WASHINGTON, March 16, 2011 – The Commerce Department’s U.S. Census Bureau today released data on new residential construction in February 2011. Permits for new housing units fell 8.2 percent in February, while private-sector analysts had expected a small 1.2-percent rise. Housing starts dropped 22.5 percent in February. Private-sector analysts had expected a moderate 4.4-percent decline. However, analysts still generally expect a notable pick-up in housing activity for both 2011 and 2012.

Statement by Secretary Locke on New Residential Construction in February 2011

WASHINGTON – The U.S. Commerce Department’s Bureau of Economic Analysis today released the second estimate of gross domestic product (GDP) for the fourth quarter of 2010. Real GDP grew 2.8 percent at an annual rate, less than expectations and revised down from the 3.2-percent advance estimate. The downward revision reflects a wider trade deficit, reduced state and local government spending, and lower personal consumption.

Statement from U.S. Commerce Department Chief Economist Mark Doms on the Second Estimate of GDP for the Fourth Quarter of 2010

WASHINGTON – U.S. Commerce Secretary Gary Locke issued the following statement today on the release of the December 2010 U.S. International Trade in Goods and Services report by the Commerce Department’s U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Today’s report showed that U.S. exports of goods and services in December increased 1.8 percent from November to $163 billion. U.S. imports of goods and services increased 2.6 percent to $203.5 billion, with the overall trade deficit growing by 5.9 percent in December to $40.6 billion. After dropping 14.6 percent in 2009, exports grew 16.6 percent in 2010, compared with an average annual rise of 11.2 percent during 2002-2008.

Statement by Secretary Locke on International Trade in Goods and Services

Washington, D.C. – The U.S. Commerce Department’s Bureau of Economic Analysis today released personal income and outlays for June 2010. Personal income remained unchanged in June, and real disposable income increased 0.2 percent.  Real personal consumption expenditures increased 0.1 percent in June and at a 1.6-percent annual rate in the second quarter.

“Employment in private industry is growing at a modest pace, and this growth is helping to raise incomes among American families,” said U.S. Commerce Under Secretary for Economic Affairs Rebecca Blank. “Healthy consumer spending goes hand-in-hand with income and job growth, and the administration remains focused on boosting employment to ensure every American who wants a job can get one.”

Washington, DC – A U.S. Department of Commerce report released today confirms the importance of exports to the U.S. economy and the increasingly globalized marketplace. According to Exports Support American Jobs, in 2008, exports accounted for a record 12.7 percent of U.S. gross domestic product (GDP), and during a period of relatively flat job growth across the economy, supported a record number of jobs – more than 10 million.