Economics and Statistics Administration

The U.S. Commerce Department’s Bureau of Economic Analysis today released the advance estimate of gross domestic product (GDP) for the fourth quarter of 2011.  Real GDP rose 2.8 percent at an annual rate, up from 1.8 percent in the third quarter. Real GDP for 2011 overall grew 1.7 percent. The increase in real GDP reflected growth across several key economic sectors.  Real exports of goods and services increased 4.7 percent in the fourth quarter, the same increase as in the third.

WASHINGTON – U.S. Secretary of Commerce John E. Bryson issued the statement below on the release of the November 2011 U.S. International Trade in Goods and Services report by the Commerce Department’s U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Today’s report showed that U.S. exports of goods and services in November 2011 decreased 0.9 percent from October 2011 to $177.8 billion, with this month’s exports of consumer goods ($15.7 billion) the highest on record. U.S. imports of goods and services increased by 1.3 percent to reach $225.6 billion, causing the U.S. trade deficit to increase by 10.4 percent to reach $47.8 billion in November 2011. Petroleum imports increased 31 percent, while crude oil imports rose by 6.5 percent.

WASHINGTON – The Commerce Department’s U.S. Census Bureau today released retail sales data for December and full year 2011. The data reflects strong growth last year, compared to 2010, increasing 7.7 percent.  Excluding automobiles, full year 2011 retail sales grew 7.3 percent.

In the month of December 2011, retail sales increased 0.1 percent from November and 6.5 percent from December 2010.  Excluding autos, December 2011 sales declined 0.2 percent from November but grew 6.0 percent from December 2010.

Department also launches interactive report at www.commerce.gov/competes to highlight study’s findings and work already underway

WASHINGTON – The U.S Department of Commerce today delivered to Congress a comprehensive report on “The Competitiveness and Innovative Capacity of the United States.”  The report serves as a call to arms, highlighting bipartisan priorities to sustain and promote American innovation and economic competitiveness. 

 The report makes three important findings:

WASHINGTON – The Commerce Department's U.S. Census Bureau today released data on new residential construction in November 2011.  Permits for new housing units rose 5.7 percent in November, well-above private-sector expectations of a 1.7 percent decline.  Housing starts soared to their highest level since April 2010, increasing 9.3 percent from October to November and 24.3 percent from November 2010. Private-sector analysts had expected an 0.3 percent rise. 

Today's news was driven in large part by a significant upturn in multi-family housing starts - an increase of 25.3 percent from October to November 2011.  The three-month average of multi-family starts is also up.