A study by the U.S. Census Bureau shows the Provo/Orem metro area as the seventh fastest-growing area in the United States.
Now the Bureau of Economic Analysis is reporting the Provo metropolitan economy grew faster than any of the other top 100 metro economies in 2016, according to an analysis of recently released economic data.
Be it people or product, Provo is an easy sell to those looking for a great place to live, work and play.
The Bureau of Economic Analysis reported that, “in 2016, the metro’s total economic output rose to $20.4 billion, an increase of 6.1 percent. That’s a higher growth rate than any other top 100 metro in 2016, and made Provo the 95th largest metro economy, passing the Augusta-Richmond County, [Georgia-South Carolina] metropolitan statistical area.”
“Being recognized for the amount of growth the area has seen in the last year is a direct result of the level of focus on the quality of life our residents experience,” said Corey Norman, Provo’s deputy mayor. “We’ve been able to embrace the growth without compromising the character of the community.”
Provo’s growth rates are even higher than booming tech-centric economies like San Jose, San Francisco, Seattle, Austin, and Raleigh, according to the Bureau of Economic Analysis.
“The influence of the Orem/Provo area in all the world continues to grow,” said Steven Downs, Orem spokesman. “With the quality of entrepreneurs, employees and educational opportunities available in our community there is no reason to think this won’t continue.”
Even though it beats out areas like San Francisco and San Jose in year-over-year growth, the Bureau of Economic Analysis notes, “Provo remains a far smaller economy. San Francisco is the 7th largest metro economy, with a GDP twenty times Provo’s size, while San Jose is the 13th largest economy, with a GDP roughly ten times Provo’s size.”
“Still, when compared to metro economies of a similar size, Provo’s performance is remarkable,” the Bureau of Economic Analysis said.
Provo has become the 94th largest metro economy in the United States.
Technology is the fastest growing sector.
“Other high-growth sectors included Professional and Business Services, Construction, Finance-Insurance-Real Estate, and Trade,” the Bureau of Economic Analysis said.
Manufacturing is the only area that declined in growth.