Information on 2024 Annual Updates to the National, Industry, and State and Local Economic Accounts

The 2024 update of the NEAs covers the first quarter of 2019 through the first quarter of 2024 and resulted in revisions to gross domestic product (GDP), GDP by industry, gross domestic income, and related components. The reference year for index numbers and chained-dollar estimates remains 2017.

Results

Briefing

• Results of the 2024 Annual Update of the National Economic Accounts PDF

Summary of Results

• Text PDF
• Tables (includes supplemental tables for selected time spans and business cycles)  XLSX

Note: Updated statistics for the first quarter of 2024 are discussed in the September 26 GDP news release.

NIPA Revisions: Components Detail and Major Source Data and Conceptual Changes Incorporated, 2019-2023 XLSX

Background Information

Source data updates. The annual update will incorporate source data that are more complete and more detailed than those previously available, including the following:

• U.S. Census Bureau (Census) annual surveys of merchant wholesale trade, retail trade, services, and state and local governments
• Federal government budget data
• Internal Revenue Service tabulations of tax returns for corporations, for sole proprietorships, and for partnerships
• U.S. Department of Agriculture farm income statistics
• National Science Foundation annual surveys

Incorporation of International Transactions Accounts. In addition to the source data listed above, the annual update will incorporate results from the 2024 annual update of BEA's International Transactions Accounts, released on June 20, 2024.¹

Methodology improvements and presentational changes

• BEA will improve the territorial adjustment for trade in services with Puerto Rico. The improved measures will be prepared using exports and imports of services data from BEA's Puerto Rico GDP estimates . Currently, the territorial adjustment for trade in services with Puerto Rico is based on balance-of-payments data from Puerto Rico. This change will improve the accuracy of the estimate and better align the NIPAs with BEA's Puerto Rico GDP estimates.
• BEA will use data from Census' Value of Construction Put in Place Survey to define the amount of aggregate investment in new structures by state and local governments each year. This amount was previously defined using data from Census' Annual Survey of State and Local Government Finances (GF). A change was necessary due to a consolidation of data on capital outlays in the GF survey.
• BEA will improve the classification of financial assistance provided by the federal government to extend the solvency of financially troubled multiemployer pension plans, as authorized by the American Rescue Plan Act of 2021. This assistance will be recorded as capital transfers to businesses rather than as financial transactions. Additionally, a new line “net transfers from other sources” will be added to the following tables:
  • NIPA Table 7.20, “Transactions of Defined Benefit and Defined Contribution Pension Plans”
  • NIPA Table 7.21, "Transactions of Defined Benefit Pension Plans"
  • NIPA Table 7.22, "Transactions of Private Defined Benefit Pension Plans"

Table Changes

The template below presents updated formats for the NIPA Interactive Data Application tables. An updated flat file for the NIPA series register is also provided .

• NIPA Interactive Data tables  XLSX
• NIPA series register  TXT

Note: For the 2024 annual update, there are no format changes to the GDP news release tables, the Personal Income and Outlays news release tables, or the NIPA Tables register.

Data Availability

On September 26, 2024:

• News release for "Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 2nd Quarter 2024 and Annual Update”
• “GDP & Personal Income” NIPA tables (quarterly and most annual frequency tables)
• “GDP by Industry” tables (quarterly and annual frequency tables for GDP (value added), gross output, and intermediate inputs by industry), updated for 2019 through the first quarter of 2024
• “Underlying Detail” NIPA tables (quarterly and annual frequency tables)
• Summary of annual update results including:
  • Summary text and tables
  • Briefing slides
  • A table presenting revisions for selected NIPA components and major source data incorporated

On September 27, 2024:

• News release for "Personal Income and Outlays: August 2024"
• All monthly “GDP & Personal Income” NIPA tables
• All monthly “Underlying Detail” NIPA tables

October 2, 2024:

• Fixed Assets Accounts tables
• Remaining NIPA tables published on an “annual only” frequency
• Corrections to Underlying Detail Tables 2BU, 2BUI, and 3BU

Fall 2024:

• Release of NIPA tables 2.9, 3.15-3.21, 5.10, and 7.19
• Survey of Current Business (SCB) article detailing the results of the 2024 Annual Update of the NEAs, which will include:
  • The seven NIPA summary accounts
  • Tables showing the revisions to major aggregates and industry groups
• SCB article detailing the updated summary of NIPA methodologies

1. For more information, refer to "Preview of the 2024 Annual Update of the International Economic Accounts," published in the Survey of Current Business on April 24, 2024, and "Annual Update of the U.S. International Transactions Accounts," published in the Survey of Current Business on July 19, 2024.