Comprehensive revision of gross domestic product by state: advance statistics for 2013 and revised statistics for 1997-2012.
Broda, John E. ; Tate, Robert P.
REAL U.S. gross domestic product (GDP) by state--a measure of
nationwide growth calculated as the sum of GDP of all states deflated by
a national price measure--slowed to 1.8 percent in 2013 after increasing
2.5 percent in 2012. Real GDP increased in 49 states and in all eight
BEA regions in 2013, according to statistics released by the Bureau of
Economic Analysis (BEA). The Rocky Mountain region was the fastest
growing region, increasing 4.1 percent. North Dakota (9.7 percent) was
the fasting growing state (chart 1 and table 1).
Additional 2013 highlights include the following:
* Nondurable-goods manufacturing was the leading contributor to
growth in U.S. real GDP by state. This industry grew 5.3 percent in
2013, rebounding from -0.5 percent in 2012. Growth in this industry
accounted for almost a fifth of the U.S. growth and was the leading
contributor to growth in three of the eight BEA regions and in 10
states.
* Real estate and rental and leasing was the second-largest
contributor to growth in U.S. real GDP by state, accounting for 11.7
percent of U.S. growth. This industry grew 1.6 percent, down from 2.2
percent in 2012. It contributed to growth in 42 states.
* Agriculture, forestry, fishing, and hunting contributed to real
GDP growth in all eight BEA regions and in 49 states. It was the largest
contributor to growth in the Plains region.
* Mining was not a significant contributor to real GDP growth for
the nation, but it played a key role in several states. This industry
was a large contributor to growth in five of the fastest growing states.
It also subtracted significantly from growth in several slow growing
states.
* The government sector subtracted the most from real GDP growth.
The government sector declined 0.9 percent in 2013.
[ILLUSTRATION OMITTED]
GDP by state is the most comprehensive measure of economic activity
in states--the counterpart to GDP in the national income and product
accounts (NIPAs). (1) On June 11, 2014, BEA released advance
current-dollar and real (inflation-adjusted) statistics on GDP by state
for 2013. (2) The release also provided revised statistics for
1997-2012.
This article focuses on growth in real GDP by state and the main
industries that contributed to the growth. It then discusses per capita
real GDP by state, comparing it with per capita personal income. It
concludes by discussing improvements made as part of this comprehensive
revision and the revisions to GDP by state for 1997-2012.
Regional and state growth in 2013
Growth slowed in all regions except the Rocky Mountain and the
Plains regions. In the Rocky Mountain region--the fastest growing region
in 2013--growth increased to 4.1 percent from 2.7 percent in 2012. Each
state in this region grew faster than the national average--Wyoming (7.6
percent), Idaho (4.1 percent), Utah (3.8 percent), Colorado (3.8
percent), and Montana (3.0 percent). The Rocky Mountain region was the
only region in which all states grew faster than the national average.
In the Plains region, growth increased to 2.5 percent in 2013 from 2.3
percent in 2012. Growth in the Southwest region has been higher than the
national average since 2010, primarily due to growth in Texas.
The five fastest growing states in 2013 were North Dakota (9.7
percent), Wyoming (7.6 percent), West Virginia (5.1 percent), Oklahoma
(4.2 percent), and Idaho (4.1 percent). These states, however, only
represent 2.5 percent of the nation's economy.
The five states with the largest real GDP in 2013 were California,
Texas, New York, Florida, and Illinois. These five states represent 39
percent of the nation's economy. Of these five states, Texas grew
the fastest (3.7 percent), followed by Florida (2.2 percent) and
California (2.0 percent). These three states grew faster than the
national average (1.8 percent) in 2013. Texas and California also grew
faster than the national average in 2011 and 2012.
The five states with the smallest real GDP in 2013 were Vermont,
Wyoming, Montana, South Dakota, and North Dakota. These five states only
represent 1.3 percent of the nation's economy. Each of these states
grew faster than the national average--North Dakota (9.7 percent),
Wyoming (7.6 percent), South Dakota (3.1 percent), Montana (3.0
percent), and Vermont (1.9 percent). North Dakota also grew faster than
the national average in 2010, 2011, and 2012, while Vermont, Montana,
and South Dakota grew faster than the national average in 2010 and 2011.
The slowest growing (or declining) states in 2013 were Alaska,
Maryland, and Virginia. Real GDP declined only in Alaska (2.5 percent)
and the District of Colombia (0.5 percent). Growth in Maryland (0.0
percent) and Virginia (0.1 percent) was negligible. In both states,
growth slowed significantly from 2012. In Virginia, growth was 1.3
percent in 2012, and in Maryland, growth was 1.2 percent.
Industry contributions to regional and state growth in 2013
Nondurable-goods manufacturing was the leading contributor to
growth in U.S. real GDP by state in 2013. Growth in this industry
contributed 0.33 percentage point, or approximately 18 percent, of the
nation's real GDP growth of 1.8 percent (table 2). This industry
contributed to real GDP growth in seven of the eight BEA regions and in
40 states. It was the leading contributor to growth in three BEA regions
(Great Lakes, Southeast, and Southwest) and in 10 states. This industry
contributed more than 1.0 percentage point to growth in four
states--Louisiana (2.65 percentage points), Texas (1.19 percentage
points), Indiana (1.08 percentage points) and Montana (1.07 percentage
points).
Nationally, real estate and rental and leasing was the
second-largest contributor to the growth in U.S. real GDP by state,
contributing 0.21 percentage point. This industry has grown for 4
consecutive years since the housing market bust of the last half of the
previous decade. This industry contributed to growth in all eight BEA
regions and in 42 states. It was the leading contributor to growth in
the New England region and in four of the six New England states (Maine,
Massachusetts, New Hampshire, and Vermont). In Florida and Nevada--two
states particularly hard hit by the housing market bust--this industry
improved in 2012 and was the leading contributor to the state's
growth in 2013.
Agriculture, forestry, fishing, and hunting was the third-largest
contributor to growth (0.21 percentage point) for the nation. This
industry contributed to real GDP growth in all eight BEA regions and in
49 states. It was the leading contributor to growth in the Plains region
and in seven states. This industry contributed more than 1.0 percentage
point to growth in North Dakota (1.79 percentage points), South Dakota
(1.67 percentage points), Iowa (1.41 percentage points), Nebraska (1.36
percentage points), and Idaho (1.14 percentage points). South Dakota,
Iowa, and Nebraska recovered from the effects of the drought that
affected the Midwest in 2012.
Although mining's contribution to real GDP growth for the
nation was quite small, this industry strongly influenced several
states. This industry was the largest contributor to growth in the Rocky
Mountain region and in eight states. In North Dakota, the fastest
growing state in 2013, mining contributed 3.61 percentage points to real
GDP growth of 9.7 percent. In West Virginia, mining contributed 5.49
percentage points to real GDP growth of 5.1 percent. In Wyoming, the
second-fastest growing state in 2013, mining contributed 6.12 percentage
points to real GDP growth of 7.6 percent. By contrast, mining subtracted
2.55 percentage points from growth in Alaska, the only state with a
decline in growth in 2013. This industry also subtracted more than a
percentage point from growth in Louisiana (-2.42 percentage points) and
Nevada (-1.26 percentage points), significantly reducing these
state's growth rates.
The government sector subtracted from real GDP growth in 2013. This
sector subtracted from growth in six of eight BEA regions and in 39
states and the District of Columbia. It was the leading detractor from
growth in five BEA regions and in 22 states. This sector shaved 0.41
percentage point from real GDP growth in Georgia and Louisiana. A
decline in the government sector was the primary factor for real GDP
decreasing in 2013 in the District of Columbia, where the federal
government accounts for nearly 32 percent of GDP.
Per capita real GDP by state
Per capita real GDP by state ranged from $70,113 in Alaska to
$32,421 in Mississippi (chart 2 and table 3). Alaska's per capita
real GDP was 43 percent above the national average. The mining sector
was the leading contributor to the state's high per capita real
GDP; mining accounted for 29.5 percent of Alaska's economy in 2013.
North Dakota had the second-highest per capita real GDP at $68,804.
The oil boom in North Dakota has significantly raised the state's
per capita real GDP from slightly below the national average in 2008 to
40 percent above the national average in 2013.
Wyoming, Connecticut, and Massachusetts had the next highest per
capita real GDP.
Mississippi, Idaho, South Carolina, West Virginia, and Alabama were
the states with the lowest per capita real GDP in 2013.
Mississippi's per capita real GDP was 34 percent below the national
average. States with the lowest per capita real GDP are more
concentrated in an area of the United States: These five states
represent two of the eight BEA regions, and four of these states are in
the Southeast region.
Per capita real GDP by state and per capita personal income. Per
capita real GDP by state and per capita personal income both measure the
economic well-being of a state. Although there are many similarities
between the two measures, there are also several differences. Per capita
real GDP is measured by place of work, but per capita personal income is
measured by place of residence. Per capita real GDP includes corporate
income, but per capita personal income does not. Per capita personal
income includes entitlements, such as social security and Medicare
payments, but per capita real GDP by state does not.
The District of Columbia had the highest per capita real GDP and
highest per capita personal income. The District of Columbia's per
capita real GDP was more than three times the national average and
reflects that many people commute into the District of Columbia for
work.
Eight of the states that ranked in the top 10 in per capita real
GDP also ranked in the top 10 in per capita personal income.
Connecticut, which ranked fourth in per capita real GDP, was the top
ranked state in per capita personal income. The higher ranking in per
capita personal income reflects that a significant number of people
living in Connecticut commute into New York City for work.
[ILLUSTRATION OMITTED]
Seven of the states that ranked in the bottom 10 in per capita real
GDP also ranked in the bottom 10 in per capita personal income.
Mississippi ranked last in both per capita real GDP and per capita
personal income.
Several states ranked in the highest or lowest category in one
measure but not in the other. Alaska ranked in the top 10 in both per
capita GDP by state and per capita personal income, but the rankings
differed by eight places: it ranked first in per capita real GDP but
ninth in per capita personal income.
Revisions
BEA's June release of GDP by state included revised statistics
for 2012 at a more detailed industry level and revised statistics for
1997-2011. These statistics incorporate the 2014 comprehensive revision
of GDP by state. Comprehensive revisions differ from annual revisions in
scope and in the number of years subject to revision. Comprehensive
revisions occur approximately every 5 years and incorporate more
detailed methodological and statistical changes than annual revisions.
Methodological and statistical improvements. The 2014 comprehensive
revision of GDP by state not only incorporates new and revised source
data, but it also includes significant improvements in classifications
and statistical methods in order to more accurately portray the state
economies. Significant changes introduced with this revision include the
following:
* Updated industry definitions consistent with the 2007 North
American Industry Classification System (NAICS)
* Results of the 2013 comprehensive revision of state personal
income (3)
* Results of the 2013 comprehensive revision of the national income
and product accounts and the 2014 comprehensive revision of the industry
economic accounts, which included the recognition of research and
development (R&D) expenditures as capital, the capitalization of
entertainment, literary, and other artistic originals, the expansion of
the capitalization of the ownership transfer costs of residential fixed
assets, the use of an improved accrual accounting treatment of
transactions for defined benefit pension plans, and improved methods for
computing financial services provided by commercial banks (4)
Even though significant improvements were incorporated into GDP by
state for this comprehensive revision, the overall picture of the state
economies remains similar to the picture shown by the previous
statistics. One of the larger improvements to GDP by state was the
capitalization of R&D and entertainment, literary, and other
artistic originals. (5) This improvement resulted in revised levels of
GDP for many states and industries, but it did not significantly change
growth rates. Likewise, revisions from incorporating new and revised
source data were small for most states and industries.
Revised advance statistics for 2012. Revisions to the advance
statistics of GDP by state for 2012, which were released in June 2013,
were generally larger than revisions for 1997-2011. The advance
statistics for 2012 correctly indicated the direction of change in 47
states, and they correctly identified whether a state grew at a faster
or a slower pace than U.S. real GDP growth for 39 states and the
District of Columbia. In addition, 31 states and the District of
Columbia stayed in the same growth category (fast, moderate, or slow),
16 states moved one category, and 3 states moved two categories.
Current-dollar statistics for 1997-2009. Revisions to the
current-dollar statistics, measured as a percentage of the previously
published data, were fairly small for most states. The mean absolute
revision for 1997-2009 for the United States was 3.5 percent (table 4).
In 29 states, the mean absolute revision was 3 percent or less; 38
states had a mean absolute revision of 4 percent or less. For 1997-2009,
the revisions ranged from -6.8 percent for Delaware in 2009 to 12.4
percent for Wyoming in 2008.
Current-dollar statistics for 2010-2012. Revisions for 2010-2012
were generally larger than revisions for 1997-2009. For 2010-2012, the
mean absolute revision for the United States was 3.4 percent.
Twenty-four states and the District of Columbia had a mean absolute
revision of 3.0 percent or less; 33 states and the District of Columbia
had a mean absolute revision of 4.0 percent or less. The largest
revisions over this period stemmed from national revisions. For
2010-2012, the revisions ranged from -9.0 percent for Delaware in 2011
to 15.0 percent for Alaska in 2012. For Delaware, the revisions in
2010-2012 were mainly due to a downward revision in banking. For Alaska,
the revisions in 2010-2012 were due to an upward revision to mining.
Real (chained-dollar) GDP by state. Revisions to the real GDP
growth rates for 1998-2012 primarily reflected revisions to the
current-dollar statistics, some of which are mentioned above. The
revisions to the real GDP growth rates were measured as a percentage
point difference from the previously published growth rate. For
1998-2009, most growth rate revisions were small (table 5). For 2012,
only five states had a revision of 2 percentage points or more (in
absolute terms); the mean absolute revision was 0.9 percentage point.
The states with the largest absolute revisions were North Dakota (6.9
percentage points), West Virginia (-4.7 percentage points), Wyoming
(-3.0 percentage points), Alaska (2.4 percentage points), and Texas (2.1
percentage points).
For 2011, only two states had a revision of 2 percentage points or
more (in absolute terms); the mean absolute revision was 0.8 percentage
point. The states with the largest absolute revisions were Wyoming (3.5
percentage points) and Alaska (2.5 percentage points). For Wyoming the
revision to the growth rate was caused by an upward revision in mining,
except oil and gas. For Alaska, the revision was caused primarily by an
upward revision in oil and gas extraction.
For 2010, most percentage point revisions were small. The growth
rate for South Dakota was revised up 2.7 percentage points and the
growth rates for Arkansas and Rhode Island were revised up 1.4
percentage points.
Acknowledgments
The statistics of gross domestic product (GDP) by state were
prepared by the staff of the Regional Product Division under the
direction of Charles Ian Mead, Chief, and Clifford H. Woodruff III,
Chief of the Regional Product Branch. Joel D. Platt, Associate Director
for Regional Economics, provided general guidance. Contributing staff
members were Sharon D. Panek, Chief of the GDP by State Services
Section, Zheng (Catherine) Wang, Chief of the GDP by State Goods
Section, Frank T. Baumgardner, John E. Broda, Lam X. Cao, Jacob R.
Hinson, Ralph M. Rodriguez, Todd P. Siebeneck, Robert P. Tate, and Shane
T. Taylor. Carol A. Robbins, Chief of the Regional Analysis and Special
Studies Branch, Christian Awuku-Budu, Christopher A. Lucas, and Robert
P. Tate provided guidance and prepared statistics on expenditures for
research and development and entertainment, literary, and artistic
originals.
RELATED ARTICLE: Gross Domestic Product (GDP) by state.
Gross domestic product (GDP) by state is calculated as the sum of
incomes earned by labor and capital and the costs incurred in the
production of goods and services. It includes the wages and salaries
that workers earn, the income earned by sole proprietorships and
partnerships and corporations, and taxes on production and imports--such
as sales, property, and federal excise taxes.
In contrast, GDP in the national income and product accounts
(NIPAs) is calculated as the sum of spending by consumers, businesses,
and government on final goods and services plus investment and net
foreign trade. In theory, income earned should equal spending, but
because of different data sources, income earned, usually referred to as
"gross domestic income (GDI)," does not always equal what is
spent (GDP). The difference is referred to as the "statistical
discrepancy."
U.S. GDP by state differs from the GDP in the NIPAs and thus from
GDP by industry in the annual industry accounts, because the U.S. GDP by
state excludes federal military and civilian activity located overseas,
which cannot be attributed to a particular state. The 2013 statistics on
GDP by industry are identical to those from the 2013 annual revision of
the NIPAs released in July 2013. However, because of revisions since
July 2013, NIPA GDP may differ from U.S. GDP by state.
The statistics on GDP by state for industries for 1997 forward are
based on the 2007 North American Industry Classification System (NAICS).
For each industry, the three components of GDP by state are presented:
compensation of employees, taxes on production and imports less
subsidies, and gross operating surplus. Compensation of employees is the
sum of wage and salary accruals, employer contributions for employee
pension and insurance funds, and employer contributions for government
social insurance. Taxes on production and imports is the sum of federal
excise taxes and customs duties, state and local government sales taxes,
property taxes (including residential real estate taxes), motor vehicle
licenses, severance taxes, other taxes, and special assessments. Gross
operating surplus is the sum of corporate profits, proprietors'
income, rental income of persons, net interest, capital consumption
allowances, business transfer payments, nontax payments, and the current
surplus of government enterprises.
Current-dollar statistics on GDP by state and its components are
scaled to equal national totals of current-dollar GDP by industry and
its components for all industries except federal military and civilian
government. If the national total for an industry differs from the
initial sum-of-states total for an industry, the difference between the
national total and the sum-of-states total is allocated to the states
according to the state distribution of the initial estimates.
The statistics on real GDP by state are prepared in chained (2009)
dollars. Real GDP by state is an inflation-adjusted measure of each
state's GDP that is based on national prices of the goods and
services produced in that state. The statistics on real GDP by state and
on quantity indexes with a base year of 2009 were derived by applying
national chain-type price indexes for value added to current-dollar GDP
by state for the 64 detailed NAICS-based industries for 1997 forward.
The chain-type index formula that is used in the national accounts
is then used to calculate the values of total real GDP by state and of
real GDP by state at more aggregated industry levels. (1) Real GDP by
state may reflect a substantial volume of output that is sold to other
states and countries. To the extent that a state's output is
produced and sold in national markets at relatively uniform prices (or
sold locally at national prices), real GDP by state captures the
differences across states that reflect the relative differences in the
mix of goods and services that the states produce. However, real GDP by
state does not capture geographic differences in the prices of goods and
services that are produced and sold locally.
(1.) For additional information, see J. Steven Landefeld and Robert
P. Parker, "BEA's Chain Indexes, Time Series, and Measures of
Long-Term Economic Growth," Survey of Current Business 77 (May
1997): 58-68; and Gerard P. Aman, George K. Downey, and Sharon D. Panek,
"Comprehensive Revision of Gross State Product: Accelerated
Estimates for 2003 and Revised Estimates for 1977-2002," Survey 85
(January 2005): 80-106.
Data Availability
Summary statistics on gross domestic product (GDP) by state in
current dollars and in real chained (2009) dollars for 2010-2013 are
presented in this article. More detailed statistics for states, BEA
regions, and the United States can be accessed interactively on
BEA's Web site.
The following annual statistics are available at
www.bea.gov/regional:
* Advance statistics on current-dollar GDP by state, real GDP by
state in chained (2009) dollars, and quantity indexes for 2013 for 24
NAICS-based sectors.
* Current-dollar and real GDP by state and quantity indexes for
1997-2012 for 81 NAICS-based subsectors.
* Current-dollar statistics of compensation of employees, taxes on
production and imports less subsidies, taxes on production and imports,
subsidies, and gross operating surplus for 1997-2012 for 81 NAICS-based
subsectors.
* Per capita real GDP by state for 1997-2013. E-mail
gdpbystate@bea.gov or call 202-606-5340 for further information.
RELATED ARTICLE: Advance Statistics on Gross Domestic Product (GDP)
by state for 2013.
The advance statistics on GDP by state are based on source data
that are incomplete or subject to further revision by the source agency.
Revised statistics, based on more complete data, will be released in the
summer of 2015. The advance statistics are prepared at the sector level
of the 2007 North American Industry Classification System. The advance
2013 statistics draw heavily on preliminary 2013 state earnings by
industry, released on March 25, 2014, and on advance 2013 statistics on
GDP by industry, released on April 25, 2014. As a result, the advance
2013 statistics on GDP by state are consistent with the national annual
industry accounts and the state personal income accounts.
The 2013 advance statistics on current-dollar GDP by state were
extrapolated from industry value added (GDP) for 2012, using the change
in state earnings by industry from state personal income statistics. For
two industries, preliminary source data were incorporated: the advance
statistics for the agriculture, forestry, fishing, and hunting sector
incorporated preliminary data on farm sector cash receipts from the U.S.
Department of Agriculture, and the advance statistics for the mining
sector incorporated preliminary data on value of production and prices
from the U.S. Department of the Interior and the U.S. Department of
Energy.
The 2013 advance statistics on GDP by state for all sectors were
scaled to the advance 2013 statistics on GDP by industry by allocating
the difference between the two measures to the states. The sector
statistics were then summed to total GDP for the states.
The advance statistics on real GDP by state for detailed industries
are derived by applying national chain-type price indexes for value
added to the industry values of current-dollar GDP by state. The
chain-type index formula that is used in the national accounts is then
used to calculate the real values for sectors and total real GDP for the
states.
The advance U.S. real GDP by state differs from the corresponding
GDP values in the national income and product accounts (NIPAs) because
of differences in source data and vintages of data used to estimate GDP
by state and NIPA GDP.
RELATED ARTICLE: New recognition of investment increases level of
GDP by state.
A major improvement introduced as part of the 2014 comprehensive
revision of gross domestic product (GDP) by state was the recognition of
expenditures for research and development (R&D) and for
entertainment, literary, and artistic originals as fixed investment.
Entertainment, literary, and artistic originals includes long-lasting,
reproducible works by writers, artists, musicians, and motion picture,
television, and music studios. The July 2013 comprehensive revision of
the national income and product accounts and the January 2014
comprehensive revision of the annual industry accounts recognized these
expenditures as fixed investment and the depreciation of these assets as
consumption of fixed capital. For the nation, treating R&D and
entertainment, literary, and artistic originals as fixed investment
increased the level of GDP by 2.9 percent, on average, in 1997-2012.
The greatest impact on GDP in 1997-2012 was in New Mexico (8.0
percent), Maryland (5.7 percent), Massachusetts (5.4 percent), and the
District of Columbia (5.1 percent). All had average increases from
1997-2012 of greater than 5.0 percent. In New Mexico, Maryland, and the
District of Columbia, most of the increase in GDP was accounted for by
federal government expenditures for R&D, while in Massachusetts,
most of the increase was accounted for by private business expenditures
for R&D.
The adjustments to GDP by state for R&D investment are
estimated with detailed state-level expenditures for R&D from the
National Science Foundation. For entertainment, literary, and other
artistic originals, detailed industry receipts for each state from the
economic census are used to produce benchmark year estimate (1997, 2002,
and 2007). For other years, wage and salary data from the Bureau of
Labor Statistics for these same industries are used to interpolate and
extrapolate the benchmark year estimates.
Average Annual Percent Increase in Current-Dollar GDP From the New
Recognition of Investment, 1997-2012
[In order of increase]
Percent
United States 2.9
New Mexico 8.0
Maryland 5.7
Massachusetts 5.4
District of Columbia 5.1
California 4.9
New Hampshire 4.4
Rhode Island 4.4
Connecticut 3.7
Washington 3.7
Michigan 3.5
Oregon 3.3
Indiana 3.1
New York 3.1
Virginia 3.0
Colorado 2.9
New Jersey 2.8
Vermont 2.7
Alabama 2.7
Utah 2.6
Idaho 2.6
North Carolina 2.6
Ohio 2.5
Pennsylvania 2.5
Arizona 2.5
Minnesota 2.4
Delaware 2.4
Illinois 2.2
Tennessee 2.2
Kansas 2.2
Texas 2.2
Wisconsin 2.0
Iowa 2.0
West Virginia 2.0
Missouri 1.9
South Carolina 1.7
Georgia 1.7
Louisiana 1.7
Florida 1.6
Kentucky 1.6
Maine 1.5
Mississippi 1.5
Nebraska 1.5
North Dakota 1.4
Montana 1.3
Hawaii 1.2
Oklahoma 1.1
Arkansas 1.1
Nevada 1.1
South Dakota 1.1
Alaska 0.9
Wyoming 0.8
GDP Gross domestic product
(1.) This measure differs conceptually from GDP in the national
income and product accounts, though the values are similar. For a
description of the differences, see the box "Gross Domestic Product
(GDP) by State."
(2.) For a description of the abbreviated methodology used to
prepare the advance statistics, see the box "Advance Statistics on
Gross Domestic Product (GDP) by State for 2013."
(3.) See David G. Lenze, "Regional Quarterly Report:
Comprehensive Revision of State Personal Income," Survey of Current
Business 93 (November 2013): 52-56.
(4.) 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): 1-18; Robert Kornfeld, "Initial Results
of the 2013 Comprehensive Revision of the National Income and Product
Accounts," Survey 93 (August 2013): 6-17.
(5.) For more information on the recognition of R&D
expenditures as capital and the capitalization of entertainment,
literary, and other artistic originals, see the box "New
Recognition of Investment Increases Level of GDP by State."
