Gross Domestic Product by Industry: First Quarter 2016
Construction Led Growth in the First Quarter
Construction; health care and social assistance; and retail trade were the leading contributors to the increase in U.S. economic growth in the first quarter of 2016. According to statistics on the breakout of gross domestic product (GDP) by industry released by the Bureau of Economic Analysis, 11 of 22 industry groups contributed to the overall 1.1 percent increase in real GDP in the first quarter.
- For the construction industry group, real value added—a measure of an industry’s contribution to GDP—increased 9.0 percent in the first quarter, after increasing 7.6 percent in the fourth quarter of 2015. This was the eighth consecutive quarterly increase.
- Health care and social assistance increased 3.8 percent, after increasing 2.1 percent. The first quarter growth primarily reflected an increase in ambulatory health care services, which includes offices of physicians and outpatient care centers.
- Retail trade increased 4.8 percent, after increasing 0.3 percent.
- Real GDP growth slowed to 1.1 percent in the first quarter, from 1.4 percent in the fourth quarter. Information services was the leading contributor to the deceleration in real GDP. Real value added for the industry group increased 4.9 percent, after increasing 10.6 percent in the fourth quarter. The deceleration was primarily attributed to a slowdown in broadcasting and telecommunications.
- Wholesale trade was the second leading contributor to the deceleration, decreasing less than 0.1 percent after increasing 3.5 percent.
- Transportation and warehousing decreased 8.8 percent, after decreasing 2.9 percent, primarily reflecting a larger decrease for air transportation.
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, as well as the government sector. Overall, real gross output increased in 16 of 22 industry groups.
- Real gross output for construction increased 14.5 percent, after increasing 4.9 percent in the fourth quarter.
- Information services increased 2.3 percent, after increasing 10.8 percent, primarily reflecting growth in the motion picture and sound recording industry.
- Health care and social assistance increased 7.3 percent, after increasing 1.5 percent. The increase reflected growth in both ambulatory health care services and hospitals.
Upcoming Annual Revision of the Industry Economic Accounts
The annual revision of the industry economic accounts, covering the first quarter of 2013 through the first quarter of 2016, will be released along with the estimate of quarterly GDP by industry for the second quarter of 2016 on November 3. All revisions will be fully consistent with the results of the annual revision of the national income and product accounts, which will be released on July 29.
Next release – November 3, 2016 at 8:30 A.M. EDT for:
Gross Domestic Product by Industry: Second Quarter 2016
Annual Revision of the Industry Economic Accounts
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- Industry Concepts and Methods: Concepts and Methods of the U.S. Input-Output Accounts
Gross domestic product (GDP) or value added is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.
Gross output (GO) is the value of the goods and services produced by the nation’s economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) or sales to other industries (intermediate inputs).
Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.”
Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.
Seasonal adjustment and annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For details, see the FAQ “Why does BEA publish estimates at annual rates?”
Quantities and prices. Quantities, or “real” measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from chained-dollar levels and quantity indexes are conceptually the same; any differences are due to rounding.
Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, the value of the "Not allocated by industry" line reflects the difference between the first line and the sum of the most detailed lines, as well as the differences in source data used to estimate GDP by industry and the expenditures measure of real GDP.
List of News Release Tables
Table 1. Real Value Added by Industry Group: Percent Change from Preceding Period
Table 2. Contributions to Percent Change in Real GDP by Industry Group
Table 3. Chain-Type Price Indexes for Value Added by Industry Group: Percent Change from Preceding Period
Table 4. Contributions to Percent Change in the GDP Price Index by Industry Group
Table 5. Value Added by Industry Group
Table 5a. Value Added by Industry Group as a Percentage of GDP
Table 6. Real Gross Output by Industry Group: Percent Change from Preceding Period
Table 7. Chain-Type Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period
Table 8. Gross Output by Industry Group