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Cape Coral-Fort Myers among top 50 MSAs for economic activity

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TALLAHASSEE Most Florida metro areas, including Cape Coral-Fort Myers, outpaced the nation in gross domestic product growth rate in 2015. Cape Coral-Fort Myers was ranked among the top 50 in the nations.

Fifteen of Florida’s 22 Metropolitan Statistical Areas increased their gross domestic product at a faster rate than the national average in 2015. All MSAs in the state experienced positive GDP growth, with the exception of Homosassa Springs.

“Florida’s economy is one of the strongest in the nation, illustrated by our consistent job creation, low unemployment rate and growing GDP,” said Florida Department of Economic Opportunity Executive Director Cissy Proctor in a prepared statement. “The strong growth in output across our local communities proves that Florida is a great place for business success.”

Florida’s real GDP in 2015 was $789.8 billion, up 3.1 percent from 2014. This growth rate exceeded the national growth rate of 2.4 percent.

Six of Florida’s MSAs were ranked in the top 50 nationwide for over-the-year GDP percentage growth. Besides Cape Coral-Fort Myers, Punta Gorda, Naples-Immokalee-Marco Island, Sebastian-Vero Beach, Palm Bay-Melbourne-Titusville and North Port-Sarasota-Bradenton ranked in the top tier.

The MSAs with GDP growth rates higher than the nation’s average were:

Punta Gorda: 5.8 percent

Cape Coral-Fort Myers: 5.3 percent

Naples-Immokalee-Marco Island: 5.3 percent

Sebastian-Vero Beach: 4.8 percent

Palm Bay-Melbourne-Titusville: 4.2 percent

North Port-Sarasota-Bradenton: 4.1 percent

Orlando- Kissimmee-Sanford: 3.5 percent

Port St. Lucie: 3.4 percent

Sebring: 3.4 percent

Miami-Fort Lauderdale-West Palm Beach: 3.3 percent

Crestview-Fort Walton Beach-Destin: 3.0 percent

The Villages: 2.9 percent

Deltona-Daytona Beach-Ormond Beach: 2.8 percent

Tampa-St. Petersburg-Clearwater: 2.7 percent

Jacksonville: 2.6 percent

In 2014, only 10 Florida MSAs outpaced the national average GDP growth rate. The MSAs new to the list in 2015 include The Villages, Punta Gorda, Palm Bay-Melbourne-Titusville, Port St. Lucie, Sebring and Crestview-Fort Walton Beach-Destin MSAs.

Florida gross domestic product is the measure of the market value of all final goods and services produced within the state in a given time period. A final product is one that is produced and sold for consumption or investment. GDP excludes the value of intermediate goods, which are goods that are used to produce other goods. GDP is presented in both nominal and real dollars. Real GDP removes the influence of changing price or inflation. GDP is important because it is the most closely watched measure of output. It is a measure of overall economic activity

– Source: Florida Department of Economic Opportunity