That basically just tells you how big the city is.
Per capita would be the interesting number.
For example, Midland TX is just a moderately sized town with a population of maybe 100k or 150k.
Yet it shows up higher than towns with a million.
To compare, El Paso (another west Texas location) has a million or two million people but is less economically material than a town 1/20 its size not 40 minutes away by plane. (I’ve made that flight a fair amount).
>> That basically just tells you how big the city is. <<
The ONLY purpose of this is to diminish the red-state cities with lower costs of living.
Midland-Odessa has almost 350,000.
And that doesn’t include all the weekly labor living in containers when oil is above $80/bbl.
The real question is how much of this is making things, and how much is funny money, creating wealth from thin air and false promises.
How much of San Jose’s GDP was wrapped up in SVB? (on the Forbes list of best banks last week).
According to the US census.
Midland TX Per Capita Income $43,572, New York City $43,952
Midland Poverty Rate 10.5%, New York City 17%
Make of it what you will. New York definitely has a lot at the Low and the High end of the economic ladder.