The Bureau of Economic Analysis has issued a new and more detailed report on US GDP growth across a range of industries in 2012.
The new data, which reflect the results of the 2014 comprehensive revision of the yearly industry accounts, confirm that in 2012 growth was widespread.
Out of 22 industry groups, 22 expanded and contributed to the 2.8% real US GDP growth in 2012. Leading drivers of growth were:
- finance
- insurance
- manufacturing
- mining
- professional and business services
- real estate
- rental and leasing
Professional, scientific and technical services grew by 4.2% in 2012, reflecting healthy growth in computer systems design and related services.
Rental, leasing and real estate expanded by 2.2%, the third successive year of growth.
After increasing by 9.9% in 2011, mining rose by 14% in 2012, mainly driven by oil and gas extraction.
(Source: Bureau of Economic Analysis)
Prices in 2012
After rising by 2% in 2011, value added prices increased by a more modest 1.7% in 2012.
The slowdown in the GDP price index for 2012 was mainly driven by hunting, fishing, forestry, agriculture and mining.
According to the Bureau of Economic Analysis “Value added prices measure changes in an industry’s unit costs of capital and labor inputs and reflect the productivity of capital and labor used by the industry.”
- Goods-producing sector – after increasing by 6% in 2011, value added prices decelerated to 1.8% in 2012.
- Services-producing sector – after rising by 1.2% in 2011, value added prices rose by 2.2% in 2012.
- Mining – after rising by 11.8% in 2011, prices fell by 8% in 2012.
- Agriculture, forestry, fishing and hunting – increased by 28.5% in 2011, and then by 1.4% in 2012.
- Manufacturing – rose 0.7% in 2011 and by 1.9% in 2012.
- Information – had the strongest growth since 2008. Increased by 2.2% in 2011 and then by 4.4% in 2012.
- Construction – increased by 4% in 2012, the first significant increase for this sector since 2004.
- Information-communications-technology producing industries – rose 4.7% in 2011 and then more rapidly, by 7.2% in 2012.
(Source: Bureau of Economic Analysis)
In 2012, manufacturing’s dollar share of GDP rose to 12.5%, the thirst successive year of growth and the highest since 2007.