Real Estate and Rental and Leasing Led Growth in the First Quarter
Gross Domestic Product by Industry: First Quarter 2017
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
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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) and 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.
Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For detail, 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. For the real value added by industry table, this value also reflects 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