Durable goods manufacturing; construction; and professional, scientific, and technical services were the leading contributors to the increase in U.S. economic growth in the fourth quarter of 2017.
According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 16 of 22 industry groups contributed to the overall 2.9% increase in real GDP in the fourth quarter.
For the durable goods manufacturing industry group, real value added—a measure of an industry’s contribution to GDP—increased 7.2 percent in the fourth quarter, after increasing 7.5 percent in the third quarter.
The fourth quarter growth primarily reflected increases in
- motor vehicles, bodies and trailers, and parts
- computer and electronic products
- fabricated metal products.
> Construction increased 8.5 percent, after decreasing 1.2 percent.
This was the largest increase since the first quarter of 2016.
> Professional, scientific, and technical services increased 4.2%, after increasing 2.7%
The fourth quarter growth primarily reflected an increase in miscellaneous professional, scientific, and technical services, which includes accounting and tax preparation services, and scientific research and development services.
Other highlights
> Finance and insurance decreased 5.7% in the fourth quarter, after increasing 14.7% in the third quarter.
The decrease was primarily attributed to a decrease in Federal Reserve banks, credit intermediation, and related activities, as well as a decrease in securities, commodity contracts, and investments.
> Information services decreased 0.2%, after increasing 9.0%.
This decrease was primarily attributed to broadcasting and telecommunications.
>Agriculture, forestry, fishing, and hunting decreased 1.7 % after decreasing 2.4%
Gross output by industry
Economy-wide, 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 4.7% in the fourth quarter.
This reflected increases of
7.8% for the private goods-producing sector
4.1% for the private services-producing sector
1.5% for the government sector.
Overall, 18 of 22 industry groups contributed to the increase in real gross output.
> Real gross output for construction increased 10.9% in the fourth quarter, after decreasing 5.5%in the third quarter.
This was the largest increase since the first quarter of 2016.
> Durable goods manufacturing increased 9.0% after increasing 6.8%
This industry has increased for six consecutive quarters.
> Professional, scientific, and technical services increased 6.1% after decreasing 1.3%
2017 GDP by industry
Real GDP increased 2.3% in 2017 (that is, from the 2016 annual level to the 2017 annual level).
The private goods- and services-producing sectors, as well as the government sector, contributed to the increase.
Growth was widespread, with 20 of 22 industry groups contributing to the increase.
Real estate and rental and leasing, health care and social assistance, and durable goods manufacturing were the leading contributors to the increase in real GDP.
> For the real estate and rental and leasing industry, real value added increased 1.8% in 2017, after increasing 2.4 percent in 2016.
This was the eighth consecutive annual increase.
> Health care and social assistance increased 3.0% after increasing 2.4% primarily reflecting an increase in ambulatory health care services.
> Durable goods manufacturing, which includes computer and electronic products, machinery, and fabricated metal products, increased 3.4% after decreasing 0.2%.
This was the largest increase in durable goods manufacturing since 2011.
Next release — July 20, 2018 at 8:30 A.M. EDT for:
Gross Domestic Product by Industry: First Quarter 2018
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