Gross Domestic Product
Gross Domestic Product (GDP) represents the monetary value of all goods and services produced by a nation over a specified period of time. GDP by Industry tracks quarterly performance by industry groups; GDP by State tracks quarterly performance by individual states and the industries driving that performance.
Manufacturing stable, services weaker in GDP by Industry Report
July 21, 2016
The Bureau of Economic Analysis has released its first quarter 2016 GDP by Industry report. Real GDP growth slowed to 1.1 percent in the first quarter, from 1.4 percent in the fourth quarter of 2015.
Manufacturing Real GDP was 1.4 percent, compared to 0.8 percent for Q1 2015 and –1.3 percent for Q1 2014. Private goods-producing industries were nearly unchanged at 2.1 percent.
“The business of creation, innovation and making things here in the U.S. is and has always been key to a healthy GDP,” said SME Chief Executive Officer Jeff Krause. “Manufacturing, as indicated here and by other benchmarks, is stable and strong — even in what has typically been a weak quarter.”
Michigan in Top 10 States for GDP Growth
June 14, 2016
Michigan experienced the ninth highest GDP growth in the nation for the fourth quarter of 2015. The data from the Bureau of Economic Analysis shows a state polishing itself to a shine, not rusting away. In fact, Michigan has experienced positive GDP growth in six of the last eight reported quarters.
Contributing significantly to this growth was manufacturing – providing more than 40 percent of Michigan’s 2.6 percent GDP growth. While some will say manufacturing is dead in Michigan, we at SME do not believe that. The industry grew a combined 1.12 percentage points between durable and nondurable-goods manufacturing; adding nearly $2.1 billion to Michigan’s economy.
“Michigan is seeing growth in construction, wholesale trade, information and real estate – yet manufacturing continues to be a cornerstone to our state’s economy,” SME Chief Executive Officer Jeff Krause stated. “In fact, the industry was the leading contributor to Michigan’s neighbor, Indiana, experiencing the highest GDP growth in the nation for the quarter.”