Manufacturing drove GDP growth in 2012

Commerce Department report finds durable goods jumped 9.1% last year

04/26/2013


Manufacturing’s meteoric rise as the driver of the U.S. economic economy continued in 2012, according to a new report from the U.S. Department of Commerce’s Bureau of Economic Analysis.

Gross domestic product in the U.S. rose 2.2% in 2012, driven primarily by a 6.2% increase in real value added from the manufacturing sector. “Durable-goods manufacturing, the largest contributor to overall growth in the economy for the third consecutive year, increased 9.1%, after increasing 6.8% in 2011 and 13.3% in 2010,” the report stated.

The manufacturing sector grew 4.7% in 2012 in terms of real GPD growth. That’s almost double the services sector growth rate of 2.4%.

The GDP has increase about 2% per year since 2010. In 20111, the manufacturing goods growth rate was just 0.8%, which dragged down the overall GDP growth to just 1.8%.

Other sectors contributed to the growth rate as well, as the overall economy continued to improve. There were 19 of the 22 industry groups showing growth. The finance and insurance industry sector posted its first growth in three years, rising 3.6%, while the wholesale trade group had its second straight year of solid growth, rising 4.8%.

Read the full report here



No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Big Data and IIoT value; Monitoring Big Data; Robotics safety standards and programming; Learning about PID
Motor specification guidelines; Understanding multivariable control; Improving a safety instrumented system; 2017 Engineers' Choice Award Winners
Selecting the best controller from several viewpoints; System integrator advice for the IIoT; TSN and real-time Ethernet; Questions to ask when selecting a VFD; Action items for an aging PLC/DCS
This digital report will explore several aspects of how IIoT will transform manufacturing in the coming years.
Motion control advances and solutions can help with machine control, automated control on assembly lines, integration of robotics and automation, and machine safety.
This article collection contains several articles on the Industrial Internet of Things (IIoT) and how it is transforming manufacturing.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Big Data and bigger solutions; Tablet technologies; SCADA developments
SCADA at the junction, Managing risk through maintenance, Moving at the speed of data
Automation Engineer; Wood Group
System Integrator; Cross Integrated Systems Group
Jose S. Vasquez, Jr.
Fire & Life Safety Engineer; Technip USA Inc.
click me