Study: Wichita Falls sees growth in this economic indicator

An often-used economic measure shows growth in the Wichita Falls area over the last five years, including the tough years of the pandemic.

The Wichita Falls Metropolitan Statistical Area (MSA) encompassing Archer, Clay and Wichita counties had a 6.9 percent growth in real gross domestic product over the last five years, according to economic data compiled by CivMetrics.

In addition, the Wichita Falls MSA saw a 2.3 percent rise in real GDP from 2020 to 2021, according to the nonprofit organization researching city economics. The GDP climbed from about $5.97 billion to $6.10 billion.

From those figures, the local GDP appeared to weather the storm of the pandemic's worst years decently. The COVID-19 pandemic set in during March 2020 in Texas, leading to widespread economic difficulties.

The latest information available is from 2021 and was released in December 2022, according to CivMetrics. The nonprofit looked at data from the U.S. Bureau of Economic Analysis.

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Nationally, the GDP increased 6.2 percent since last year and spiked up 8.9 percent over the last five years, according to CivMetrics. Most metro areas saw growth in their real GDP during the same period of time.

Real GDP is an economic statistic measuring the goods and services produced in a time period. It is adjusted for inflation.

This article originally appeared on Wichita Falls Times Record News: Wichita Falls area sees growth in this economic indicator