Gross Domestic Product by Industry, 1st quarter 2017
Real Estate and Rental and Leasing Led Growth in the First Quarter
Real estate and rental and leasing; mining; and durable goods manufacturing were the leading contributors to the increase in U.S. economic growth in the first quarter of 2017. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 13 of 22 industry groups contributed to the overall 1.4 percent increase in real GDP in the first quarter.
- For the real estate and rental and leasing industry group, real value added—a measure of an industry's contribution to GDP—increased 2.7 percent in the first quarter, after increasing 0.9 percent in the fourth quarter. This was the twelfth consecutive quarter of growth and primarily reflected increases in housing, as well as rental and leasing services and lessors of intangible assets.
- Mining increased 21.6 percent, after increasing 5.2 percent. The first quarter growth primarily reflected increases in oil and gas extraction, as well as support activities for mining. This was the largest increase since the fourth quarter of 2014.
- Durable goods manufacturing increased 4.4 percent, after increasing 0.7 percent. The first quarter growth primarily reflected increases in motor vehicles, bodies and trailers, and parts manufacturing, as well as machinery manufacturing.
- Real GDP growth slowed to 1.4 percent in the first quarter, from 2.1 percent in the fourth quarter. Finance and insurance was the leading contributor to the deceleration in real GDP in the first quarter. Retail trade decreased 3.6 percent, after increasing 5.7 percent, and was the second leading contributor to the slowdown. Agriculture, forestry, fishing, and hunting decreased 39.8 percent, after decreasing 8.3 percent.
Gross output by industry
Real gross output—principally a measure of an industry's sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased in the first quarter. This reflected increases in real gross output for both the private goods- and services-producing sectors, while the government sector decreased. Overall, real gross output increased in 15 of 22 industry groups.
- Real gross output for agriculture, forestry, fishing, and hunting decreased 17.4 percent, after increasing 2.2 percent in the fourth quarter. This was the first decrease since the second quarter of 2015.
- Mining increased 42.8 percent, after increasing 8.2 percent.
- Durable goods manufacturing increased 1.8 percent, after increasing 4.6 percent. The increase was primarily attributed to computer and electronic products manufacturing, which has increased for nine consecutive quarters.
Upcoming Annual Update of the Industry Economic Accounts
The annual update of the industry economic accounts, covering the first quarter of 2014 through the first quarter of 2017, will be released along with the estimate of quarterly GDP by industry for the second quarter of 2017 on November 2. All revisions will be fully consistent with the results of the annual update of the national income and product accounts, which will be released on July 28.
Next release — November 2, 2017 at 8:30 A.M. EDT for:
Gross Domestic Product by Industry: Second Quarter 2017
Annual Update of the Industry Economic Accounts