Its increased contribution to growth seems to have legged up on several factors—such as the tax policies and the regulatory environment encouraging reshoring activities, transportation and energy costs, industry innovations, and rising labor costs in manufacturing bases such as China. Please review the copyright information in the series notes before sharing. U.S. Bureau of Economic Analysis, Release: See something interesting? Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Discover Deloitte and learn more about our people and culture. Source: https://fred.stlouisfed.org/series/ILNQGSP, Millions of Dollars, Seasonally Adjusted Annual Rate, Frequency: Categories > U.S. Releases from U.S. Bureau of Economic Analysis, More Only in the professional and business services industry, 72.4 percent of the services produced was primarily used as intermediate inputs by all industries. In addition, technology and information advancements will make it important for all industries to become highly dependent on information services. Interestingly, services industries consumed a significant share of their own output as intermediary inputs. September 23, 2020. Copy a customized link that shows your highlighted text. to receive more business insights, analysis, and perspectives from Deloitte Insights, Financial Risk, Transactions & Restructuring, Telecommunications, Media & Entertainment, Aging populations will challenge healthcare systems all over the world, How the financial crisis reshaped the world’s workforce, Consumers in advanced economies: A tussle between tailwinds and headwinds, All in a day’s work—and sleep and play: How Americans spend their 24 hours, US-China relationship could disrupt supply chains. Are you sure you want to remove this series from the graph? A podcast by our professionals who share a sneak peek at life inside Deloitte. 733 10th Street NW Suite 700 Washington, DC 20001. However, a lot will depend on final demand by users as they are the primary growth drivers. Explore the Economics Spotlight collection, Download the Deloitte Insights and Dow Jones app. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. The state is the leading producer of soybeans, corn and swine within the United States, and according to the USDA, the Illinois agriculture industry as a whole generates over $17 billion annually. It also has one of the lowest suicide rates. Within services, the industry that makes up Wall Street—finance, insurance, and real estate—alone accounted for a fifth of the total economy, making it the largest industry by contribution to GDP. In concept, an industry's GDP by metropolitan area, referred to as its "value added", is equivalent to its gross output (sales or receipts and other operating income, commodity taxes, and inventory change) minus its intermediate inputs (consumption of goods and services purchased from other U.S. industries or imported).