Lane County’s GDP Growth is Comparable to the U.S. Average in 2018February 24, 2020 The Eugene MSA’s (Lane County’s) real (inflation-adjusted) gross domestic product (GDP) rose 2.6 percent in 2018 according to the Bureau of Economic Analysis, making it the 23rd fastest-growing economy out of 36 counties in Oregon. The 2018 growth rate slowed somewhat from 2017 when it was 3.8 percent.
The overall growth rate for the U.S. was 2.9 percent while Oregon’s 2018 growth rate was 3.8 percent. The percent change in real GDP by county ranged from 86.5 percent in Jackson County, West Virginia to -44.0 percent in Grant County, North Dakota.
GDP measures the dollar value of final goods and services, meaning those that are bought by the final user, produced in a region in a given period. It is used as a comparative measure of the relative size and performance of an area’s economy.
Lane County’s economy grew by $384 million in 2018 to reach $15.1 billion, making it the fourth largest county economy in Oregon. Nationally, the total level of real county GDP ranged from $18.4 million in Issaquena County, Mississippi to $710.9 billion in Los Angeles County, California.
At the industry level, financial activities, professional and business services, private education and health services, and trade contributed the most to GDP growth in 2018, making up 73 percent of total growth. The three industries contributing the most growth at the national level were professional and business services, manufacturing, and information.
For more information on GDP, visit the Bureau of Economic Analysis.