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Albany’s economy continues to climb

The Albany-Schenectady-Troy region has seen its gross metropolitan product steadily rise over the past four years.

Gross metropolitan product (GMP) for a given area is the dollar value of its annual output of goods and services. It is, in effect, a localized version of the better-known gross domestic product (GDP), which tracks the progress of the national economy.

The Albany area’s GMP rose to $41 billion in 2010, a 3.4 percent increase from 2009. It is a slightly slower rate than the nation’s 3.7 percent growth rate, but among the highest in the country. Albany’s growth rate ranks 56th out of 366 metro areas in the report released today by the U.S. Bureau of Economic Analysis.

New York ranked No. 1 on the list, followed by Los Angeles.

Details on the report can be found here.

SOURCE: The Business Review

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