Multiple industries contributed to 2010 upturn in U.S. economic growth
April 26, 2011-- Casual Living,
Durable-goods manufacturing and retail trade were among the leading contributors to the upturn in U.S. economic growth in 2010, according to preliminary statistics on the breakout of real gross domestic product by industry from the Bureau of Economic Analysis (Dept. of Commerce).
The economic recovery was widespread: 20 of 22 industry groups contributed to real GDP growth.
Manufacturing value added (a measure of an industry's contribution to GDP) rose 5.8% in 2010, a sharp return to growth after declining two consecutive years. Durable-goods manufacturing turned up, increasing 9.9% after declining 12.7% in 2009. Nondurable-goods manufacturing rose 0.8% after declining 3.4% in 2009.
Retail trade value added grew 5.2% in 2010, reflecting increased consumer purchases following two consecutive years of contraction.
Information/communications/technology-producing industries increased 16.3% in 2010, returning to double-digit growth for the first time since 2005.
Related Content By Author
Casual Friday: Retailer Lowdown