April 26th, 2011
Econintersect: According to advance data, 20 of 22 industry groups contributed to real GDP growth in 2010. The summary:
- Manufacturing value added—a measure of an industry’s contribution to GDP—rose 5.8 percent in 2010, a sharp return to growth after declining two consecutive years. Durable-goods manufacturing turned up, increasing 9.9 percent after declining 12.7 percent in 2009. Nondurable-goods manufacturing rose 0.8 percent, after declining 3.4 percent in 2009.
- Retail trade value added grew 5.2 percent in 2010, reflecting increased consumer purchases following two consecutive years of contraction.
- Information-communications-technology-producing industries increased 16.3 percent in 2010, returning to double-digit growth for the first time since 2005.
The largest contributors to this growth was durable goods and Information-communications-technology-producing industries. The economic drags were construction and state / local governments.