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Gross Domestic Product (GDP) by State: Second Quarter 2017

GDP By state nov 21

• Real GDP increased in 48 states and the District of Columbia in the second quarter of 2017. Real GDP by state growth ranged from 8.3 percent in North Dakota to –0.7 percent in Iowa.

• Nationally, mining increased 28.6 percent and was the leading contributor to growth for the nation and in the three fastest-growing states of North Dakota, Wyoming and Texas in the second quarter. Mining contributed to growth in 49 states led by increases in oil and natural gas production.

• By contrast, agriculture, forestry, fishing, and hunting decreased 10.6 percent and subtracted from growth in 25 states, including every state in the Plains region, which experienced high levels of crop production in 2016. This industry was the leading contributor to the decreases in real GDP in Iowa and South Dakota— the only two states to decrease in the second quarter.

New Statistics Available on Activities of U.S. Multinational Enterprises

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The U.S. Bureau of Economic Analysis today released preliminary statistics on the worldwide activities of U.S. multinational enterprises and their foreign affiliates in 2015. These statistics offer details on the finances and operations of U.S. multinational enterprises, including their employment and compensation, sales, value added, capital expenditures, trade in goods, and expenditures for research and development.

Here are some highlights from the 2015 statistics:

  • The current-dollar value added of U.S. multinational enterprises, a measure of their direct contribution to the gross domestic product of the United States and foreign host countries, decreased 1.1 percent in 2015, after it grew at an average annual rate of 7.5 percent between 2009 and 2014.
  • The activities of U.S. multinational enterprises in 2015 continued to be concentrated in the United States; U.S. parents accounted for nearly two-thirds of worldwide multinational enterprises employment, three-quarters of worldwide value added and capital expenditures, and over four-fifths of worldwide R&D expenditures. Foreign affiliates accounted for one-third of these measures at most.
  • Employment by U.S. multinational enterprises increased 1.9 percent to 42.4 million employees worldwide in 2015, with approximately 90% of this employment growth occurring domestically. The 1.9 percent growth in employment, however, was smaller than the average annual growth of 4.3 percent between 2009 and 2014.
  • R&D expenditures by U.S. multinational enterprises increased 2.5 percent to $339.1 billion in 2015. The increase was driven by a 3.2 percent increase by U.S. parents. In contrast, R&D expenditures by foreign affiliates decreased 0.9 percent in 2015.

BEA has also updated statistics for 2014 that supersede the preliminary statistics from the 2014 Benchmark Survey of U.S. Direct Investment Abroad, which were published in November 2016. The publication of revised 2014 statistics features several new tables that present selected activities by currency as reported in foreign affiliate accounting records, employment of affiliates by city for selected countries, and new statistics on royalties and license fees.

A guide to the methodology of this benchmark survey, which offers explanation and analysis of the updated statistics, is available here.

An article analyzing the preliminary 2015 statistics will be included in the December issue of the Survey of Current Business.

Local Area Personal Income: 2016

Personal income grew in 2016 in 2,285 counties, fell in 795, and was unchanged in 33. On average, personal income rose 2.5 percent in 2016 in the metropolitan portion of the United States and rose 1.0 percent in the nonmetropolitan portion. Personal income growth in 2016 ranged from -40.8 percent in Kenedy County, Texas to 27.1 percent in Tillman County, Oklahoma.

Personal Income Nov 16

Per capita personal income—personal income divided by population—is a useful metric for making comparisons of the level of personal income across counties. In 2016, it ranged from $16,267 in Wheeler County, Georgia to $199,635 in Teton County, Wyoming.

For more information, read the full report.


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