County GDP

Definition

Measures the final market value of all goods and services produced in a region. The figure is the sum of labor earnings, profits, and taxes on production less any public subsidies.

Source: US Bureau of Labor Statistics BEA and QCEW

Significance

This metric represents the total size of the local economy and direction of change. While the total size of Ventura County’s economy remains impressive, growth is limited.

Trends

$53.4 B Ventura County Ranks 12th out of 58 California Counties for Highest GDP. The County’s overall shift from higher to lower wage jobs and declining labor force participation both contribute to the County’s declining productivity.

Manufacturing and government services each contribute 14% to the county’s GDP. The next largest contributing sectors are Finance/Insurance/Real Estate (13%), Wholesale/Transportation/Warehousing (11%), and Professional/Technical/Information Services (10%).

Strategic investment to sustain these top sectors is imperative to ensuring a resilient Ventura economy and a high quality of life.

Chart

Gross Regional Product

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