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Key Takeaways
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St. Louis metro’s GDP grew at a rate of 2.5%
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St. Louis had the nation’s highest per capita personal income growth over the past 5 years
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Newly released data follow other reports showing St. Louis in national top five for rate of job growth, attracting foreign-born residents
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“St. Louis’ economic momentum continues to build and serves as proof that working together as one metro and speaking with a unified voice is how we drive sustained growth for the future.”
ST. LOUIS – Newly released federal data show that the St. Louis metro’s economic momentum continues, highlighted by a 2.5% rate of growth in our region’s gross domestic product for 2023, ranking St. Louis 16th among the country’s largest metropolitan areas, well ahead of the region’s population ranking of 23.
“St. Louis’ economic momentum continues to build and serves as proof that working together as one metro and speaking with a unified voice is how we drive sustained growth for the future,” said GSL Interim CEO Dustin Allison. “These numbers also highlight how important it is for our public and private sectors to continue to work together behind the shared goal of driving inclusive economic growth. That’s how St. Louis will win this decade.”
Beating the Metro’s 2030 Growth Target
The data, released by the Bureau of Economic Analysis, an agency of the U.S. Department of Commerce, show that the 15-county St. Louis metro’s GDP grew at a rate of 2.5%, well ahead of the annual growth rate of 2.0% that the region needs to meet to reach the growth target set at the launch two years ago of STL 2030 Progress.
The BEA data also show that in 2023, the St. Louis metro had $226.5 Billion in GDP (unadjusted current dollars), up $211.5 Billion from 2022 – a 7.1% increase.
St. Louis Leads Nation in Personal Income Growth
A noteworthy finding in the BEA data is that St. Louis’ 33% growth in per capita personal income* over the past five years (2019-2023) not only beat the 13 peer metro areas identified in STL 2030 Progress, it is the highest in the nation, with Denver, Nashville, Indianapolis, and Kansas City comprising the rest of the top 5 metros.
The BEA data follow other recent indicators of St. Louis’ building economic momentum, including the recent national ranking in the top five for job growth and recent census data that put St. Louis as the number one metro for growth in foreign-born population.
* Per capita personal income is defined by BEA as a metro area’s total personal income divided by its population.
Media Contact: Tony Wyche | 314-398-9991 | Tony@GreaterSTLInc.com