[image id=”9219″ title=”CC Economic report” class=”size-medium wp-image-19943″ width=”234″ height=”300″ ] For a copy of the GMP economic report ranking Corpus Christi as the 10th fastest growing economy in the nation, visit usmayors.org.

COASTAL BEND ECONOMY GROWING STRONG SAY EXPERTS — A growth rate of 3.8 percent puts Corpus Christi in an elite list of the fastest-growing metro areas in the nation according to a recent report.

The rating is based on gross metropolitan product (GMP) for 2013 and was released this month in the long-windedly named “U.S. Metro Economies: Outlook — Gross Metropolitan Product with Metro Employment Projections” report. (Phew!) It was prepared by IHS Global Insight.  GMP is used by economists to measure growth by comparing production of all goods and products in a particular region.

The good news doesn’t stop with this year either! Outlook for 2014 is just as good with a predicted growth rate of 3. 1 percent, says the report. Past ratings have put Corpus Christi near the bottom of a list of 363 cities studied.

Growth among cities on the list is centered around the booming oil and gas industry. Midland tops the list with a 7.3 percent annual increase, with Odessa in second place with 6.4 percent. Compared to the national average of 1.7 percent, Texas is tops in the national list. Victoria, another South Texas city in the study, showed an 8.7 percent growth.

Economic growth translates to growing real estate sales, increased sales tax collection, improved city services, new businesses and restaurants. Experts say the numbers are indicators of a thriving economy. We’re happy to hear that here in the Coastal Bend!