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Blog Category: Gdp

Quarterly Gross Domestic Product by State, 2005–2013 (Prototype Statistics)

Percent Change in Real GDP by State, 2013:III-2013:IV

Cross Post: Bureau of Economic Analysis

  • The quarterly GDP by state prototype statistics for 2005-2013 provide a more complete picture of economic growth across states as they evolve from quarter to quarter. 
  • The quarterly GDP by state statistics are released for 21 industry sectors and are released in both current dollars and inflation-adjusted chained (2009) dollars. 
  • Nondurable-goods manufacturing was the largest contributor to U.S. real GDP by state growth in the fourth quarter of 2013. This industry was the leading contributor to real GDP growth in 31 states in the fourth quarter. 
  • Professional, scientific, and technical services was the second largest contributor to U.S. real GDP growth in the third and fourth quarters of 2013. This industry contributed to the growth in 49 states and the District of Columbia in the fourth quarter of 2013. 
  • Wholesale trade contributed to real GDP growth in 48 states and the District of Columbia in the fourth quarter of 2013. 
  • Construction subtracted from real GDP growth in 47 states and the District of Columbia in the fourth quarter of 2013.

Read the full report.

New BEA Data Provide Insights on How Harsh Winter Impacted Industries in First Quarter

Real value added —a measure of an industry’s contribution to GDP—for agriculture, forestry, fishing, and hunting declined 31 percent in the first quarter, reflecting a drop in the production of farm-type products, including livestock and dairy.

How much did the harsh winter weather affect the U.S. economy in the first quarter of this year?

We know that the economy, as measured by gross domestic product (GDP), contracted at an annual rate of 2.9 percent over January, February and March, the first quarterly decline in three years. But how were different industries affected and was weather a factor?  New data released today by the U.S. Bureau of Economic Analysis provide fresh insights on that front.

The economy’s downturn in the first quarter was widespread, with 19 of 22 major industry groups contributing to the drop in U.S. economic activity, the new BEA data show.  Some of the leading contributors to the downturn included industries that were impacted by the unusually harsh winter weather that hit most of the United States, including “agriculture, forestry, fishing, and hunting.”

Severe weather conditions can have both positive and negative (although mostly negative) effects on the Nation’s economic performance. For some industries this is intuitive, like “agriculture, forestry, fishing, and hunting” and “construction;” for other industries, like “mining,” and “nondurable-goods manufacturing,” the link may not be as intuitive.

Real value added —a measure of an industry’s contribution to GDP—for agriculture, forestry, fishing, and hunting declined 31 percent in the first quarter, reflecting a drop in the production of farm-type products, including livestock and dairy. 

Construction fell almost 9 percent, reflecting a notable decline in nonresidential construction activity that began in January and continued through March; unusually cold and wet weather hampered construction activity. 

Perhaps somewhat surprising, the utility industry also contributed to the decline in GDP in the first quarter.  While demand for additional utilities, for example electricity generation, was evident with the severe winter weather, a surge in the costs of the inputs used by the utilities industry—things like energy, materials, and purchased services used in the production process—caused real value added to drop over 16 percent in the first quarter. 

Attention Developers: More Economic Statistics Added to BEA’s API

Developers, do you want to bring more detailed economic data to your next app? The Bureau of Economic Analysis (BEA) recently added several data sets to the application programming interface (API) we launched last year.

The API now provides direct access to the gross domestic product (GDP) underlying detail tables. Those tables contain a wealth of statistics, including how much consumers spend on hundreds of items like furnishings, food and flowers and how much revenue the government takes in and spends.

Other newly added data to the API are BEA’s national fixed assets, which include statistics on fixed assets like factory equipment, buildings, intellectual property and durable goods for consumers. 

The new additions give you the ability to create an even richer, customized economic dashboard of your own.

The new data sets join BEA’s GDP and related national economic statistics and regional economic statistics, which have been available via API since the service launched in May 2013. In addition to expanding the amount of data available on the API, BEA published an updated User Guide, making it easier for developers to start using the service.

BEA’s API allows developers to build a service to search, display, analyze, retrieve, or view BEA statistics. For example, you can create a “mashup” that combines BEA data with other government or private data sources to create new services or give your users a different perspective on their communities. Or you can design a tool that gives your users new ways to visualize economic data.

The API includes methods for retrieving subsets of BEA statistical data and the meta-data that describes it using HTTP requests. It delivers data in two industry-standard formats: XML (Extensible Markup Language) and JSON (JavaScript Object Notation).

To use the API, you need to register first. Full documentation is available in the updated API User Guide.

BEA in the 1940s

Graph of rise of GDP

Ed. Note: This post is part of a series following the release of the 1940 Census highlighting various Commerce agencies and their hard work on behalf of the American people during the 1940s through today.

As the U.S. population has changed dramatically since 1940, so too has the U.S. economy. Just a few years prior to the 1940 Census, in 1935, employees of the Department of Commerce and the National Bureau of Economic Research created what we call the National Income and Product Accounts (NIPA), a comprehensive set of economic accounts for the nation that provides unparalleled insight into the workings of our economy.
 
Let’s take a quick glance at the NIPAs and see how things have changed over the last 72 years. One commonly used measure of standards of living is GDP per capita—the total output of the nation divided by the population. Looking to national accounts table 7.1, we see that in 1940 U.S. GDP per capita was $8,824 in inflation-adjusted dollars. By 2011, it had increased nearly fivefold to $42,671. Over that period, the structure of the economy changed with services accounting for an ever increasing for spending. In 1940, consumer spending on services (everything from haircuts to heart surgery), according to NIPA table 1.1.10 accounted for 30 percent of GDP. By 2011, it was 47 percent—nearly half of economic activity.

The American Jobs Act: GDP Growth and Job Creation

The American Jobs Act Banner

Today, the Bureau of Economic Analysis (BEA) released the advanced estimate for the 3rd quarter 2011 Gross Domestic Product. The report said the U.S. economy grew 2.5% in the third quarter, compare with 1.3% in second quarter of 2011. This is a tremendous step-up from the 0.4% growth in the first quarter and 1.3% in the second quarter of 2011. The good news is that consumers increased their spending, businesses continue to invest, and our exports grew, but continued growth is vital. U.S. Commerce Secretary John Bryson said this morning, “In spite of headwinds hitting the U.S. economy, today’s GDP report – the ninth straight positive quarter – reflects strong consumer spending and export growth and continued investment by American businesses.”

This growth comes at a time when only two months ago there were fears of a double dip recession and the volatile stock market resembled a wild roller coaster. Consumer spending, factory production and exports all have increased. This type of growth to GDP shows encouraging signs of a growing and improving economy, but faster growth is needed to replace the jobs lost in the recent downturn and to reduce long-term unemployment. That's why the President has offered his American Jobs Act.

The President’s American Jobs Act has been supported by economists across the political spectrum. They have said repeatedly it will create jobs and boost economic growth.  Susan Wachter, a finance professor at the University of Pennsylvania’s Wharton School suggests, Social Security tax cuts would not only grow the economy, but create 1 million jobs in the next year. Mark Zandi, of Moody Analytics, says the American Jobs Act creatively helps fuel growth for small businesses who have been hurt most by the recession. He projects that the American Jobs Act would grow the economy at an additional 2 percentage points and add 1.9 million jobs all in 2012. 

Focusing on durable goods, preventing teacher layoffs and keeping first responders on the job, and cutting payroll taxes which will support consumer spending are three of the many measures included in the American Jobs Act that will continue to grow the economy and create more jobs. All of this will be fully paid for as part of the President’s long-term deficit reduction plan. See all of the details of the American Jobs Act on the White House blog.

Measuring America’s People, Places and our Economy

United States Census Bureau Logo

Our name, the Census Bureau, suggests to many only the decennial census of the population. However, we have more individual statistical programs measuring the economy than those measuring the population. From the Census Bureau, the country learns the economic health of the manufacturing, retail, and other service sectors. The Census Bureau supplies the country with key import and export data, which measure the relative success of American goods abroad and our consumption of other countries’ products. We track the construction of new homes and how housing starts are changing across the country. We measure the fiscal condition of state and local governments. We inform the country about the annual financial position of US corporations and on capital investment in new and used structures and equipment together with expenses for information and communications technology infrastructure. We measure the volume and change in businesses owned by women and minorities. There are hundreds of separate statistical programs that we run, which in these times of economic hardship, are the key metrics about how we’re doing as an economy.

The data provided by the Census Bureau underlies much about what we know about our economy and our people. For example, the Bureau of Economic Analysis uses the statistics from the economic census to benchmark gross domestic product (GDP) estimates and prepare input-output tables – the fundamental tool for national and regional economic planning. During benchmark years, such as 2012, about 90 percent of the data used in calculating GDP comes from the Census Bureau. The Bureau of Labor Statistics uses Census Bureau statistics to benchmark producer price indexes and prepare productivity statistics. The Federal Reserve Board uses our statistics to prepare indexes of industrial production.

Businesses use our statistics for site location, industry and market analysis, to make investment and production decisions, to gauge competitiveness, and to identify entrepreneurial opportunities. Detailed industry information for small geographic areas permits state and local agencies to forecast economic conditions, plan economic development, transportation, and social services. Watch how the Greater Houston Partnership finds that data from the American Community Survey and uses it to encourage economic development in Houston.

As you can see, the Census Bureau is about much more than just counting the population once a decade. By measuring America’s people, places and our economy, the Census Bureau provides a wealth of information about who we are as a society and where we are going.

Statement From Secretary Locke on the Advance Estimate of Real GDP in the Second Quarter of 2010

The U.S. Commerce Department’s Bureau of Economic Analysis today released the first estimate of gross domestic product (GDP) for the second quarter of 2010.  Real GDP grew 2.4 percent at an annual rate in the second quarter, following a gain of 3.7 percent in the first quarter.  The annual revision to the national accounts increased the total fall in real GDP during the recession from 3.7 percent to 4.1 percent.  The economy has grown 3.2 percent from a year ago.  Statement