Slide 1Slide 1

Charles County Department of Economic

Development

Gross Domestic ProductMeasuring the County’s Economy

Slide 2Slide 2

Topic Overview • How is the County’s GDP measured?• The County’s total GDP compared to other

jurisdictions.• GDP by component.• Top ten contributors to the County’s GDP.

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What is Gross Domestic Product? GDP is the market value of all final goods and services

produced during a given time period.

Known as

• Gross County Product • County output • Measure of the county’s economic health

Formula

• Consumption+ Investment+ Government Spending+ (Exports- Imports)

Final good

s

are…

• Goods or services that are consumed by the end user and do not require any further processing, i.e. The purchaser of a car is the end user, not the tire manufacturer or seat belt installer.

•Final Goods can be classified into three categories:•1. Durable Goods•2. Non- durable goods •3. Services

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Gross Domestic Product since Recession

2007 2008 2009 2010 2011 2012 2013$3.50

$3.55

$3.60

$3.65

$3.70

$3.75

$3.80

Source: Regional Economic Models Inc.

Bill

ions

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1.84% GDP growth

since 2012

19901992

19941996

19982000

20022004

20062008

20102012

20142016

20182020

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Billions of Fixed 2005 Dollars Source: Regional Economic Models Inc. 2013 REMI PI+ V1.5. Amherst, MA Regional Economic Models Inc.

Bill

ions

Gross Domestic Product Historical and Forecast 1990-2020

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2012 MD Counties GDP (in Billions)

Gross Product: Total, (Fixed 2005 $) in BillionsU.S. Bureau of Economic Analysis (BEA); Moody's Analytics (ECCA) Forecast

The County's 2012 GDP was $3.972 B.

Montg

omery County

Baltimore County

Baltimore ci

ty

Prince

Georg

e's County

Anne Aru

ndel County

Howard County

Harford

County

Frederic

k County

Wash

ington County

Wico

mico County

Carroll C

ounty

St. M

ary's

County

Charles C

ounty

Cecil County

Calvert County

Allegany County

Worce

ster C

ounty

Talbot County

Garrett County

Queen Anne's

County

Dorcheste

r County

Carolin

e County

Kent County

Somerset C

ounty

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

Bill

ions

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2013 GDP by Component (in billions)

-$4.00

-$3.00

-$2.00

-$1.00

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Personal Consumption Expenditures, $4.662B

Government Consumption Expenditures and Gross

Investment, $864M

Net Exports (Exports-Imports), $2.844B

Total Private Investment, $997M

The County is running a -30% Trade Deficit

Source: Regional Economic Models Inc. 2013 REMI PI+ V1.5. Amherst, MA Regional Economic Models Inc.

Bill

ions

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Top Contributors to County GDP

Total $2.882 B

Retail Trade

Real Estate and Rental and Leasing

Health Care and Social Assistance

Professional, Scientific, and Technical Services

Construction

Finance and Insurance

Utilities

Accommodation & Food Services

Other services except Pub Admin

Admin and Waste Mgmt. Svcs

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Appendix I2013 Imports from the Rest of the Nation (in billions)

Manufacturin

g

Real Est

and Rentl and Le

asing

Finance and In

surance

Professional, S

cientific,

and Technica

l Servi

ces

Information

Health Care and Socia

l Assi

stance

Wholesa

le Trade

Retail Trade

Transporta

tion and Warehousin

g

Other Servi

ces,

except P

ublic Administ

ration

Accommodation and Food Servi

ces

Mining

Administrative

and Waste

Management S

ervice

s

Educational S

ervice

s

Utilities

Arts, E

ntertainment, a

nd Recreation

Constructi

on

Management of C

ompanies and Enterpris

es

Forestry,

Fishing, a

nd Related Activiti

es0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

The County im-ported $1.22B in Manufacturing.

Source: Regional Economic Models Inc. 2013 REMI PI+ V1.5. Amherst, MA Regional Economic Models Inc.

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Appendix II2013 Exports to the Rest of the Nation (In Millions)

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00Total Exports in 2013 to-taled $2.68 B compared to $2.42 B 10 years ago. That’s 1.68% growth over the past ten years.

The County’s top export to-tals $357 M.

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Presented by:

Charles County Government

Department of Economic Development

Kwasi Holman- Director of Economic Development holmank@meetcharlescounty.com

www.CharlesCountyMD.gov

Mission Statement

The mission of Charles County Government is to provide our citizens the highest quality service

possible in a timely, efficient, and courteous manner. To achieve this goal, our government must

be operated in an open and accessible atmosphere, be based on comprehensive long- and

short-term planning, and have an appropriate managerial organization tempered by fiscal

responsibility. We support and encourage efforts to grow a

diverse workplace.

Vision Statement

Charles County is a place where all people thrive and businesses grow and prosper; where the

preservation of our heritage and environment is paramount, where government services to its citizens are provided at the highest level of excellence; and where the quality of life is

the best in the nation.