CO | $253,399,051 |
#19 | Baltimore-Columbia-Towson, MD | $222,967,241 |
#20 | Riverside-San Bernardino-Ontario, CA | $213,183,465 |
#21 | Charlotte-Concord-Gastonia, NC-SC | $207,866,150 |
#22 | Austin-Round Rock-Georgetown, TX | $193,773,558 |
#23 | Tampa-St. Petersburg-Clearwater, FL | $190,708,533 |
#24 | St. Louis, MO-IL | $187,569,544 |
#25 | Portland-Vancouver-Hillsboro, OR-WA | $186,570,323 |
#26 | Cincinnati, OH-KY-IN | $171,737,526 |
#27 | Pittsburgh, PA | $168,021,049 |
#28 | Orlando-Kissimmee-Sanford, FL | $167,279,974 |
#29 | Nashville-Davidson--Murfreesboro--Franklin, TN | $163,031,737 |
#30 | Indianapolis-Carmel-Anderson, IN | $162,062,985 |
#31 | Sacramento-Roseville-Folsom, CA | $160,542,566 |
#32 | Columbus, OH | $154,509,800 |
#33 | Kansas City, MO-KS | $154,328,892 |
#34 | Cleveland-Elyria, OH | $147,637,827 |
#35 | San Antonio-New Braunfels, TX | $144,384,474 |
#36 | Las Vegas-Henderson-Paradise, NV | $136,198,676 |
#37 | Salt Lake City, UT | $118,494,536 |
#38 | Milwaukee-Waukesha, WI | $111,479,649 |
#39 | Raleigh-Cary, NC | $108,288,115 |
#40 | Virginia Beach-Norfolk-Newport News, VA-NC | $107,067,798 |
#41 | Hartford-East Hartford-Middletown, CT | $106,507,622 |
#42 | Jacksonville, FL | $101,367,263 |
#43 | Richmond, VA | $99,388,754 |
#44 | Bridgeport-Stamford-Norwalk, CT | $98,751,750 |
#45 | Providence-Warwick, RI-MA | $96,913,356 |
#46 | Oklahoma City, OK | $86,662,243 |
#47 | Memphis, TN-MS-AR | $86,493,147 |
#48 | Louisville/Jefferson County, KY-IN | $82,866,115 |
#49 | New Orleans-Metairie, LA | $81,829,573 |
#50 | Buffalo-Cheektowaga, NY | $76,991,435 |
#51 | Albany-Schenectady-Troy, NY | $73,995,509 |
#52 | Omaha-Council Bluffs, NE-IA | $73,876,512 |
#53 | Birmingham-Hoover, AL | $70,874,148 |
#54 | Rochester, NY | $69,341,714 |
#55 | Grand Rapids-Kentwood, MI | $68,401,313 |
#56 | Urban Honolulu, HI | $67,383,319 |
#57 | Des Moines-West Des Moines, IA | $61,171,285 |
#58 | Durham-Chapel Hill, NC | $60,814,699 |
#59 | Tulsa, OK | $60,392,165 |
#60 | Oxnard-Thousand Oaks-Ventura, CA | $58,332,732 |
#61 | New Haven-Milford, CT | $57,541,201 |
#62 | Madison, WI | $56,636,713 |
#63 | Baton Rouge, LA | $56,199,218 |
#64 | Worcester, MA-CT | $54,941,620 |
#65 | Knoxville, TN | $52,343,257 |
#66 | Greenville-Anderson, SC | $52,328,843 |
#67 | Bakersfield, CA | $52,239,044 |
#68 | Allentown-Bethlehem-Easton, PA-NJ | $50,960,155 |
#69 | Charleston-North Charleston, SC | $50,704,392 |
#70 | Tucson, AZ | $50,231,611 |
#71 | Fresno, CA | $49,987,063 |
#72 | Dayton-Kettering, OH | $49,548,210 |
#73 | Albuquerque, NM | $49,480,431 |
#74 | Columbia, SC | $48,214,448 |
#75 | Syracuse, NY | $46,414,861 |
#76 | Greensboro-High Point, NC | $45,574,221 |
#77 | North Port-Sarasota-Bradenton, FL | $44,746,013 |
#78 | Harrisburg-Carlisle, PA | $43,867,213 |
#79 | Trenton-Princeton, NJ | $43,633,044 |
#80 | Boise City, ID | $43,601,402 |
#81 | Colorado Springs, CO | $43,522,096 |
#82 | Little Rock-North Little Rock-Conway, AR | $42,669,983 |
#83 | Midland, TX | $42,035,915 |
#84 | Akron, OH | $41,058,875 |
#85 | Wichita, KS | $40,586,374 |
#86 | Toledo, OH | $40,546,884 |
#87 | Cape Coral-Fort Myers, FL | $39,813,620 |
#88 | Poughkeepsie-Newburgh-Middletown, NY | $39,375,465 |
#89 | Portland-South Portland, ME | $39,089,209 |
#90 | Winston-Salem, NC | $38,504,784 |
#91 | El Paso, TX | $37,507,586 |
#92 | Springfield, MA | $37,189,530 |
#93 | Provo-Orem, UT | $36,866,060 |
#94 | Stockton, CA | $36,790,065 |
#95 | Reno, NV | $35,471,910 |
#96 | Ogden-Clearfield, UT | $35,071,325 |
#97 | Santa Rosa-Petaluma, CA | $34,450,601 |
#98 | Chattanooga, TN-GA | $34,425,793 |
#99 | Huntsville, AL | $34,086,472 |
#100 | Santa Maria-Santa Barbara, CA | $33,306,884 |
#101 | Boulder, CO | $33,182,418 |
#102 | Lakeland-Winter Haven, FL | $33,144,404 |
#103 | Fayetteville-Springdale-Rogers, AR | $33,102,945 |
#104 | Vallejo, CA | $33,100,194 |
#105 | Lancaster, PA | $33,048,548 |
#106 | Lexington-Fayette, KY | $32,851,535 |
#107 | Manchester-Nashua, NH | $32,729,580 |
#108 | Spokane-Spokane Valley, WA | $32,178,609 |
#109 | Augusta-Richmond County, GA-SC | $31,718,339 |
#110 | Jackson, MS | $30,785,111 |
#111 | Salinas, CA | $30,712,263 |
#112 | Palm Bay-Melbourne-Titusville, FL | $30,589,541 |
#113 | Scranton--Wilkes-Barre, PA | $30,040,721 |
#114 | Lansing-East Lansing, MI | $29,363,629 |
#115 | Ann Arbor, MI | $28,604,834 |
#116 | Anchorage, AK | $28,210,676 |
#117 | Modesto, CA | $26,519,792 |
#118 | Sioux Falls, SD | $26,063,548 |
#119 | Savannah, GA | $25,681,434 |
#120 | Deltona-Daytona Beach-Ormond Beach, FL | $25,516,019 |
#121 | McAllen-Edinburg-Mission, TX | $25,508,724 |
#122 | Salisbury, MD-DE | $25,194,103 |
#123 | Fort Wayne, IN | $25,156,180 |
#124 | Corpus Christi, TX | $24,937,471 |
#125 | Davenport-Moline-Rock Island, IA-IL | $24,603,801 |
#126 | Beaumont-Port Arthur, TX | $24,407,762 |
#127 | Fort Collins, CO | $24,381,467 |
#128 | Asheville, NC | $24,350,043 |
#129 | Pensacola-Ferry Pass-Brent, FL | $24,309,017 |
#130 | Fayetteville, NC | $24,254,218 |
#131 | Shreveport-Bossier City, LA | $24,153,731 |
#132 | Naples-Marco Island, FL | $24,020,049 |
#133 | Springfield, MO | $23,930,761 |
#134 | Mobile, AL | $23,876,616 |
#135 | Peoria, IL | $23,599,643 |
#136 | York-Hanover, PA | $23,406,852 |
#137 | Youngstown-Warren-Boardman, OH-PA | $23,284,271 |
#138 | Lafayette, LA | $22,650,406 |
#139 | Lincoln, NE | $22,492,557 |
#140 | Greeley, CO | $22,082,249 |
#141 | Reading, PA | $22,055,785 |
#142 | Green Bay, WI | $21,991,068 |
#143 | Killeen-Temple, TX | $21,967,641 |
#144 | Myrtle Beach-Conway-North Myrtle Beach, SC-NC | $21,787,862 |
#145 | Salem, OR | $21,487,178 |
#146 | Evansville, IN-KY | $21,248,968 |
#147 | Gulfport-Biloxi, MS | $21,177,139 |
#148 | Port St. Lucie, FL | $20,762,211 |
#149 | Norwich-New London, CT | $20,743,047 |
#150 | Visalia, CA | $20,580,771 |
#151 | Montgomery, AL | $20,250,047 |
#152 | Canton-Massillon, OH | $20,167,014 |
#153 | Tallahassee, FL | $20,148,962 |
#154 | Cedar Rapids, IA | $19,793,178 |
#155 | San Luis Obispo-Paso Robles, CA | $19,639,637 |
#156 | Elkhart-Goshen, IN | $19,271,838 |
#157 | Crestview-Fort Walton Beach-Destin, FL | $18,899,397 |
#158 | Eugene-Springfield, OR | $18,848,436 |
#159 | Gainesville, FL | $18,353,884 |
#160 | Roanoke, VA | $18,297,657 |
#161 | Wilmington, NC | $18,203,444 |
#162 | Santa Cruz-Watsonville, CA | $18,076,112 |
#163 | Spartanburg, SC | $17,914,096 |
#164 | Kennewick-Richland, WA | $17,836,850 |
#165 | Fargo, ND-MN | $17,706,417 |
#166 | Flint, MI | $17,234,628 |
#167 | Longview, TX | $17,134,932 |
#168 | South Bend-Mishawaka, IN-MI | $17,031,977 |
#169 | Rockford, IL | $17,005,386 |
#170 | Hickory-Lenoir-Morganton, NC | $16,787,117 |
#171 | Huntington-Ashland, WV-KY-OH | $16,470,842 |
#172 | Columbus, GA-AL | $16,456,091 |
#173 | Lubbock, TX | $16,402,001 |
#174 | Amarillo, TX | $16,313,319 |
#175 | Olympia-Lacey-Tumwater, WA | $16,245,024 |
#176 | Appleton, WI | $16,202,188 |
#177 | Bellingham, WA | $16,036,428 |
#178 | Kalamazoo-Portage, MI | $15,946,455 |
#179 | Duluth, MN-WI | $15,905,385 |
#180 | College Station-Bryan, TX | $15,896,707 |
#181 | Lake Charles, LA | $15,791,901 |
#182 | Charlottesville, VA | $15,762,678 |
#183 | Burlington-South Burlington, VT | $15,669,774 |
#184 | Rochester, MN | $15,644,852 |
#185 | Atlantic City-Hammonton, NJ | $15,313,041 |
#186 | Barnstable Town, MA | $15,150,695 |
#187 | Bloomington, IL | $15,140,725 |
#188 | Waco, TX | $15,125,143 |
#189 | Kingsport-Bristol, TN-VA | $15,104,427 |
#190 | Utica-Rome, NY | $14,678,570 |
#191 | Clarksville, TN-KY | $14,546,292 |
#192 | Bremerton-Silverdale-Port Orchard, WA | $14,373,182 |
#193 | Laredo, TX | $13,581,543 |
#194 | Gainesville, GA | $13,561,088 |
#195 | Charleston, WV | $13,553,478 |
#196 | Brownsville-Harlingen, TX | $13,225,538 |
#197 | Champaign-Urbana, IL | $13,219,093 |
#198 | Topeka, KS | $13,204,822 |
#199 | Springfield, IL | $13,019,072 |
#200 | Tyler, TX | $13,002,122 |
#201 | Tuscaloosa, AL | $12,913,789 |
#202 | Ocala, FL | $12,907,979 |
#203 | Hagerstown-Martinsburg, MD-WV | $12,755,632 |
#204 | Bend, OR | $12,618,710 |
#205 | Lafayette-West Lafayette, IN | $12,537,390 |
#206 | Erie, PA | $12,509,399 |
#207 | Napa, CA | $12,387,136 |
#208 | Binghamton, NY | $12,314,327 |
#209 | St. Cloud, MN | $12,202,920 |
#210 | Columbia, MO | $12,077,178 |
#211 | Iowa City, IA | $11,989,228 |
#212 | Yakima, WA | $11,864,827 |
#213 | Macon-Bibb County, GA | $11,818,017 |
#214 | Oshkosh-Neenah, WI | $11,586,606 |
#215 | Billings, MT | $11,570,641 |
#216 | Athens-Clarke County, GA | $11,562,554 |
#217 | Hilton Head Island-Bluffton, SC | $11,497,194 |
#218 | Lynchburg, VA | $11,430,306 |
#219 | Odessa, TX | $11,399,343 |
#220 | Wausau-Weston, WI | $11,250,695 |
#221 | Wheeling, WV-OH | $11,239,365 |
#222 | Waterloo-Cedar Falls, IA | $11,197,979 |
#223 | Florence, SC | $11,018,873 |
#224 | Medford, OR | $10,949,122 |
#225 | Fort Smith, AR-OK | $10,920,156 |
#226 | Greenville, NC | $10,841,765 |
#227 | Merced, CA | $10,465,518 |
#228 | Kahului-Wailuku-Lahaina, HI | $10,356,019 |
#229 | Eau Claire, WI | $10,308,773 |
#230 | Panama City, FL | $10,269,545 |
#231 | Sioux City, IA-NE-SD | $10,111,866 |
#232 | Chico, CA | $10,006,052 |
#233 | Dover, DE | $9,984,324 |
#234 | Idaho Falls, ID | $9,915,330 |
#235 | El Centro, CA | $9,912,905 |
#236 | Jacksonville, NC | $9,900,984 |
#237 | Daphne-Fairhope-Foley, AL | $9,891,548 |
#238 | Jackson, TN | $9,779,929 |
#239 | State College, PA | $9,750,456 |
#240 | Harrisonburg, VA | $9,499,442 |
#241 | Redding, CA | $9,419,468 |
#242 | Saginaw, MI | $9,363,549 |
#243 | Houma-Thibodaux, LA | $9,350,744 |
#244 | La Crosse-Onalaska, WI-MN | $9,294,924 |
#245 | Johnson City, TN | $9,219,695 |
#246 | Racine, WI | $9,100,374 |
#247 | Warner Robins, GA | $8,993,124 |
#248 | Yuma, AZ | $8,977,170 |
#249 | Lima, OH | $8,962,374 |
#250 | Jefferson City, MO | $8,956,976 |
#251 | Abilene, TX | $8,848,793 |
#252 | Prescott Valley-Prescott, AZ | $8,796,885 |
#253 | Monroe, LA | $8,699,152 |
#254 | Kingston, NY | $8,622,165 |
#255 | Morgantown, WV | $8,597,534 |
#256 | California-Lexington Park, MD | $8,554,244 |
#257 | Janesville-Beloit, WI | $8,530,214 |
#258 | Terre Haute, IN | $8,502,107 |
#259 | East Stroudsburg, PA | $8,493,417 |
#260 | Niles, MI | $8,455,695 |
#261 | Flagstaff, AZ | $8,444,850 |
#262 | Winchester, VA-WV | $8,419,006 |
#263 | Bowling Green, KY | $8,368,247 |
#264 | Las Cruces, NM | $8,339,710 |
#265 | St. George, UT | $8,338,042 |
#266 | Joplin, MO | $8,319,062 |
#267 | San Angelo, TX | $8,284,455 |
#268 | Bloomington, IN | $8,272,024 |
#269 | Blacksburg-Christiansburg, VA | $8,271,597 |
#270 | Bismarck, ND | $8,243,740 |
#271 | Coeur d'Alene, ID | $8,112,478 |
#272 | Yuba City, CA | $8,104,050 |
#273 | Sebastian-Vero Beach, FL | $8,063,835 |
#274 | Dalton, GA | $7,950,074 |
#275 | Decatur, IL | $7,856,804 |
#276 | Dubuque, IA | $7,840,579 |
#277 | Manhattan, KS | $7,818,079 |
#278 | Bangor, ME | $7,813,558 |
#279 | Rocky Mount, NC | $7,799,020 |
#280 | Sheboygan, WI | $7,747,640 |
#281 | Pittsfield, MA | $7,682,977 |
#282 | Mount Vernon-Anacortes, WA | $7,659,302 |
#283 | Jackson, MI | $7,651,976 |
#284 | Santa Fe, NM | $7,636,186 |
#285 | Dothan, AL | $7,636,116 |
#286 | Ames, IA | $7,583,257 |
#287 | Rapid City, SD | $7,565,027 |
#288 | Battle Creek, MI | $7,528,043 |
#289 | Glens Falls, NY | $7,446,782 |
#290 | Grand Junction, CO | $7,444,077 |
#291 | Burlington, NC | $7,440,110 |
#292 | Pueblo, CO | $7,436,671 |
#293 | Logan, UT-ID | $7,425,275 |
#294 | Wenatchee, WA | $7,403,597 |
#295 | Vineland-Bridgeton, NJ | $7,376,321 |
#296 | Auburn-Opelika, AL | $7,335,523 |
#297 | Decatur, AL | $7,282,688 |
#298 | Kankakee, IL | $7,282,382 |
#299 | Hanford-Corcoran, CA | $7,258,824 |
#300 | Columbus, IN | $7,205,692 |
#301 | Hattiesburg, MS | $7,181,156 |
#302 | Wichita Falls, TX | $7,096,972 |
#303 | Ithaca, NY | $7,044,555 |
#304 | Lake Havasu City-Kingman, AZ | $7,037,905 |
#305 | Alexandria, LA | $7,037,021 |
#306 | Watertown-Fort Drum, NY | $6,972,539 |
#307 | Weirton-Steubenville, WV-OH | $6,966,489 |
#308 | Lebanon, PA | $6,911,784 |
#309 | Punta Gorda, FL | $6,911,071 |
#310 | Madera, CA | $6,907,890 |
#311 | Chambersburg-Waynesboro, PA | $6,846,649 |
#312 | Elizabethtown-Fort Knox, KY | $6,819,777 |
#313 | Muskegon, MI | $6,795,782 |
#314 | Missoula, MT | $6,780,085 |
#315 | Altoona, PA | $6,736,868 |
#316 | Monroe, MI | $6,716,820 |
#317 | St. Joseph, MO-KS | $6,700,369 |
#318 | Cheyenne, WY | $6,608,922 |
#319 | Williamsport, PA | $6,562,069 |
#320 | Valdosta, GA | $6,529,753 |
#321 | Jonesboro, AR | $6,494,679 |
#322 | Fairbanks, AK | $6,477,984 |
#323 | Albany, GA | $6,462,473 |
#324 | New Bern, NC | $6,436,366 |
#325 | Owensboro, KY | $6,434,476 |
#326 | Ocean City, NJ | $6,279,126 |
#327 | Grand Forks, ND-MN | $6,226,443 |
#328 | Morristown, TN | $6,218,224 |
#329 | Carbondale-Marion, IL | $6,206,570 |
#330 | Mankato, MN | $6,157,026 |
#331 | Texarkana, TX-AR | $6,086,205 |
#332 | Longview, WA | $6,047,768 |
#333 | Florence-Muscle Shoals, AL | $5,989,958 |
#334 | Casper, WY | $5,887,565 |
#335 | Twin Falls, ID | $5,878,885 |
#336 | Staunton, VA | $5,865,980 |
#337 | Sherman-Denison, TX | $5,852,474 |
#338 | Midland, MI | $5,836,461 |
#339 | Fond du Lac, WI | $5,817,790 |
#340 | Goldsboro, NC | $5,761,092 |
#341 | Farmington, NM | $5,698,394 |
#342 | Lawton, OK | $5,636,670 |
#343 | Lewiston-Auburn, ME | $5,614,156 |
#344 | Albany-Lebanon, OR | $5,608,491 |
#345 | Lawrence, KS | $5,586,561 |
#346 | Sumter, SC | $5,539,578 |
#347 | The Villages, FL | $5,507,387 |
#348 | Cleveland, TN | $5,423,969 |
#349 | Sierra Vista-Douglas, AZ | $5,399,087 |
#350 | Mansfield, OH | $5,251,489 |
#351 | Homosassa Springs, FL | $5,247,686 |
#352 | Corvallis, OR | $5,242,566 |
#353 | Johnstown, PA | $5,197,201 |
#354 | Springfield, OH | $5,162,330 |
#355 | Brunswick, GA | $5,136,201 |
#356 | Anniston-Oxford, AL | $5,108,424 |
#357 | Victoria, TX | $5,082,222 |
#358 | Bloomsburg-Berwick, PA | $4,916,778 |
#359 | Hammond, LA | $4,897,538 |
#360 | Grand Island, NE | $4,871,762 |
#361 | Cape Girardeau, MO-IL | $4,838,122 |
#362 | Beckley, WV | $4,563,061 |
#363 | Rome, GA | $4,539,453 |
#364 | Michigan City-La Porte, IN | $4,521,182 |
#365 | Kokomo, IN | $4,488,369 |
#366 | Muncie, IN | $4,486,204 |
#367 | Hinesville, GA | $4,427,847 |
#368 | Gettysburg, PA | $4,310,644 |
#369 | Elmira, NY | $4,230,830 |
#370 | Carson City, NV | $4,225,603 |
#371 | Bay City, MI | $4,158,772 |
#372 | Great Falls, MT | $4,150,622 |
#373 | Cumberland, MD-WV | $4,025,355 |
#374 | Parkersburg-Vienna, WV | $4,000,337 |
#375 | Pine Bluff, AR | $3,996,508 |
#376 | Hot Springs, AR | $3,907,112 |
#377 | Pocatello, ID | $3,732,010 |
#378 | Grants Pass, OR | $3,666,285 |
#379 | Danville, IL | $3,645,245 |
#380 | Walla Walla, WA | $3,642,288 |
#381 | Lewiston, ID-WA | $3,274,461 |
#382 | Gadsden, AL | $3,175,372 |
#383 | Enid, OK | $2,926,730 |
#384 | Sebring-Avon Park, FL | $2,894,022 |
All U.S. Metro Areas | $20,943,239,585 |
As the graphic above makes obvious, NYC’s GDP towers over the rest. The Big Apple is the nerve center for a number of high-impact industries, including finance and media.
Moving down the ranking, LA has a $1.1 trillion economy, followed by Chicago, with a GDP of just over $760 billion.
The Fastest Growing Cities
Although many of the top ranking cities are not surprising, there are a number of up-and-coming cities in the list. A report from the Kenan Institute, at the University of North Carolina’s Business School, reveals the fastest growing cities in the U.S. in terms of GDP growth year-over-year. Here’s a look at the top 10:
Rank | City | State | GDP Growth (2022) |
---|---|---|---|
#1 | San Francisco/Bay Area | California | 4.8% |
#2 | Austin | Texas | 4.3% |
#3 | Seattle | Washington | 3.5% |
#4 | Raleigh/Durham | North Carolina | 3.4% |
#5 | Dallas | Texas | 3.1% |
#6 | Denver | Colorado | 3.0% |
#7 | Salt Lake City | Utah | 2.8% |
#8 | Charlotte | North Carolina | 2.5% |
#9 | New Orleans | Louisiana | 2.4% |
#10 | Orlando | Florida | 2.4% |
San Francisco, Seattle, and Dallas appear on both the overall GDP size and growth lists. Dallas’ economy is driven in large part by a growing healthcare industry. The city also continues to attract talent being home to large companies AT&T, CBRE Group, and Texas Instruments.
North Carolina is home to two of the fastest growing metropolitan areas, Raleigh-Durham and Charlotte. These cities may be ones to watch as they are becoming hubs of tech, research, and manufacturing. In fact, North Carolina was recently ranked as the most attractive U.S. state to do business in and both cities are among the fastest growing in terms of population.
The economic center of gravity within the U.S. could be shifting away from the traditional centers of power towards booming cities in the South and West of the United States. The Kenan Institute found that the recovery of hospitality and leisure sectors has helped destinations in these regions like New Orleans and Orlando. Additionally, the shift towards high-tech industry jobs, remote work, and cheaper housing have made these cities very attractive.
Of course, the sunny climate in these cities is an attractive selling point as well.
Markets
The European Stock Market: Attractive Valuations Offer Opportunities
On average, the European stock market has valuations that are nearly 50% lower than U.S. valuations. But how can you access the market?
European Stock Market: Attractive Valuations Offer Opportunities
Europe is known for some established brands, from L’Oréal to Louis Vuitton. However, the European stock market offers additional opportunities that may be lesser known.
The above infographic, sponsored by STOXX, outlines why investors may want to consider European stocks.
Attractive Valuations
Compared to most North American and Asian markets, European stocks offer lower or comparable valuations.
Index | Price-to-Earnings Ratio | Price-to-Book Ratio |
---|---|---|
EURO STOXX 50 | 14.9 | 2.2 |
STOXX Europe 600 | 14.4 | 2 |
U.S. | 25.9 | 4.7 |
Canada | 16.1 | 1.8 |
Japan | 15.4 | 1.6 |
Asia Pacific ex. China | 17.1 | 1.8 |
Data as of February 29, 2024. See graphic for full index names. Ratios based on trailing 12 month financials. The price to earnings ratio excludes companies with negative earnings.
On average, European valuations are nearly 50% lower than U.S. valuations, potentially offering an affordable entry point for investors.
Research also shows that lower price ratios have historically led to higher long-term returns.
Market Movements Not Closely Connected
Over the last decade, the European stock market had low-to-moderate correlation with North American and Asian equities.
The below chart shows correlations from February 2014 to February 2024. A value closer to zero indicates low correlation, while a value of one would indicate that two regions are moving in perfect unison.
EURO STOXX 50 | STOXX EUROPE 600 | U.S. | Canada | Japan | Asia Pacific ex. China |
|
---|---|---|---|---|---|---|
EURO STOXX 50 | 1.00 | 0.97 | 0.55 | 0.67 | 0.24 | 0.43 |
STOXX EUROPE 600 | 1.00 | 0.56 | 0.71 | 0.28 | 0.48 | |
U.S. | 1.00 | 0.73 | 0.12 | 0.25 | ||
Canada | 1.00 | 0.22 | 0.40 | |||
Japan | 1.00 | 0.88 | ||||
Asia Pacific ex. China | 1.00 |
Data is based on daily USD returns.
European equities had relatively independent market movements from North American and Asian markets. One contributing factor could be the differing sector weights in each market. For instance, technology makes up a quarter of the U.S. market, but health care and industrials dominate the broader European market.
Ultimately, European equities can enhance portfolio diversification and have the potential to mitigate risk for investors.
Tracking the Market
For investors interested in European equities, STOXX offers a variety of flagship indices:
Index | Description | Market Cap |
---|---|---|
STOXX Europe 600 | Pan-regional, broad market | €10.5T |
STOXX Developed Europe | Pan-regional, broad-market | €9.9T |
STOXX Europe 600 ESG-X | Pan-regional, broad market, sustainability focus | €9.7T |
STOXX Europe 50 | Pan-regional, blue-chip | €5.1T |
EURO STOXX 50 | Eurozone, blue-chip | €3.5T |
Data is as of February 29, 2024. Market cap is free float, which represents the shares that are readily available for public trading on stock exchanges.
The EURO STOXX 50 tracks the Eurozone’s biggest and most traded companies. It also underlies one of the world’s largest ranges of ETFs and mutual funds. As of November 2023, there were €27.3 billion in ETFs and €23.5B in mutual fund assets under management tracking the index.
“For the past 25 years, the EURO STOXX 50 has served as an accurate, reliable and tradable representation of the Eurozone equity market.”
— Axel Lomholt, General Manager at STOXX
Partnering with STOXX to Track the European Stock Market
Are you interested in European equities? STOXX can be a valuable partner:
- Comprehensive, liquid and investable ecosystem
- European heritage, global reach
- Highly sophisticated customization capabilities
- Open architecture approach to using data
- Close partnerships with clients
- Part of ISS STOXX and Deutsche Börse Group
With a full suite of indices, STOXX can help you benchmark against the European stock market.
Learn how STOXX’s European indices offer liquid and effective market access.
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