An interactive visualization of state Gross Domestic Product by industry, reported quarterly.
The Bureau of Economic Analysis is an agency of the United States Department of Commerce. BEA describes its role as “Along with the Census Bureau, BEA is part of the Department’s Economics and Statistics Administration. BEA produces economic accounts statistics that enable government and business decision-makers, researchers, and the American public to follow and understand the performance of the Nation’s economy. To do this, BEA collects source data, conducts research and analysis, develops and implements estimation methodologies, and disseminates statistics to the public.”
One series BEA produces is gross domestic product (GDP) by state for industry sectors on an quarterly basis. BEA defines GDP as “the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production.” It is the value of the final goods and services produced.
I’ve gathered the data for this series for all states and regions and present it in two interactive visualizations. The data is presented in real dollars, meaning that BEA adjusted the numbers to account for changes in the price level, or inflation. These visualizations use quarterly data. One visualization presents the dollar values, and the second presents the change from the previous quarter, expressed as an annualized rate.
Tabs along the top of the visualization hold different views of the data. You may select a time period, one or more industries, and one or more states. One tab holds the percent of GDP that each industry contributes to the state. The visualization was created using Tableau Public.
According to BEA, “Real GDP is in millions of chained 2012 dollars. Industry detail is based on the 2012 North American Industry Classification System (NAICS). Chained (2012) dollar series are calculated as the product of the chain-type quantity index and the 2012 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The difference between the United States and sum-of-states reflects federal military and civilian activity located overseas, as well as the differences in source data used to estimate GDP by industry and the expenditures measure of real GDP.”
For more visualizations, click here.