Commerce Data Show Strong Economic Gains Due to Americans Making and Spending More – US Department of Commerce
Commerce Data Show Strong Economic Gains Due to Americans Making and Spending More US Department of Commerce
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The U.S. Economy Grows at 2.8% in Q3 2024
The U.S. Commerce Department’s Bureau of Economic Analysis (BEA) reported last week that real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024. This growth was largely driven by increased consumer spending, as Americans made and spent more. Consumer spending saw a significant increase of 3.7%, the highest since early 2023, thanks to rising incomes.
Strong Economic Growth under the Biden-Harris Administration
Under the Biden-Harris Administration, the economy has grown by 12.6%, with the lowest average unemployment rate in 50 years and the creation of 16 million jobs. This demonstrates stronger economic growth than any other presidential term this century.
Continued Investments in Manufacturing
Investments in manufacturing continue to thrive, with construction spending amounting to $1,621.4 billion during the first nine months of 2024. This is a 7.3% increase compared to the same period in 2023, according to the latest estimates from the U.S. Census Bureau. The construction of houses and factories has been a major contributor to GDP, driving annual manufacturing construction spending.
For more information, see our latest blog, Manufacturing Booms Thanks to Biden-Harris Administration Investments.
By the Numbers is a blog series that showcases the Commerce Department’s economic indicators and how they impact the American economy.
SDGs, Targets, and Indicators in the Article
SDGs Addressed or Connected to the Issues Highlighted in the Article:
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 10: Reduced Inequalities
Specific Targets Under Those SDGs Based on the Article’s Content:
- SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- SDG 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.
- SDG 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product.
- SDG 10.4: Adopt policies, especially fiscal, wage, and social protection policies, and progressively achieve greater equality.
Indicators Mentioned or Implied in the Article:
- Gross Domestic Product (GDP) growth rate
- Consumer spending increase
- Unemployment rate
- Number of jobs created
- Construction spending
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries. | Gross Domestic Product (GDP) growth rate |
| SDG 8: Decent Work and Economic Growth | 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation. | Unemployment rate, Number of jobs created |
| SDG 10: Reduced Inequalities | 10.4: Adopt policies, especially fiscal, wage, and social protection policies, and progressively achieve greater equality. | Consumer spending increase |
| SDG 9: Industry, Innovation, and Infrastructure | 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product. | Construction spending |
Explanation:
1. The issues highlighted in the article are connected to SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 10 (Reduced Inequalities). These goals are related to economic growth, job creation, industrialization, and reducing inequalities.
2. Based on the article’s content, the specific targets that can be identified are SDG 8.1 (sustaining economic growth), SDG 8.3 (promoting job creation and entrepreneurship), SDG 9.2 (promoting inclusive industrialization), and SDG 10.4 (achieving greater equality).
3. The indicators mentioned or implied in the article that can be used to measure progress towards the identified targets are GDP growth rate, consumer spending increase, unemployment rate, number of jobs created, and construction spending. These indicators provide quantitative data to assess the achievement of the targets mentioned in the article.
Source: commerce.gov
