The new BEA numbers on metropolitan economic growth are out. Overall, growth was lower in 2012 compared to 2011, unless you happen to live in a city dominated by oil and gas:
Midland, Texas was the fastest growing MSA, in terms of personal income, for the third year in a row. Odessa, Texas, which grew 11.5 percent, was second fastest, as it was in 2011. For both MSAs, the mining industry, which includes oil and gas extraction, contributed more than any other industry to personal income growth. North Dakota’s three MSAs were also among the fastest growing MSAs in the country in 2012: Grand Forks grew 10.5 percent and ranked third, Bismarck ranked fourth (10.1 percent), and Fargo ranked sixth (8.3 percent). Personal income in the nonmetropolitan portion of North Dakota—where the booming mining industry is located—grew at an even faster 26.3 percent pace.
Here’s how growth looks on a map: