AQUA BOOK 2015 | Page 10

GRP GROWTH S hale oil and gas activity has generated a dramatic impact on the South Texas regional economies. The local economies of South Texas have tended to move in the same direction over time partly because of their exposure to oil and gas production. ECONOMIC TRENDS Following a contraction in 2009, the Gross Regional Product (GRP) of all metro areas within the region expanded at a rapid pace in 2012. Gross Regional Product is the broadest measure of the size of a regional economy. Except for Brownsville, most metro area’s GRP has increased at a faster pace than the U.S. average around 2 percent annually. Shale oil and gas activity has generated a dramatic impact on the South Texas regional economies. Corpus Christi’s GRP grew as much as 7.6 percent in 2012 before slowing down to an estimated 3.3 percent in 2014. The GRP growth rates of the five South Texas metro economies tended to converge to the statewide and nationwide average in 2014. GRP Growth Sources: Bureau of Economic Analysis; author’s calculations. 8 Annual Review of South Texas Economy