Durable-Goods Manufacturing Led Growth in 2012

gdp_indy1Durable-goods manufacturing, finance and insurance, and wholesale trade services were the leading contributors to U.S. economic growth in 2012, according to advance statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis.

  • Manufacturing value added rose 6.2 percent after increasing 2.5 percent in 2011. Durable-goods manufacturing led the growth in 2012, increasing 9.1 percent.
  • The services-producing sector grew 2.4 percent, matching the 2011 growth rate. The leading contributors to the increase were finance and insurance services and wholesale trade services, which increased 3.6 percent and 4.8 percent, respectively.

GDP prices decelerated, increasing 1.8 percent in 2012 after increasing 2.1 percent in 2011.

  • gdp_indy2Value-added prices for the private goods-producing sector decelerated in 2012, increasing 0.9 percent after increasing 5.6 percent in 2011. Nondurable-goods manufacturing was the leading contributor to the deceleration in the GDP price index for 2012.
  • Value-added prices for the private services-producing sector increased 1.7 percent in 2012 after increasing 1.5 percent in 2011, reflecting accelerated growth in prices for finance and insurance and for professional, scientific, and technical services.

To learn more about GDP by industry, read the full report.

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