The resurgent oil and gas industry helped two Texas areas — Midland and Odessa — rank No. 1 and No. 2 in economic growth for U.S. metro areas in 2012, according the U.S. Bureau of Economic Analysis.
Midland posted a 14.4 percent gain in inflation-adjusted gross domestic product from 2001. Odessa saw a 14.1 percent gain in real GDP.
Overall, real GDP rose in 305 of the nation’s 381 metro areas in 2012, fueled mainly by durable-goods manufacturing, trade and financial services. The average U.S. real GDP growth in 2012 was 3.1 percent, up from 1.9 percent in 2011.
Read more...GDP growth in Texas areas ranked at the top in 2012 via Real Estate Center at Texas A&M