Useful Stats: Sectoral contributions to county GDP
Policymakers should be interested in which sectors are present in their region to ensure TBED investments and workforce priorities can have the greatest impact. Exploring gross domestic product (GDP) at the county level offers a detailed look at the economic output of sectors and how they shape local economies. At the county level, data for smaller or more rural counties may reveal nuances invisible when looking broadly at entire MSAs or states, particularly for those areas with lower populations.
Useful Stats: Where is US manufacturing? A county-level look at subsector-specific data
Useful Stats: R&D's contributions to state economies
Like the broader metric of R&D intensity, the prominence of R&D value added in a state’s economic output has shifted within several states over the past decade. Does it matter? For sustaining a state’s innovation competitiveness, it may, and subsequently it is important to know for many state and regional TBED initiatives. Proximity to the conduct of R&D has been well documented in empirical research to support strong regional innovation economies.
Like the broader metric of R&D intensity, the prominence of R&D value added in a state’s economic output has shifted within several states over the past decade. Does it matter? For sustaining a state’s innovation competitiveness, it may, and subsequently it is important to know for many state and regional TBED initiatives. Proximity to the conduct of R&D has been well documented in empirical research to support strong regional innovation economies. Subsequently many TBED policies are designed to increase and maintain R&D activity within those boundaries as well as ensure the localized spillover effects are maximized. Determining where R&D activity is thriving and the size of its value added to the state’s GDP, particularly manufacturing-related R&D, may help inform those policy decisions. SSTI explores the latest data on state R&D value added in this Useful Stats article.
Useful Stats: 5-year state industry profiles, 2018-2022
The United States has one of the most diversified economies of any nation, yet also the most dynamic; over the past five years, from 2018 through 2022, the U.S.’ agriculture, forestry, fishing, and hunting industry has grown 53%, while other industries such as manufacturing and construction have grown at a slower pace—17% and 23% respectively—compared to a 25% increase in overall gross domestic product.
Useful Stats: Is US manufacturing productivity on a decline? A detailed look at BLS OPT data.
Despite a $4.1 trillion increase in annual output since 1987, manufacturing industries in the United States have been declining in both their labor productivity and share of output. The Bureau of Labor Statistics’ labor productivity (output per hour) index, tied to 2012 values, for manufacturing industries has dropped by nearly five points since its all-time high of over 101 in Q2 2013.
Useful Stats: R&D in nonmanufacturing industries closing gap with manufacturing industries, SSTI analysis of NSF data finds
The 2021 BERD dataset reveals the highest level of business R&D spending on record. Since 2015, R&D expenditures have increased by 69% from $356 to $602 billion, representing an average annual growth of $41 billion or 9%. But what industries are contributing the most to this trend?
Useful Stats: GDP by County and Industry Contribution
This edition of Useful Stats examines the Bureau of Economic Analysis’ first full release of county-level gross domestic product (GDP) data. Specifically, this analysis considers total county GDP in 2018 and the contributions to each county’s GDP by industry.
This edition of Useful Stats examines the Bureau of Economic Analysis’ first full release of county-level gross domestic product (GDP) data. Specifically, this analysis considers total county GDP in 2018 and the contributions to each county’s GDP by industry.
While finance and insurance in New York ($222.5 billion) accounted for the single largest contribution to both total county GDP and total U.S. GDP in 2018 — followed by real estate and rental and leasing in Los Angeles ($150.2 billion) — the manufacturing sector was the highest contributor to county GDP in the greatest number of counties. Manufacturing was the primary source for county GDP in 927 out of more than 3100 counties — accounting for nearly $2.3 trillion of total U.S. GDP in 2018. Government and government enterprises (768 counties) accounted for the second most frequent leader in county GDP contributions — totaling $2.4 trillion nationally — followed by real estate and rental and leasing (647 counties) — totaling $2.7 trillion nationally. The next closest industry was agriculture, forestry, fishing and hunting which was the top contributor to GDP in only 209 counties — and only accounting for a national total of $138.4 billion.
The map below shows counties with manufacturing, government, real estate, mining, and agriculture as their predominant industry. The map shows that manufacturing is the leading industry in counties in the Midwest and South while agriculture is centered primarily within the Plains region.
Useful Stats: Employment in high-tech and manufacturing by state, 2013-2017
Many regional economic development strategies emphasize employment in manufacturing or high-tech, as these industries tend to provide well-paying jobs. Through an analysis of American Community Survey five-year data for 2013-2017, SSTI assessed state-level employment concentration within these sectors.
Useful Stats: Gross State Product Increases Nationwide Since 2009
Economic conditions across the country continue to improve, according to the Bureau of Economic Analysis’ (BEA) latest release of gross state product (GSP) data. GSP is derived as the sum of the gross domestic product originating in all the industries in a state. The period between 2008 and 2009, where the U.S. GDP decreased by 2 percent, marked a transition for many states, where their gross state product either decreased from the year before or where their growth rate was subdued.