Digital Economy Accounted for 6.9% of GDP in 2017

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According to recent analysis from the U.S. Bureau of Economic Analysis, the digital economy accounted for 6.9% of the U.S. gross domestic product (GDP) in 2017, amounting to $1.35 trillion.  Interestingly, as noted in the chart below, “real estate and rental & leasing” had the largest share of the nation’s GDP.  The GDP is the value of the goods and services produced by a nation’s economy less the value of the goods and services used up in production.  The GDP by industry, or value added, is a measure of an industry’s contribution to overall GDP. According to the BEA’s initial estimates, the digital economy was an engine of GDP growth throughout the period these statistics cover especially when you consider it supported 5.1 million jobs (3.3 percent of total U.S. employment) – about the same share as the transportation and warehousing industry’s share.

Click here to read the full story at the U.S. Bureau of Economic Analysis.

 

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Director of Education & Outreach, National Real Estate Investors Association

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