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Real Gross Regional Product
The annual value of all goods and services produced within the region, reported in year’s dollars.
Why it matters
Increase in Gross Regional Product (GRP) means we’re producing more now than we were at the same time last year. It translates in more jobs and an increasing standard of living.
A declining GRP means less production which results in workers losing their jobs and household wealth dropping. The GRP is measured in dollars, so it has to be adjusted for inflation every year to avoid overstating the value of production and giving a false sense of growth.
In 2013, Racine County's GRP per capita was approximately $30,762. Since 1998, real GRP growth in Racine County is 0.04% which is less than other counties in Southeast Wisconsin and the national average.
This indicator contains national real growth rate in prosperity, and real GRP per capita as benchmark to place Wisconsin Counties performance in context.
U.S. Cluster Mapping, Institute for Strategy and Competitiveness, Harvard Business School. Copyright © 2014 President and Fellows of Harvard College. All rights reserved. Research funded in part by the U.S. Department of Commerce, Economic Development Administration.