The U.S. Commerce Department’s Bureau of Economic Analysis (BEA) reported last week that real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024. Growth was in large part due to Americans making and spending more. Consumer spending increased 3.7%, the most since early 2023, thanks to rising incomes.

The economy has grown 12.6% under the Biden-Harris Administration, with the lowest average unemployment of any Administration in 50 years, and 16 million jobs created. This demonstrates stronger economic growth than during any other presidential term this century.

The U.S. economy grew 2.7 percent in the third quarter of 2024, compared to the same quarter a year ago. The increase in September’s current-dollar personal income primarily reflected an increase in compensation. The increase in real GDP for the third quarter of 2024 primarily reflected increases in consumer spending.

In addition, investments in manufacturing continue to boom. During the first nine months of this year, construction spending amounted to $1,621.4 billion, 7.3 percent above the $1,511.4 billion for the same period in 2023, according to the latest estimates from the US. Census Bureau. Driven by the building of houses and factories, annual manufacturing construction spending is a large contributor to GDP.

For more information, see our latest blog, Manufacturing Booms Thanks to Biden-Harris Administration Investments.

By the Numbers is a blog series that showcases the Commerce Department’s economic indicators and how they impact the American economy.