Posts Tagged 'BEA'



State Personal Income: Third Quarter 2016

State personal income growth decelerated to 1.1 percent on average in the third quarter of 2016 from 1.2 percent in the second quarter. Personal income grew in every state in the second-quarter with growth rates ranging from 0.4 percent in Oklahoma to 1.4 percent in South Dakota.

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For more information, read the full report.

Gross Domestic Product for the U.S. Virgin Islands Increases

After declining for four consecutive years, the Virgin Islands’ economy grew in 2015.  Real GDP — adjusted to remove price changes—increased 0.2 percent in 2015, after decreasing 1.0 percent in 2014. For comparison, real GDP for the United States (excluding the territories) increased 2.6 percent in 2015 after increasing 2.4 percent in 2014.

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The growth in the Virgin Islands’ economy reflected increases in exports of services and consumer spending . These increases were partly offset by a decrease in government spending.

The growth in exports of services, which consists primarily of spending by tourists, reflected increases in air arrivals and hotel revenues.

The growth in consumer spending was supported by an increase in compensation and by lower energy prices.

Government spending fell in 2015, as territorial government construction activity decreased. Territorial government spending on capital assets had been elevated in previous years due in part to the development of a fiber optic network.

For more information, read the full report.

Statistics on U.S. Affiliates of Foreign Multinational Enterprises Now Available for 2014; Data for 2013 Updated

New statistics detailing the activities of U.S. affiliates of foreign multinational enterprises (MNEs) are now available from the U.S. Bureau of Economic Analysis. The statistics, which include the first information for 2014 and updated data for 2013, offer details on the finances and operations of U.S. affiliates of foreign MNEs, including their employment and compensation, sales, value added, capital expenditures, trade in goods, and expenditures for research and development.

With the release of statistics for 2014, BEA is reinstating several state-level data items that were available prior to 2008. The newly released statistics now include state-level data on the gross book value of property, plant, and equipment; commercial property; and manufacturing employment. These statistics complement the other state-level statistics BEA produces on the activities of U.S. affiliates: U.S. affiliate employment and number of affiliates by state.

Some highlights from the statistics on majority-owned U.S. affiliates (those with foreign ownership of more than 50 percent):

  • The current-dollar value added of majority-owned U.S. affiliates, a measure of their direct contribution to U.S. gross domestic product, totaled $869.1 billion in 2014. That’s an increase of $26.9 billion, or 3.2 percent, from 2013. The affiliates accounted for 6.4 percent of total U.S. private industry value added in 2014 compared with 6.5 percent in 2013.
  • Affiliates with ultimate beneficial owners in seven countries— the United Kingdom, Japan, Canada, Germany, Switzerland, France, and the Netherlands —accounted for nearly three-fourths of the value added by all majority-owned U.S. affiliates in 2014.
  • Majority-owned U.S. affiliates employed 6.4 million workers, up 3.1 percent in 2014, following a 5.0 percent increase in 2013. These affiliates accounted for 5.2 percent of all U.S. private industry employment, the same share as in 2013.
  • The states with the largest shares of total private industry employment accounted for by these affiliates in 2014 were South Carolina (8.2 percent), New Hampshire (7.6 percent), and Delaware (7.6 percent).
  • Exports of goods by affiliates rose in 2014 by $29.5 billion, or 7.5 percent, and imports rose by $19.2 billion, or 2.7 percent.
  • Research and development performed by affiliates rose by $2.8 billion, or 5.2 percent, in 2014.

For more information read the full article, which will be available in the August Survey of Current Business.


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