Gross Domestic Product
This chapter identifies Gross Domestic Product totals for counties and industries. Industries that lead in employment do not necessarily lead in Gross Domestic Product.
Gross Domestic Product
Chester County led its regional peers in GDP growth.
Gross Domestic Product (GDP) measures the estimated value of goods and services produced in an area. Real Gross Domestic Product is an inflation adjusted GDP. Chester County's Real Gross Domestic Product grew 58 percent over the last 20 years, growing from $27 billion in 2001 to $42.8 billion in 2021. Chester County outpaced the rate of growth of all the other Southeastern Pennsylvania counties. Philadelphia and Montgomery counties' Gross Domestic Product remained higher than Chester County's, mainly due to their significantly larger populations.
Figure 34 — Real Gross Domestic Product
Gross Domestic Product by Industry
In addition to employment and wages, the impact of an industry can be measured by Gross Domestic Product. Some industries have an exceptionally strong impact on Gross Domestic Product in relation to their number of jobs.
Figure 35 — Real Gross Domestic Product by Major Industry
County vs. National Trends
Local factors in Chester County caused GDP growth in information, finance, and utilities.
The Real Gross Domestic Product of the county's information sector grew dramatically between 2015 and 2020, likely due to demand caused by Covid-19 disruptions. When accounting for national total and industry growth, information, finance, and utilities growth was likely due to local factors. Declines in GDP in agriculture and real estate were likely caused in-part by local factors.
Figure 36 — Real Gross Domestic Product Shift Share Analysis
