Survey of Current Business
November 2019
Volume 99, Number 11

The 2019 Annual Update of the Industry Economic Accounts

Initial Statistics for the Second Quarter of 2019
Revised Statistics for 2014–2018 and the First Quarter of 2019

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On October 29th, the Bureau of Economic Analysis (BEA) released estimates of real gross domestic product (GDP) by industry for the second quarter of 2019 and revised quarterly and annual estimates beginning with 2014. These estimates reflect newly available source data for the second quarter of 2019 as well as new and revised data for 2014 through the first quarter of 2019, which were incorporated as part of this year’s annual update of the Industry Economic Accounts (IEAs).

The revisions to the statistics for 2014 through the first quarter of 2019 also reflect the results from the 2019 annual update of the National Income and Product Accounts (NIPAs) and the 2019 annual update of BEA’s international transactions accounts (ITAs).1

The statistics show that economic growth in the second quarter of 2019 was led by private services-producing industries. Professional, scientific, and technical services; real estate and rental and leasing; and mining together contributed 1.23 percentage points to the overall 2.0 percent increase in real GDP, with 14 of 22 industry groups contributing to growth (chart 1).

The newly released estimates include real, nominal, and price data on value added, gross output, and intermediate inputs for both annual and quarterly frequencies. Annual statistics are available for 1947 onward.2 In addition, more detailed annual statistics at the 138 industry level are available as part of the underlying detail for the IEAs for 1997 onward. Quarterly statistics are available at the 71 industry publication level for the first quarter of 2005 onward.

Table 1 shows the percent changes in real value added in the second quarter of 2019 by major industry group.

  • Real GDP increased at a 2.0 percent annualized rate in the second quarter of 2019. Overall, 14 of 22 major industry groups contributed to GDP growth.
  • Professional, scientific, and technical services, the leading contributor to GDP growth, increased 7.4 percent after increasing 8.0 percent. The increase was led by a 7.0 percent increase in miscellaneous professional, scientific, and technical services.
  • Real estate and rental and leasing, the second leading contributor to GDP growth, increased 2.6 percent after increasing 0.8 percent. This growth primarily reflected an 8.3 percent increase in other real estate.
  • Mining increased 23.5 percent after increasing 26.0 percent. This growth was mainly driven by a 34.5 percent increase in oil and gas extraction.
  • Federal government increased 7.6 percent after decreasing 5.1 percent. The second quarter increase was driven by a 20.3 percent increase in federal nondefense.
  • Utilities increased 18.1 percent after decreasing 3.5 percent.
  • Information increased 4.4 percent in the second quarter after increasing 1.5 percent. The second quarter increase was driven by a 15.4 percent increase in data processing, internet publishing, and other information services.
  • Finance and insurance increased 2.0 percent after increasing 20.9 percent. The increase was driven by a 7.3 percent increase in insurance.
  • Health care and social assistance increased 1.6 percent after increasing 5.3 percent, primarily reflecting an 8.3 percent increase in social assistance and a 1.0 percent increase in ambulatory health care services.
  • Administrative and waste management services increased 3.2 percent after decreasing 0.9 percent. The increase was driven by a 2.8 percent increase in administrative and support services.
  • Wholesale trade decreased 6.7 percent after decreasing 0.8 percent.

Table 2 shows each industry’s contribution to real GDP growth in the second quarter of 2019.

  • U.S. economic growth decelerated in the second quarter of 2019, increasing 2.0 percent after increasing 3.1 percent in the first quarter. Deceleration in 13 out of 22 major industry groups contributed to the deceleration in overall economic activity.
  • Finance and insurance was the leading contributor to the deceleration in real GDP growth, contributing 0.16 percentage point to GDP growth after contributing 1.45 percentage points in the first quarter. The deceleration in this sector was driven by a downturn in securities, commodity contracts, and investments.
  • Retail trade was the second-largest contributor to the deceleration in real GDP growth, contributing just 0.01 percentage point after contributing 0.46 percentage point. The deceleration in retail trade was driven by a slowdown in other retail.
  • Wholesale trade was the third-largest contributor to the deceleration with a contribution of 0.41 percentage point following a contribution of 0.05 percentage point.
  • Health care and social assistance contributed 0.12 percentage point after contributing 0.39 percentage point. The deceleration was largely driven by a deceleration in ambulatory health care services.
  • Construction turned down, subtracting 0.01 percentage point after contributing 0.16 percentage point last quarter.
  • Federal government, which turned up, was the largest offsetting industry group to the deceleration, contributing 0.28 percentage points after subtracting 0.20 percentage point. The upturn was largely driven by federal nondefense.

Annual updates are conducted to maintain the accuracy and relevance of BEA accounts, incorporating source data that are more complete and reliable than those previously available. Past annual updates have typically affected the 3 most recent years of previously published estimates. Beginning with this year’s annual update, the revision window was extended back an additional 2 years, featuring revised annual and quarterly estimates for 2014 through the first quarter of 2019. As is usual for the annual IEA revisions, the incorporation of more complete and revised source data and the results of the 2019 annual update of the NIPAs and the ITAs were the primary drivers of the revisions. Overall, the revised statistics continue to reflect the same picture of economic growth observed in the previously published estimates.

Improvements incorporated during this annual update include the incorporation of new and revised source data, the incorporation of the 2019 annual update of the NIPAs, and new and revised supply-use tables (SUTs).

Source data

The updated estimates reflect the incorporation of newly available and revised source data, which are regularly included in the annual updates and which became available after the comprehensive update in November 2018. These data include the following:

  • U.S. Census Annual Survey of State and Local Government Finances for fiscal year 2014–2016 (revised) and 2017 (new)
  • U.S. Census Annual Wholesale Trade Survey for 2014–2016 (revised) and 2017 (new)
  • U.S. Census Annual Retail Trade Survey for 2014–2016 (revised) and 2017 (new)
  • U.S. Census Service Annual Survey for 2016–2017 (revised) and 2018 (new)
  • Office of Management and Budget federal government budget data for fiscal years 2016–2019
  • BEA international transactions accounts statistics for 2016–2018 (revised)
  • Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages for 2015–2017 (revised)
  • Internal Revenue Service (IRS) tabulations of corporate tax returns for 2016 (revised) and for 2017 (new)
  • IRS tabulations of sole proprietorship and partnership tax returns for 2017 (new)
  • U.S. Department of Agriculture Economic Research Service farm statistics for 2016–2018 (revised)

Some of the source data that are typically incorporated as part of the annual update were not available for incorporation this year. Specifically, the Census Bureau Annual Survey of Manufactures (ASM) for 2017 was not available, because the survey is not conducted in years during which the quinquennial Economic Census is conducted; results from the Economic Census for 2017 are being released on a flow basis between now and December 2021. Typically, data from the ASM would replace data from the Census Bureau monthly survey of Manufacturers' Shipments, Inventories, and Orders. Additionally, the annual revision of the Census Bureau Value of Construction Put in Place series was not available in time for incorporation into the IEAs due to the partial shutdown of the federal government.3

Principal sources of data used to construct current-dollar and chained-dollar estimates for benchmark and nonbenchmark years can be found in table A and table B. Principal sources of data used to construct the quarterly estimates can be found in table C.

The 2019 annual update of the NIPAs

The IEAs are a consistent time series that are fully integrated with the NIPAs, thus the results of the 2019 annual update of the NIPAs directly affects the industry statistics.4 The most significant revisions for 2014 through the first quarter of 2019 resulted from the incorporation of revised and newly available source data into the NIPA estimates of personal consumption expenditures (PCE), corporate profits, proprietors’ income, and net interest. Additionally, estimates of PCE and corporate profits were further revised to reflect ongoing improvements to the NIPA seasonal adjustment process.5 Following the comprehensive update of the NIPAs in 2018, the revision period was expanded to include the previous 5 years (beginning with 2014) in order to better account for the impact of seasonal trends on the data. The updated seasonal factors reflect a mix of data that are seasonally adjusted by source agencies as well as data directly adjusted by BEA.

Supply-use tables

New SUTs for 2018 and revised SUTs for 2014 through 2017 are available with the 2019 annual update of the IEAs. Beginning with the 2018 comprehensive update of the IEAs, the supply-use framework is BEA’s featured presentation of input-output tables. The tables provide an integrated presentation of the total supply of goods and services from both domestic and foreign producers and the use of this supply. The supply table presents the total supply of goods and services from both domestic and foreign producers that are available for use in the domestic economy. The use table shows the use of this supply by domestic industries as intermediate inputs and by final users including exports. The tables also show value added by industry.

The percent change in real GDP growth for the first quarter of 2019 was unrevised at 3.1 percent. Private goods-producing industries was revised down 4.0 percentage points to 0.8 percent. Private services-producing industries was revised up 1.1 percentage points to 4.5 percent. The direction of growth in real value added was revised in 6 of 22 major industry groups.

  • The 18.0 percentage points downward revision to real value added in nondurable goods manufacturing drove the downward revision within private goods-producing industries; the growth in this industry was revised down to −9.6 percent from 8.4 percent and was driven by petroleum and coal products.
  • Finance and insurance was the leading driver of the upward revision within private services-producing industries. This industry was revised up to 20.9 percent from 9.5 percent.
  • Professional, scientific, and technical services was revised up to 8.0 percent from 2.1 percent.

Quarterly statistics for the 2014–2018 period were benchmarked to the corresponding annual estimates, and revisions to these quarters typically follow the revisions to the annual data. Updated quarterly source data and revised seasonal factors also contribute to revisions to the quarterly estimates in these periods. Table 3 presents revisions to annual percent changes in real value added by industry group.

2018

Real growth in GDP was unrevised from 2.9 percent in 2018. Private services-producing industries was revised up to 3.2 percent from 2.9 percent. Private goods-producing industries was revised down 0.2 percentage point to 3.2 percent. Government was revised up to 0.8 percent from 0.0 percent. The direction of growth was unchanged in 20 of 22 major industry groups (chart 2).

  • Finance and insurance drove the upward revision to real value added for private services-producing industries. Growth in this industry was revised from −3.1 percent to −1.9 percent. This revision was led by revisions to insurance carriers and related activities and securities, commodity contracts, and investments.
  • Durable goods manufacturing was revised down 0.7 percentage point and led the downward revision in private goods-producing industries. The downward revision in durable goods manufacturing was led by the motor vehicles, bodies and trailers, and parts industry.
  • Utilities was revised down from 2.1 percent to −0.2 percent. The downward revision was driven by the incorporation of newly released BLS Producer Price Index data for electric power generation.

2017

Real GDP growth was revised upwards in 2017 from 2.2 percent to 2.4 percent, reflecting upward revisions in both the private goods-producing industries and the private services-producing industries. The private goods-producing industries was revised up 1.1 percentage points to 2.7 percent. Private services-producing industries was revised up 0.2 percentage point to 2.5 percent. Government was revised up from 0.7 percent to 0.9 percent. The direction of growth was unchanged in 21 of 22 major industry groups, with utilities as the only major industry group that had a revision in the direction of growth.

  • Mining was the leading contributor to the upward revision in private goods-producing industries with an upward revision of 5.7 percentage points to 7.2 percent and was driven by the oil and gas extraction industry.
  • Real estate and rental and leasing was the leading contributor to the upward revision in private services-producing industries with an upward revision of 1.2 percentage points to 2.2 percent and was driven by an upward revision in other real estate.
  • Utilities was revised from −1.0 percent to 1.7 percent as a result of the incorporation of newly available data from the Statistics of Income.

2016

Real GDP was unrevised at 1.6 percent in 2016. Private goods-producing industries was revised up to 0.2 percent from −0.2 percent. Private services-producing industries was revised down 0.1 percentage point to 2.0 percent. Government was unrevised at 1.0 percent. The direction of growth was unchanged in 20 of 22 major industry groups.

  • The leading contributor to the upward revision for private goods-producing industries was durable goods manufacturing, which was revised up from −0.5 percent to 0.4 percent.
  • Information was the leading driver to the downward revision to private services-producing industries. Information was revised down 1.8 percentage points to 8.7 percent and was led by a downward revision to data processing, internet publishing, and other information services.

2015

Real GDP was unrevised at 2.9 percent in 2015. Private services-producing industries was revised up to 3.4 percent from 3.3 percent. Private goods-producing industries was revised up to 2.8 percent from 2.4 percent. Government was revised up to 0.1 percent. The direction of growth was unchanged in 21 of 22 major industry groups, with nondurable goods as the only major industry group that had a change in the direction of growth.

  • Finance and insurance was revised up to 3.6 percent from 2.8 percent, led by an upward revision in insurance carriers and related activities.
  • Health care and social assistance was revised up to 4.3 percent from 3.6 percent, led by an upward revision in hospitals.
  • Nondurable goods was revised up to 0.1 percent from −0.4 percent and reflected upward revisions to food and beverage and tobacco products, chemical products, and plastics and rubber products.

2014

Real GDP was unrevised at 2.5 percent in 2014. Private goods-producing industries was revised up to 2.8 percent from 2.1 percent. Private services-producing industries was revised up to 2.9 percent from 2.8 percent. Government was unrevised at −0.2 percent. There were no revisions in the direction of growth within the 22 major industry groups.

  • Nondurable goods was revised up to 2.0 percent from 1.2 percent and reflected upward revisions to petroleum and coal products manufacturing.
  • Durable goods was revised up to 1.5 percent from 0.8 percent.

Data Availability and Methodology

Data availability. The entire time series of industry statistics are available interactively on the BEA website. The GDP by industry section includes real, current-dollar, and price data for value added, gross output, intermediate inputs, and KLEMS (K-capital, L-labor, E-energy, M-materials, and S-purchased services) statistics as well as access to the underlying detail tables. The input-output section includes an annual time series of supply and use tables as well as total requirements tables. The 2007 and 2012 benchmark tables are also available.

Methodology. For information on the methodology for preparing the annual statistics, see Donald D. Kim, Erich H. Strassner, and David B. Wasshausen, “Industry Economic Accounts: Results of the Comprehensive Revision and Revised Statistics for 1997–2012,” Survey 94 (February 2014). For information on the methodology used for preparing the 2012 benchmark input-output tables, see Concepts and Methods of the U.S. Input-Output Accounts on the BEA website. For more detailed information on the updates to methodology and source data in the 2018 comprehensive update, see Thomas F. Howells III, Edward T. Morgan, Kevin B. Barefoot, Louis E. Feagans, Teresa L. Gilmore, and Chelsea K. Smith-Nelson, “Preview of the 2018 Comprehensive Update of the Industry Economic Accounts,” Survey of Current Business 98 (August 2018). For information on the methodology for preparing the quarterly statistics, see Erich H. Strassner and David B. Wasshausen, “New Quarterly Gross Domestic Product by Industry Statistics,” Survey 94 (May 2014).


  1. For more information, see “The 2019 Annual Update of the National Income and Product AccountsSurvey of Current Business 99 (August 2019) and Eric Bryda, C. Omar Kebbeh, and Ted Peck, “Annual Update of the U.S. International Transactions AccountsSurvey 99 (July 2019).
  2. With the release of the 2019 annual update of the IEAs, the statistics for 1947–1996 have been updated to reflect the 2018 comprehensive update.
  3. Certain federal government agencies were shut down from December 22, 2018, through January 25, 2019, due to a lapse in appropriations; as a result, the annual revision of Census Bureau construction data was not released in time for incorporation in this annual update.
  4. See Erich H. Strassner and David B. Wasshausen, “Preview of the 2013 Comprehensive Revision of the Industry Economic Accounts: Statistical ChangesSurvey 93 (June 2013): 19–33.
  5. For more information, see Benjamin Cowan, Shelly Smith, and Sarahelen Thompson, “Seasonal Adjustment in the National Income and Product Accounts: Results From the 2018 Comprehensive UpdateSurvey 98 (August 2018).