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Owensboro MSA is leader in GDP growth

Owensboro, Ky. (Sept. 19, 2014) – The Owensboro, Ky. metropolitan statistic area’s gross domestic product rose 6.3% from 2012 to 2013, leading all metros in Kentucky.

Owensboro-Kentucky-signThat statistic was released this week along with other related data from the Bureau of Economic Analysis.

“The past six years have shown sustained growth in Owensboro’s GDP that has outpaced the nation,” GO-EDC President and CEO Madison Silvert said. “Owensboro’s growth not only outpaced the nation and the rest of Kentucky, but is among the top of all of our peer communities around the country.”

GO-EDC tracks economic data on multiple peer communities. These communities, like Owensboro, do not have an interstate, are not state capitals, and do not have a 4-year state research university.

Of the other nine communities GO-EDC measures, only Victoria, Texas had stronger growth, with an 8.1% GDP increase. The lowest was Elmira, N.Y. with -1% growth. The national average was 1.7%.

“It is obvious that the efforts of the County and the City to promote economic development are paying big returns,” Daviess Judge-Executive Al Mattingly said.

“This is outstanding news for our community, however, it doesn’t surprise me one bit given all of the economic activity we have going on in Owensboro,” Mayor Ron Payne added. “We had hoped that the work we were doing would pay significant dividends when we began our revitalization six years ago, and this surpasses our expectations.”

Other regional growth numbers include 1.6% for Louisville, 4.3% for Lexington, 5% for Bowling Green and -2.3% growth for Evansville.

The Greater Owensboro Economic Development Corporation is a public-private partnership formed to create a diversified, sustainable economy generating wealth, quality jobs and improving quality of life of the Owensboro Metropolitan Region.