Archive for the 'GDP' Category

Professional and Business Services Led Metro Area Growth

gdp_metro0916

• Professional and business services contributed more than one percentage point to growth in 25 metropolitan areas, most notably in San Jose-Sunnyvale-Santa Clara, CA (2.75 percentage points), the second fastest growing metropolitan area in the nation (8.9 percent).

• Trade contributed more than one percentage point to growth in 20 metropolitan areas, most notably in Hickory-Lenoir-Morganton, NC (1.44 percentage points).

• Finance, insurance, real estate, rental, and leasing contributed more than one percentage point to growth in 48 metropolitan areas. This industry also had strong contributions to growth in three metropolitan areas in Florida where total growth was greater than four percent: Sebastian-Vero Beach, FL (3.22 percentage points); Naples-Immokalee-Marco Island, FL (2.91 percentage points); and Punta Gorda, FL (2.39 percentage points).

• Natural resources and mining led to notable growth in total real GDP for Midland, TX (9.4 percent) and Visalia-Porterville, CA (7.6 percent), the fastest and fourth fastest growing metropolitan areas, respectively. Nondurable-goods manufacturing led to growth in Lake Charles, LA (8.3 percent)—the third fastest growing metropolitan area.

For more information, read the full report.

Gross Domestic Product Second Quarter of 2016 (Second Estimate)

Real gross domestic product (GDP) increased 1.1 percent in the second quarter Q2Q Part 2 Augt 26of 2016, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was 0.1 percentage point less than the “advance” estimate released in July. In the first quarter, real GDP rose 0.8 percent.

Second‐quarter GDP highlights
The increase in real GDP was more than accounted for by an increase in consumer spending. Spending on nondurable goods increased, notably on food and beverage grocery items. Spending on durable goods increased, notably on recreational goods and vehicles. And spending on services increased, notably on housing and utilities and on health care.

The increase in consumer spending was partly offset by a decline in inventory investment. In fact, GDP less inventory investment (real final sales of domestic product) increased 2.4 percent in the second quarter. Also partly offsetting contributions to real GDP growth, housing investment, state and local government spending, and business investment declined.

Revisions
The downward revision to the second estimate of GDP growth mainly reflected downward revisions to state and local government spending and to inventory investment as well as an upward revision to imports, which is a subtraction in the calculation of GDP. For more information, see the technical note.

Corporate profits
Corporate profits decreased 1.2 percent at a quarterly rate in the secondQ2Q Pt 2 Corp quarter of 2016 after increasing 3.4 percent in the first quarter.

• Profits of domestic nonfinancial corporations decreased 4.7 percent after increasing 7.4 percent.

• Profits of domestic financial corporations increased 1.6 percent after increasing 1.9 percent.

• Profits from the rest of the world increased 7.3 percent after decreasing 6.8 percent.

Over the last 4 quarters, corporate profits decreased 4.9 percent.

For more information, read the full report.

Gross Domestic Product by State: First Quarter 2016

Real gross domestic product (GDP) increased in 37 states and the District of Columbia in the first quarter of 2016, according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis.  Real GDP by state growth, at an annual rate, ranged from 3.9 percent in Arkansas   to –11.4 percent in North Dakota.  Construction; health care and social assistance; and retail trade were the leading contributors to U.S. economic growth in the first quarter.

GDP by State July 27

  • Construction grew 9.0 percent in the first quarter of 2016—the eighth consecutive quarter of growth for this industry.  This industry contributed to growth in 47 states and the District of Columbia and 1.1 percentage points to the 1.7 percent growth in real GDP in Hawaii.
  • Health care and social assistance grew 3.8 percent in the first quarter.  This industry contributed to growth in every state and the District of Columbia.
  • Retail trade grew 4.8 percent in the first quarter.  This industry contributed to growth in 47 states and the District of Columbia and 0.59 percentage point to the 3.9 percent growth in Washington.

For more information, read the full report.


Enter your email address to follow this blog and receive notifications of new posts by email.

Archives