Published December 14, 2016
BEA , BEA News , Bureau of Economic Analysis , GDP , GDP for U.S. Territories , gross domestic product , Real GDP , real gross domestic product
Tags: BEA, BEA News, GDP, gross domestic product, U.S. Virgin Islands, U.S. Virgin Islands' economy
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.
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.
Published August 10, 2016
BEA , BEA News , Bureau of Economic Analysis , Foreign Direct Investors , Multinational Companies , U.S. Bureau of Economic Analysis
Tags: BEA, BEA News, Bureau of Economic Analysis, multinational enterprises, U.S. affiliates
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.
Published July 27, 2016
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Tags: BEA, BEA News, Bureau of Economic Analysis, GDP, GDP by state, gross domestic product
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.
- 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.