Widespread Growth Across Industries Continues in Third Quarter 2014
Real gross domestic product (GDP) increased at an annual rate of 5.0 percent in the third quarter of 2014, reflecting positive contributions from 20 of 22 industry groups. The private goods- and services-producing industries, as well as the government sector, contributed to the increase. Finance and insurance; mining; and real estate and rental and leasing were the leading contributors to the increase.
- Finance and insurance real value added—a measure of an industry’s contribution to GDP—increased 21.2 percent in the third quarter, after increasing 6.0 percent in the second quarter.
- Mining increased 25.6 percent, after increasing 11.5 percent. This was the largest increase since the fourth quarter of 2008.
- Real estate and rental and leasing increased 4.4 percent, after increasing 0.9 percent.
- Real value added for manufacturing increased 0.5 percent, after increasing 6.8 percent. Durable-goods increased 7.0 percent following an increase of 8.0 percent, while nondurable-goods decreased 6.6 percent, after increasing 5.4 percent.
- Agriculture, forestry, fishing, and hunting increased 7.6 percent after increasing 14.2 percent.
- Wholesale trade continued to show strong growth, increasing 7.3 percent, after increasing 6.5 percent.
BEA's national, international, regional, and industry estimates; BEA news releases; and related articles in the Survey of Current Business are available for free on BEA's Web site at www.bea.gov. The entire historical time series for these estimates can be accessed in BEA's Interactive Data Application at www.bea.gov/itable/. Stay informed about BEA developments by signing up for our email subscription service or following us on Twitter @BEA_News. You also can access BEA data by registering for our Data Application Programming Interface, or API (www.bea.gov/API/signup/index.cfm).
BEA's news release schedule is available at www.bea.gov/newsreleases/2015rd.htm.
Next release -- April 23, 2015 at 8:30 A.M. EDT for:
Gross Domestic Product by Industry: Fourth Quarter and Annual 2014