Value added GDP by manufacturing industry U.S. 2022 | Statista (2024)

FAQs

What is the GDP of manufacturing in the US in 2022? ›

In 2022 (most recent), Gross domestic product (GDP) was $2,793,651,000,000 in the United States for manufacturing (NAICS sector).

In 2023, the value added by the manufacturing industry to the gross domestic product of the United States was 2.8 trillion U.S. dollars.

The value added of manufacturing industries is a survey concept that refers to the given industries' net output derived from the difference of gross output and intermediate consumption. Value added is calculated without deducing consumption of fixed assets represented by depreciation in economic accounting concepts.

Key Facts. Value added to the economy comprising 10.3% of U.S. GDP in 2023. People employed by more than 244K manufacturers in the U.S.

Statistical concept and methodology. Gross domestic product (GDP) represents the sum of value added by all its producers. Value added is the value of the gross output of producers less the value of intermediate goods and services consumed in production, before accounting for consumption of fixed capital in production.

Service-based industries, including professional and business services, real estate, finance, and health care, make up the bulk (70%) of U.S. GDP. In comparison, goods-producing industries like agriculture, manufacturing, mining, and construction play a smaller role.

Consumption expenditure by households is the largest component of GDP, accounting for more than two-thirds of the GDP in any year.

The service sector, also called the tertiary sector contributes most of the GDP in India. Q.

Manufacturers in the United States account for 10.70% of the total output in the country, employing 8.41% of the workforce. Total output from manufacturing was $2.5 trillion in 2021.

What is manufacturing contribution? ›

Manufacturing Contribution means manufacturing revenues less direct manufacturing expenses, each as calculated in accordance with GAAP.

The term “Value Added Cost” refers to the expenses associated with activities that directly contribute to creating value in the production of goods or services. In other words, these are the costs associated with value-added activities that enhance the product or service from the customer's perspective.

Value added equals the difference between an industry's gross output (consisting of sales or receipts and other operating income, commodity taxes, and inventory change) and the cost of its intermediate inputs (including energy, raw materials, semi-finished goods, and services that are purchased from all sources).

Industry value added (IVA)

The market value of goods and services produced by the industry minus the cost of goods and services used in production. IVA is also described as the industry's contribution to GDP, or profit plus wages and depreciation.

Value added is the difference between gross output and intermediate inputs and represents the value of labor and capital used in producing gross output. The sum of value added across all industries is equal to gross domestic product for the economy.

Manufacturers in the United States account for 10.70% of the total output in the country, employing 8.41% of the workforce. Total output from manufacturing was $2.5 trillion in 2021.

Economists polled by Reuters had forecast factory output rising 0.3%. Production at factories increased 0.8% year-on-year in March. It edged down at a 0.1% annualized rate in the first quarter after contracting at a 0.9% pace in the October-December quarter. Manufacturing accounts for 10.4% of the economy.

Manufacturing activity decreased for a 14th month in a row in December, according to a monthly survey of professionals. The sector has shrunk from its pandemic-era highs, when locked-down customers bought lots of consumer goods.

Global gross domestic product amounts to almost 95 trillion U.S. dollars, with the United States making up more than one fifth of this figure alone.