June 20 (Bloomberg) -- The Austin, Texas, metropolitan area’s economy was the fastest-growing among large cities last year, with a 4.6 percent increase in production of goods and services, according to a U.S. Conference of Mayors report.
Austin was followed by San Jose, California, and Nashville, Tennessee, which both boosted output by 4.2 percent, according to an analysis of the 100 largest cities released at the group’s annual meeting in Dallas. The fastest-growing among all cities was Midland, Texas, which saw an 8.5 percent expansion driven by agriculture, mining and construction.
The lowest-growth large cities were Poughkeepsie-Newburgh, New York, which saw output shrink 1 percent; Rochester, New York, where production shrank 0.8 percent; and Dayton, Ohio, with a 0.6 percent decline.
Gross metropolitan product measures the economic output of a city or region including the value of goods produced and services provided.
The U.S. economy will grow at more than 3 percent for the rest of this year, the fastest rate for gross domestic product since 2004, driven by a stronger world economy, according to the report. Growth will be driven by stronger exports and increased spending by consumers and businesses, the report said.
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