Thursday, January 23, 2014


[IWS] BEA: WIDESPREAD GROWTH ACROSS INDUSTRIES IN 2012: Revised Statistics of Gross Domestic Product by Industry for 1997-2012 [23 January 2014]

IWS Documented News Service


Institute for Workplace Studies----------------- Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor---------------------- Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau



Widespread Growth Across Industries in 2012

Revised Statistics of Gross Domestic Product by Industry for 1997-2012 [23 January 2014]


[full-text, 9 pages]







With this release, the Bureau of Economic Analysis (BEA) has provided new and expanded detail on the industry sources of U.S. economic growth in 2012. These newly available data, which reflect the results of the 2014 comprehensive revision of the annual industry accounts, confirm the widespread growth in 2012. Overall, 20 of 22 industry groups contributed to the 2.8 percent increase in real GDP. Professional and business services; finance, insurance, real estate, rental, and leasing; mining; and manufacturing were the leading contributors to growth.


Professional, scientific, and technical services real value added—a measure of an industry’s contribution to GDP—increased 4.2 percent in 2012, continuing to reflect strong growth in computer systems design and related services.


Real estate and rental and leasing increased 2.2 percent in 2012, the third consecutive year of positive real value added growth.


Mining rose 14.0 percent in 2012, after increasing 9.9 percent in 2011, reflecting strong growth for oil and gas extraction.






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