Archive for the 'GDP' Category



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

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  • 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.

Coming Soon: More Timely Data on the Health of States’ Economies

BEA’s annual gross domestic product by state report provides a crucial look into the health of states’ economies. Soon businesses, consumers, and policymakers will get a sneak peak at a more timely and frequent version of the report.

On August 20, we will release a quarterly look at state economic performance broken out by industry for the years 2005-2013. Like its annual cousin, this prototype quarterly GDP by state report will be conceptually consistent with BEA’s national data on economic output, allowing for comparisons across geographies and time.

In addition to the economic activity of each state, these quarterly statistics will provide more information on how states’ industries are faring.  For instance, according to our most recent annual report on state economic growth, released on June 11, non-durable goods manufacturing contributed 2.65 percentage points to overall growth in Louisiana. Using quarterly data, one can investigate whether this increase in activity was sustained over all four quarters.

We are releasing these statistics for review and comment by data users.  After getting their feedback, the goal is to start producing quarterly GDP by state statistics on a regular basis in 2015. Quarterly GDP by state statistics will provide a first read on state-level activity for a quarter within five to six months after the close of that quarter.

Quarterly GDP by state statistics can also build a clearer picture of the overall U.S. economy. By providing an earlier indication of what states are experiencing in terms of economic activity, these statistics can provide more insight into the geographic pattern of national economic performance.  

For example, using quarterly GDP by state statistics, one can investigate whether key industries in some states were showing declines even before the national downturn that began in late 2007.

These new estimates are just one way that BEA is innovating to better measure the 21st Century economy. On August 7, we released prototype estimates of consumer spending by state. Earlier this year, we introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas and new quarterly statistics on GDP broken out by industry. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”

GDP Turns Up in Second Quarter

Real gross domestic product (GDP) increased 4.0 percent in the second quarter of 2014, according to the “advance” estimate released today by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1 percent (revised).

Second-quarter highlightsGDP_7_30_14
The upturn in real GDP growth was mainly driven by upturns in exports and in private nonfarm inventory investment as well as an acceleration in consumer spending, notably for durable goods.

In addition, state and local government spending and residential investment turned up, and business investment accelerated.

In contrast to these contributions, imports (a subtraction in the calculation of GDP) were higher in the second quarter than in the first quarter.

Annual revision
BEA also released its 2014 annual revision of the national income and products accounts, which updated most components from the first quarter of 2011 to the first quarter of 2014 based on newly available revised source data. In addition, GDP and selected components were revised back to the first quarter of 1999 to incorporate revisions from the international transactions accounts. See the Technical Note.

For 2011–2013, real GDP increased at average annual rate of 2.0 percent, compared with 2.2 percent in the previously published estimates. For the first quarter of 2011 through the first quarter of 2014, the revisions did not change the direction of GDP growth for any quarter.

PricesGDP_Prices_7_30_14
Prices of goods and services purchased by U.S. residents—that is, prices of gross domestic purchases—increased 1.9 percent in the second quarter after increasing 1.4 percent in the first quarter.

Food prices increased 4.2 percent after increasing 1.3 percent, and energy prices increased 5.1 percent after increasing 2.8 percent.

Excluding food and energy, gross domestic purchases prices increased 1.7 percent in the second
quarter, compared with 1.3 percent in the first quarter.

Read the full report.