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BEA 13-17
Durable-Goods Manufacturing Led Growth in 2012
Advance GDP by Industry Statistics for 2012

Durable-goods manufacturing, finance and insurance, and wholesale trade were the leading contributors to U.S. economic growth in 2012, according to advance statistics on the breakout of real gross domestic product (GDP) by industry from the Bureau of Economic Analysis.  Overall, 19 of 22 industry groups contributed to the 2.2 percent increase in real GDP.

  • Manufacturing real value added—a measure of an industry’s contribution to GDP—rose 6.2 percent in 2012, after increasing 2.5 percent in 2011.  Durable-goods manufacturing, the largest contributor to overall growth in the economy for the third consecutive year, increased 9.1 percent, after increasing 6.8 percent in 2011 and 13.3 percent in 2010. 
  • The finance and insurance industry group increased 3.6 percent in 2012, after two consecutive years of negative real value added growth.
  • Wholesale trade increased 4.8 percent, after increasing 3.0 percent in 2011.
Chart 1.  Annual Growth in Real GDP

Prices:

Value added prices show an industry’s contribution to overall growth in prices as measured by the GDP price index.  An industry’s value added price measures the changes in its unit costs of capital and labor inputs, as well as its profits per unit of output, and reflects the productivity of capital and labor used by the industry.  The GDP price index decelerated in 2012, increasing 1.8 percent after increasing 2.1 percent in 2011.  The leading contributors to the deceleration were nondurable-goods manufacturing and mining.  Partly offsetting the overall deceleration were value added prices for the services-producing sector, which accelerated for the second consecutive year, increasing 1.7 percent in 2012 after increasing 1.5 percent in 2011 and increasing 1.0 percent in 2010. 

  • Value added prices for nondurable-goods decelerated in 2012, increasing 2.5 percent after increasing 9.8 percent in 2011.
  • Value added prices for mining turned down in 2012, decreasing 5.1 percent after increasing 15.1 percent in 2011.
Chart 2. Annual  Percent Changes in Value Added Price Indexes

Other highlights:

  • Real value added for construction turned up in 2012, after eight consecutive years of contraction, reflecting strong growth in private residential construction.
  • Real value added for real estate and rental and leasing accelerated in 2012, increasing 1.2 percent after increasing 0.9 percent in 2011.
  • Agriculture, forestry, fishing, and hunting real value added declined for the third consecutive year, falling 3.7 percent in 2012 after declining 13.6 percent in 2011 and 2.8 percent in 2010.

BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov.  By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

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