The economic output for the Temple-Killeen-Fort Hood area was about $8 billion in 2001 and rose to more than $12 billion in 2006, the U.S. Bureau of Economic Analysis reported. The BEA calculated the gross domestic product, two ways.
One set of numbers was adjusted for inflation and showed the GDP rising from $9.1 billion in 2005 to $9.8 billion in 2006, a hike of nearly 7 percent.
The other set of numbers was figured using an inflation deflator. That set shows Central Texas GDP rising past the $12 billion mark.
GDP represents the total market value of goods and services produced by a region’s economy.
“These new numbers … indicate that the Temple area continues to enjoy robust economic activity,” said Lee Peterson, president of the Temple Economic Development Corp. “Simply put, the Temple area is a $12 billion economic machine.”
A key component in the machine is government financial inputs, the GDP figures show. Of the about 7 percent GDP growth, 4 percent was accounted for by government.
Ken Higdon, president and chief executive officer of the Temple Chamber of Commerce, said growth at Fort Hood has been complemented by growth at Department of Veterans Affairs facilities and in other government programs.
Fort Hood alone has an annual economic impact on Central Texas of more than $10 billion. Of that about $4 billion is direct.
To put the $12.3 billion figure into perspective, that’s roughly equivalent to the annual revenue earned by Northern Airlines, General Mills or Circuit City Stores.
Carroll Wilson
