Connect with Us

Feed aggregator

U.S. Current-Account Deficit Decreases in Fourth Quarter 2015

BEA Blog Feed - Thu, 03/17/2016 - 18:11

The U.S. current-account deficit—a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)—decreased to $125.3 billion (preliminary) in the fourth quarter of 2015 from $129.9 billion (revised) in the third quarter of 2015. As a percentage of U.S. GDP, the deficit decreased to 2.8 percent from 2.9 percent. The previously published current-account deficit for the third quarter was $124.1 billion.

current-account balance 317

  • The deficit on international trade in goods decreased to $187.3 billion from $190.5 billion as goods imports decreased more than goods exports. 
  • The surplus on international trade in services increased to $53.5 billion from $51.9 billion as services exports increased more than services imports. 
  • The surplus on primary income decreased to $42.8 billion from $45.4 billion as primary income receipts decreased more than primary income payments. 
  • The deficit on secondary income (current transfers) decreased to $34.3 billion from $36.7 billion as secondary income payments decreased and secondary income receipts increased.

Net U.S. borrowing from financial-account transactions was $29.4 billion in the fourth quarter, down from $59.5 billion in the third. 

  • Net U.S. sales of financial assets excluding financial derivatives was $126.1 billion in the fourth quarter, up from $95.9 billion in the third. 
  • Net U.S. repayment of liabilities excluding financial derivatives was $84.4 billion in the fourth quarter, up from $35.7 billion in the third. 
  • Net lending in financial derivatives other than reserves was $12.3 billion in the fourth quarter, up from $0.7 billion in the third.

For more information, read the full report.

Categories: BEA Feed Category

U.S. International Transactions, 4th quarter and Year 2015

BEA - News Release RSS - Thu, 03/17/2016 - 18:00
The U.S. current-account deficit--a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers)--decreased to $125.3 billion (preliminary) in the fourth quarter of 2015 from $129.9 billion (revised) in the third quarter. The deficit decreased to 2.8 percent of current-dollar gross domestic product (GDP) from 2.9 percent in the third quarter. The decrease in the current-account deficit was accounted for by decreases in the deficits on goods and secondary income and an increase in the surplus on services. These changes were partly offset by a decrease in the surplus on primary income. Full Text
Categories: Economic Indicators

Travel and Tourism Spending Decelerated in Fourth Quarter of 2015

BEA Blog Feed - Thu, 03/17/2016 - 00:46

Inflation adjusted spending (or output) on travel and tourism decelerated in the fourth quarter of last year, increasing at an annual rate of 1.7 percent, after rising 4.5 percent in the third quarter.

For comparison, inflation-adjusted — or real — gross domestic product also decelerated during the same period, increasing 1.0 percent in the fourth quarter, after rising 2.0 percent.

The leading contributors to the deceleration in overall travel and tourism spending in the fourth quarter were transportation and traveler accommodations. Inflation adjusted spending on transportation decelerated, growing 1.0 percent in the fourth quarter, after increasing 8.5 percent in the third quarter. Inflation adjusted spending on traveler accommodations turned down, decreasing 4.2 percent, after increasing 4.0 percent in the previous quarter.

For all of 2015, travel and tourism spending grew 4.4 percent, after increasing 3.1 percent in 2014.

For more information, read the full report.

real tourism spending 0316

Categories: BEA Feed Category

BEA Data Provide a Look into America’s Shopping Carts

BEA Blog Feed - Wed, 03/16/2016 - 21:26

consumerspendinggraphicAmerica’s consumers spent more than $12 trillion last year on all kinds of stuff, including new cars, furniture, clothes, groceries, beauty products, electronics, visits to doctors and dentists, and tickets to sporting events and movies.

The Bureau of Economic Analysis produces a slew of data on what people buy and how much they spend.  It’s a critical piece of economic information.  Consumer spending is a major shaper of the overall U.S. economy, accounting for more than two-thirds of GDP.  Beyond that, the statistics can help entrepreneurs and other business people make more informed decisions, offering insights into shoppers’ buying behavior.

Nationwide consumer spending statistics are available on a monthly, quarterly and annual basis. State-by-state statistics detailing consumer spending are also now available.  BEA started producing annual state consumer spending data on a regular basis in 2015. All of BEA’s consumer spending data are accessible from an interactive database on our website.  And, they are all free.

In BEA’s most recent report, released Feb. 26, consumer spending across the country grew by 0.5 percent in January, the most since May. Spending on durable goods, costly manufactured items like cars and furniture, led the way, rising 1.2 percent in January from the previous month.  Consumers’ incomes, the fuel for spending growth, also rose 0.5 percent in January, the largest increase since May.

The consumer spending statistics are among the millions of economic data points that BEA produces and are one example of the kind of economic intelligence that BEA makes available to the public, businesses, students, researchers and policymakers.

Commerce Secretary Penny Pritzker likes to say that the department is “America’s data agency.”   The reach, depth and breadth of the data flowing out of the Commerce Department are unrivaled in the federal government.   Making Commerce’s data even more accessible to the American public is one of the key pillars of Commerce’s “Open for Business Agenda.”

Categories: BEA Feed Category

Travel and Tourism Satellite Accounts, 4th quarter 2015

BEA - News Release RSS - Wed, 03/16/2016 - 18:00
Real spending (output) on travel and tourism decelerated in the fourth quarter of 2015, increasing at an annual rate of 1.7 percent after increasing 4.5 percent (revised) in the third quarter of 2015. Real gross domestic product (GDP) also decelerated, increasing 1.0 percent in the fourth quarter (second estimate) after increasing 2.0 percent. For the year, travel and tourism spending grew 4.4 percent after increasing 3.1 percent in 2014. Full Text
Categories: Economic Indicators

Opportunity Data Set Powered by U.S. Census Bureau Information

CENSUS Directors Blog - Tue, 03/08/2016 - 00:48

Written by: John H. Thompson

This afternoon, I attended the launch of the Opportunity Project at the White House. The Opportunity Project is an initiative from the U.S. Department of Housing and Urban Development that uses Census Bureau data to help cities and local governments use new, curated, open data to account for how they use federal housing dollars.

The Opportunity Project’s curated data set is a new way that the federal government is collaborating with local leaders, technologists, non-profits and community members to leverage data to expand access to opportunity and fair housing across the country. Through this data set – which is derived from American Community Survey data and other Census Bureau sources – users can navigate a wealth of information on access to jobs, transit and schools. Armed with this information on neighborhood-level opportunities and challenges, communities can expand access to opportunity for their members.

Dir2

Director Thompson speaks about The Opportunity Project.

As part of the project, in January the government brought together eight cities and a dozen private sector and non-profit software development teams to use Opportunity Data to create user-friendly digital tools that help communities navigate and visualize information about their neighborhoods. Some of the participants included developers from Zillow, Redfin and Socrata; experts from the Urban Institute and Ford Foundation; and local data leads from New Orleans, Baltimore and Philadelphia.

Today, the developers launched their tools, which visualize everything from school test scores to community health outcomes to median commute times. In addition, the White House launched the Opportunity interactive site with the curated data set packaged in an accessible format. This information is now at the fingertips of local leaders, community organizers, non-profits, media, and families to use in creative and innovative ways.

Dir21

U.S. Chief Technology Officer, Megan Smith, introduces Census Bureau Director John Thompson at the White House rollout of the Opportunity Project.

The Opportunity Project is just one example of how the Census Bureau is working to make its data widely and easily accessible. HUD and the Census Bureau have been closely partnering on data outreach for the past year, including on CitySDK, which makes it easier to build products with open data (including the Opportunity data set) from the federal government. The Opportunity Project deepens our engagement with software developers, in conjunction with the newly created Commerce Data Service as well as the White House’s Office of Science and Technology Policy, Domestic Policy Council and Office of Management and Budget. We look forward to continuing to leverage our technology and data in the future to help facilitate agencies and the public in further expanding access to opportunity and fair housing.

January 2016 Trade Gap is $45.7 Billion

BEA Blog Feed - Fri, 03/04/2016 - 19:30

The U.S. monthly international trade deficit increased in January 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $44.7 billion in December (revised) to $45.7 billion in January, as exports decreased more than imports. The previously published  December deficit was $43.4 billion. The goods deficit increased $1.1 billion from December to $63.7 billion in January. The services surplus increased $0.1 billion from December to $18.0 billion in January.

Balance on goods and service march4

Exports
Exports of goods and services decreased $3.8 billion, or 2.1 percent, in January to $176.5 billion. Exports of goods decreased $4.0 billion and exports of services increased $0.2 billion.

  • The decrease in exports of goods mainly reflected decreases in capital goods ($1.2 billion), in industrial supplies and materials ($0.9 billion), and in consumer goods ($0.8 billion).
  • The increase in exports of services mainly reflected increases in travel (for all purposes including education) ($0.2 billion) and in transport ($0.1 billion), which includes freight and port services and passenger fares.

Imports
Imports of goods and services decreased $2.8 billion, or 1.3 percent, in January to $222.1 billion. Imports of goods decreased $2.9 billion and imports of services increased less than $0.1 billion.

  • The decrease in imports of goods mainly reflected decreases in industrial supplies and materials ($2.1 billion) and in capital goods ($1.2 billion).
  • The increase in imports of services mainly reflected increases in other business services ($0.1 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, and in travel (for all purposes including education)($0.1 billion).

Goods by geographic area (seasonally adjusted, Census basis)

  • The deficit with China increased $1.4 billion to $31.1 billion in January. Exports increased less than $0.1 billion to $8.6 billion and imports increased $1.5 billion to $39.8 billion.
  • The deficit with Mexico increased $0.8 billion to $5.6 billion in January. Exports decreased less than $0.1 billion to $19.5 billion and imports increased $0.8 billion to $25.1 billion.
  • The balance with the United Kingdom shifted from a surplus of $0.6 billion in December to a deficit of $0.1 billion in January. Exports decreased $0.4 billion to $4.1 billion and imports increased $0.3 billion to $4.3 billion.

For more information, read the full report.

Categories: BEA Feed Category

U.S. International Trade in Goods and Services, January 2016

BEA - News Release RSS - Fri, 03/04/2016 - 19:00
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $45.7 billion in January, up $1.0 billion from $44.7 billion in December, revised. January exports were $176.5 billion, $3.8 billion less than December exports. January imports were $222.1 billion, $2.8 billion less than December imports. Full Text
Categories: Economic Indicators

Retail Trade Led Growth Across States in the Third Quarter

BEA Blog Feed - Wed, 03/02/2016 - 19:12

Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the third quarter of 2015, according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis. Overall, U.S. real GDP by state growth slowed to an annual rate of 1.9 percent in the third quarter of 2015 after increasing 3.8 percent in the second quarter. Retail trade; health care and social assistance; and agriculture, forestry, fishing, and hunting were the leading contributors to real U.S. economic growth in the third quarter.

GDP by State 0302

  • Retail trade grew 7.1 percent in the third quarter of 2015. This industry contributed 0.41 percentage point to U.S. real GDP growth and contributed to growth in 49 states and the District of Columbia. Nevada was the lone exception.
  • Health care and social assistance grew 5.5 percent in the third quarter of 2015. This industry contributed 0.39 percentage point to U.S. real GDP growth and contributed to growth in 49 states and the District of Columbia. North Dakota was the lone exception.
  • Agriculture, forestry, fishing, and hunting grew 37.5 percent in the third quarter of 2015. This industry contributed 0.36 percentage point to real GDP growth for the nation and contributed 6.91 percentage points to real GDP growth in South Dakota, 5.41 percentage points to growth in Kansas, and 4.79 percentage points to growth in Nebraska.

For more information, read the full report.

Categories: BEA Feed Category

Gross Domestic Product by State, 3rd quarter 2015

BEA - News Release RSS - Wed, 03/02/2016 - 19:00
Real gross domestic product (GDP) increased in 47 states and the District of Columbia in the third quarter of 2015, according to statistics on the geographic breakout of GDP released today by the Bureau of Economic Analysis. Overall, U.S. real GDP by state growth slowed to an annual rate of 1.9 percent in the third quarter of 2015 after increasing 3.8 percent in the second quarter. Full Text
Categories: Economic Indicators

Northern Mariana Islands’ Economy Grows for Third Straight Year

BEA Blog Feed - Mon, 02/29/2016 - 05:30

The economy of the Northern Mariana Islands expanded in 2014, marking the third consecutive year of growth.

Real gross domestic product, adjusted to remove price changes, increased 3 percent in 2014. For comparison, real GDP for the United States (excluding the territories) increased 2.4 percent during the same period.

The growth in the Northern Mariana Islands’ economy reflected increases in private fixed investment, consumer spending and exports of services.

These increases were partly offset by an increase in imports of goods and services, which is a subtraction item in the calculation of GDP.

Private fixed investment was the largest contributor to economic growth in 2014, increasing more than 50 percent. This reflected growth in business purchases of equipment and in private sector construction activity.

Consumer spending increased 9.1 percent, reflecting widespread growth in household purchases of goods and services, including a continued increase in purchases of motor vehicles.

Exports of services, which consists mostly of spending by tourists, increased 2.6 percent in 2014. The growth in tourism spending reflected an increase in visitor arrivals to the islands.

In 2013, the economy of the Northern Mariana Islands grew 2.6 percent, following a 0.6 percent increase in 2012.

Categories: BEA Feed Category

Gross Domestic Product for the Commonwealth of the Northern Mariana Islands (CNMI), 2014

BEA - News Release RSS - Mon, 02/29/2016 - 05:30
The economy of the CNMI grew in 2014, for the third consecutive year. The estimates of GDP for the CNMI show that real GDP -- GDP adjusted to remove price changes -- increased 3.0 percent in 2014 (see Table 1.3). For comparison, real GDP for the U.S. (excluding the territories) increased 2.4 percent in 2014. Full Text
Categories: Economic Indicators

Personal Income Rises in January

BEA Blog Feed - Fri, 02/26/2016 - 20:52

Personal income increased 0.5 percent in January after increasing 0.3 percent in Personal income chartDecember. Wages and salaries, the largest component of personal income, increased 0.6 percent in January after increasing 0.2 percent in December.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.5 percent in January after increasing 0.3 percent in December.

Real DPI, income adjusted for taxes and inflation, increased 0.4 percent in January, the same increase as in December.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.4 percent in January after increasing 0.2 percent in December. Spending on durable goods increased 1.1 percent in January after decreasing 0.4 percent in December.

PCE prices increased 0.1 percent in January after decreasing 0.1 percent in December. Excluding food and energy, PCE prices increased 0.3 percent in January after increasing 0.1 percent in December.

Personal saving rate
Personal saving as a percent of DPI was 5.2 percent in January, the same as in December.

Real Disposable Personal Income Feb 26

For more information, read the full report.

Categories: BEA Feed Category

Personal Income and Outlays, January 2016

BEA - News Release RSS - Fri, 02/26/2016 - 20:30
Personal income increased $79.6 billion, or 0.5 percent, and disposable personal income (DPI) increased $63.5 billion, or 0.5 percent, in January, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $63.0 billion, or 0.5 percent. In December, personal income increased $45.6 billion, or 0.3 percent, DPI increased $39.2 billion, or 0.3 percent, and PCE increased $11.6 billion, or 0.1 percent, based on revised estimates. Full Text
Categories: Economic Indicators

GDP Increases in Fourth Quarter

BEA Blog Feed - Fri, 02/26/2016 - 19:25

Real gross domestic product (GDP) increased 1.0 percent in the fourth quarter of 2015, according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent.

q2q gdp feb 26GDP highlights
The fourth-quarter increase in real GDP mainly reflected a rise in consumer spending. Spending on services increased, notably on health care. Spending on durable goods also increased, notably on recreational goods and vehicles. Spending on nondurable goods also increased. Residential investment and federal government spending also contributed to real GDP growth. Partly offsetting these contributions, exports, business investment, state and local government spending, and inventory investment each declined. In addition, imports, a subtraction in the calculation of GDP, increased.

Revisions
The upward revision to real GDP growth reflected the following:

  • An upward revision to inventory investment, notably in retail trade industries and mining, utilities, and construction industries
  • A downward revision to imports, notably in industrial supplies and materials.

These contributions were partly offset by downward revisions to state and local government spending and to consumer spending.

Annual GDP growth

For the year 2015, real GDP increased 2.4 percent, the same as in 2014.ANNUAL GDP Feb 26

  • Consumer spending was the largest contributor to growth. Spending increased on
    services, notably healthcare. Spending on durable and nondurable goods also increased.
  • Business investment, residential investment, inventory investment, state and local
    government spending, and exports also increased.
  • Imports, a subtraction in the calculation of GDP, increased, partly offsetting the contributions to growth.Prices of goods and services purchased by U.S residents increased 0.4 percent in 2015, compared with a 1.5 percent increase in 2014. Excluding food and energy, prices rose 1.0 percent in 2015 after rising 1.6 percent in 2014.

Prices of goods and services purchased by U.S residents increased 0.4 percent in 2015, compared with a 1.5 percent increase in 2014. Excluding food and energy, prices rose 1.0 percent in 2015 after rising 1.6 percent in 2014.

For more information, read the full report.

 

Categories: BEA Feed Category

Gross Domestic Product, 4th quarter and annual 2015 (second estimate)

BEA - News Release RSS - Fri, 02/26/2016 - 19:00
Real gross domestic product -- 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, adjusted for price changes -- increased at an annual rate of 1.0 percent in the fourth quarter of 2015, according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent. Full Text
Categories: Economic Indicators

Innovation and Modernization in FY 2017

CENSUS Directors Blog - Fri, 02/26/2016 - 00:00

Written by: John H. Thompson

The mission of the U.S. Census Bureau is to serve as the leading source of quality data about the Nation’s people and economy.  To accomplish this mission, we’re continually innovating ways to modernize our data collection methods and disseminating activities for the 21st century.

FY 2017 is a critical year for innovation at the Census Bureau. One of our major priorities is our commitment to cost containment while maintaining data quality. Our plans for the 2020 Census reflect this goal – it will be the most automated, modern, and dynamic decennial census in history, with sweeping design changes in four key areas. We designed the 2020 Census to cost less per housing unit than the 2010 Census (adjusted for inflation), while maintaining the highest standards of accuracy in counting all individuals once, only once, and in the right place.

We’re also working to contain costs by revamping technology that underpins our work. We’re rethinking the way we collect and process data – including expanding our internet and mobile data collection. These advances will consolidate costs, streamline our work, and reduce the burden on individuals and businesses who respond to all our censuses and surveys.

Another major area of innovation is in unlocking the potential of our data. Businesses, policy makers, and the American public rely on our economic statistics to make data-driven decisions, and in FY 2017, we aim to meet their demands for more accurate, timely and granular data. We’ll deliver a full suite of enhanced macroeconomic indicators to drive decisions on investments, economic growth and job creation. By accelerating and enhancing a substantial number of key economic indicators, we can cumulatively lead to a more precise measure of Gross Domestic Product (GDP). In addition, we’re harnessing the potential of “Big Data” to create new data products and expand our existing products to transform how Americans can find, connect, and use these improved economic data.

Finally, we’re thinking outside the box to tackle some long-standing challenges. For example, we’re using aerial imagery to detect areas where addresses have changed in the U.S. – part of the geographic foundation for nearly every economic and social data product that the Census Bureau produces. We’re also researching new ways to balance the nation’s need for detailed social, economic and housing information with the need to minimize the burden of people who respond to our surveys. Innovation in survey design and data collection can help us reduce that burden while still providing communities and businesses with the data they need to make informed choices.

To learn more about how the Census Bureau plans to innovate and modernize to meet that challenge and fulfill our mission, check out the infographic below.

infographic_thumb_v2

President’s Budget Backs BEA Efforts to Provide New and Improved Economic Data

BEA Blog Feed - Fri, 02/19/2016 - 01:52

As the fictional great detective Sherlock Holmes put it, and former Federal Reserve Chairman Ben Bernanke has quoted: “It is a capital mistake to theorize before one has data.”

In the case of business leaders, households, and policymakers, those data frequently come from the U.S. Bureau of Economic Analysis. Several initiatives contained in President Barack Obama’s recently unveiled budget for fiscal year 2017 would enable BEA to produce economic data that are even more valuable to decision makers in the private and public sectors.

Under one initiative, BEA would develop a “Regional Economic Dashboard” and deliver new statistics detailing the economic performance of each of the nation’s more than 3,000 counties and how industries in those counties are faring. (Currently, BEA produces gross domestic product statistics for the United States as a whole as well as for all 50 states and all metropolitan areas.)

Local governments have long clamored for the same quality GDP statistics that their statewide and national counterparts rely on. These new local economic statistics could aid business decisions about investing, hiring and market research. Individuals could use the new statistics to evaluate whether the county is an attractive place – economic opportunity-wise – to live.  And, policymakers could use the new statistics to better tailor local economic policies.

The new Regional Economic Dashboard also would feature an array of other new and improved local economic statistics in an interactive format that’s easy for users to access.

Another initiative is aimed at improving the quality of economic indicators, such as BEA’s national GDP, which uses data from the private sector as well as other government agencies, including the U.S. Census Bureau. (The Census Bureau and BEA are both part of the U.S. Commerce Department.)

The president’s proposal calls for accelerating the incorporation of key Census source data into estimates of GDP. The goals: reducing revisions and removing the effects of seasonal trends from more of the industries that feed into GDP.

This initiative would build on BEA’s ongoing efforts to make sure that GDP and its suite of other economic indicators are accurate, timely and capture the dynamic nature of the U.S. economy. Last year, the Census Bureau began producing an “advance” monthly report on international trade in goods, allowing BEA to incorporate three months of official trade data into its first estimate of quarterly GDP, with the aim of improving the accuracy of this major economic measure.

These proposed data initiatives are not only consistent with BEA’s mission of furthering the public’s understanding of the U.S. economy through our statistics, but also support the Commerce Department’s strategic goal of unleashing economic data to help business leaders and the public make the best possible decisions.

Categories: BEA Feed Category

New Features for My Congressional District Expand Access to U.S. Census Bureau Data

CENSUS Directors Blog - Thu, 02/18/2016 - 23:15

Written by: John H. Thompson

As the nation’s premiere source of data about America’s economy, businesses and people,  we’re committed to making our data more accessible than ever before through new tools and data sets.  We are always listening to you for ways to improve access to our statistics.

In response to customer feedback, I am pleased to announce that latest phase of our digital transformation. For the first time, our County Business Patterns statistics are available by congressional district and to highlight them, we are making them available through a new update of our popular interactive Web app, My Congressional District. Now – in addition to demographic, socioeconomic and housing data – you can access business data at the congressional district level all in one place.

Whether you’re a constituent, working in a congressional office, or just interested in the data, My Congressional District allows you to easily access both economic and demographic data by Congressional district in an easy-to-use app.

In addition to the American Community Survey statistics on demography, socioeconomics, housing and other topics already available through My Congressional District, County Business Patterns provides annual statistics on establishments, employment and payroll for businesses with paid employees at a detailed industry level. These data give users information about the breadth of business activity within a district and its effects.

My Congressional District is one of a suite of Web tools that are accessible through the Census API, and is part of the Census Bureau’s effort to expand access to our data through new tools and technologies. Our digital transformation aims to help our almost 50 million annual visitors more easily find the information they want, expose our audience to new data sets, and increase statistical literacy.

As with all Census Bureau tools, statistics from My Congressional District are easy to download and share on social media. You can also embed the interactive Web app on your own website. Whether you access My Congressional District as an embedded Web app or through Census.gov, you’ll always get the most up-to-date statistics available.

I hope you enjoy learning more about your congressional district and the communities you care about through our statistics. We’re always looking for ways to make our tools more useful, and I encourage you to submit your feedback through the “Tell us what you think” link. If you like My Congressional District, check out our three mobile apps and other interactive data tools.

Arts and Culture Grow at Faster Pace as BEA Takes its First Inflation-Adjusted Look

BEA Blog Feed - Tue, 02/16/2016 - 22:38

Arts and cultural economic activity, adjusted for inflation, grew 2.5 percent in 2013, according to estimates of the industries’ real value added by the Bureau of Economic Analysis. That compares with a 1.1 percent increase in 2012.

Information services and design services were the leading contributors to the growth in 2013. Overall, 26 of 36 arts and culture-related industries contributed to the increase. As a group, the core arts and cultural industries, such as performing arts, museums and design services, grew 3.3 percent.

This is the first time that BEA has released inflation-adjusted statistics that track the changing economic impact of arts and culture.

arts and culture chart 2-16-2016

In addition to the real value added statistics, BEA’s Arts and Cultural Production Satellite Account also includes a measure of real gross output. Under that measure, total inflation-adjusted spending on all arts and cultural commodities reached $1.1 trillion in 2013. That figure was up 2.7 percent from the year before. Still, real gross output growth slowed slightly from 2012, when it had increased 2.8 percent.

In contrast to the value added statistics, gross output is not adjusted to exclude expenses incurred in the production process. For example, gross output for the opera reflects all ticket receipts without subtracting the expenses incurred in the production of the opera, such as advertising, rent and costume rentals.

Lovers of the performing arts take note: Their gross output grew at a faster pace in 2013, increasing 3.7 percent, up from 1.2 percent the year before. This faster growth was widespread, including gains in music, opera and theater.

real output added

Employment for all arts and cultural industries totaled 4.74 million in 2013. Art support services, including rental and leasing, totaled 1.19 million jobs, the most in all arts and cultural industries. Information services, including publishing, motion pictures and broadcasting, accounted for 1.17 million jobs. Retailers related to arts and culture totaled 731,200 jobs.

employment in selected arts

Culture can be defined in a variety of ways. For this account, arts and cultural production is defined narrowly to include creative artistic activity; the goods and services produced by it; the goods and services produced in the support of it; and the construction of buildings in which it is taking place.

For more information, read the full report.

Categories: BEA Feed Category

Pages

Subscribe to Economics & Statistics Administration aggregator
Subscribe

Subscribe to Economic Indicators

Subscribe with your email address to stay up-to-date with our economic indicators!

Go to top