Returns for domestic nonfinancial business.

Corea, Robert J. ; Retus, Bonnie A.

THE PROFITABILITY of domestic nonfinancial corporations continued to rise in 2013 from a trough reached in 2009, according to statistics from the Bureau of Economic Analysis (BEA). A similar but broader measure of profitability--which includes proprietors' income--rose for a third straight year in 2012, the most recent year for which these statistics are available.

Once a year, BEA reports on sector rates of return for domestic nonfinancial corporations, for nonfinancial industries, and for several major nonfinancial industry sectors, including mining, utilities, construction, manufacturing, wholesale trade, and retail trade.

Two Tobin's Q ratios, which compare the financial-market value of assets with the replacement-cost value of produced assets, are also presented.

These broad measures of profitability, based on returns on assets, may be useful to economists and policymakers. Industry sector rates of return are now available through 2012, and corporate business rates of return are available through 2013. (1) These estimates reflect revised data from both the 2013 comprehensive revision of the national income and product accounts (NIPAs) and the 2014 comprehensive revision of the industry economic accounts (IEAs). (2) This article presents revised and newly available estimates for 1997-2013.

[GRAPHIC 1 OMITTED]

The returns in this article are calculated as the ratio of the net operating surplus to the net stock of produced assets. (3) For nonfinancial corporations, the net operating surplus is the return accruing to capital after labor costs, taxes on production (less subsidies), consumption of fixed capital, and intermediate inputs are deducted from receipts. The net operating surplus is also defined as the sum of corporate profits from current production, net interest payments, and business current transfer payments (see tables 1 and 2 at the end of the article). (4)

The statistics presented for nonfinancial corporations are based on estimates from BEA's NIPAs and fixed assets accounts. The statistics presented for industry groups are calculated using data from BEA's IEAs, NIPAs, and fixed assets accounts. To calculate the Q ratios, additional data on financial market values are drawn from the Federal Reserve Board's financial accounts of the United States.

Corporate returns

In 2013, nonfinancial corporate rates of return on both a before-tax basis and an after-tax basis leveled off after increasing for the last 3 years. The before-tax rate of return was 10.0 percent in 2013, the same as in 2012 and a gain of 2.5 percentage points from the recession low of 7.5 percent in 2009 (chart 1 and table A). The 2012 and 2013 returns matched the earlier interim high reached in 2006. Since 1970, before-tax rates of return have ranged from 7.2 percent in 1980 to 10.0 percent in 2006, 2012, and 2013. In the 1960s, average rates of return were higher, peaking at 13.7 percent in 1965.

Shares of both after-tax and before-tax net value added increased in 2013. The after-tax share reached a high of 19.3 percent, and the before-tax share reached a high of 23.0 percent (table B).

Other measures of profitability--such as BEA's measure of corporate profits from current production--have risen in current dollars and as a share of gross domestic product (GDP) since 2008. The measures presented in this article exclude the volatile financial sector. They compare returns of nonfinancial corporations with their assets rather than with GDP.

Industry returns

Rates of return can also be calculated for industry sectors using data from the IEAs, which provide annual data for 69 industries that together account for total economic activity. Similar to the method used to calculate the rates for nonfinancial corporations, the rates of return for industry sectors are calculated as the net operating surplus divided by the net stock of produced assets.

Like the net operating surplus of nonfinancial corporations, the net operating surplus of nonfinancial industries includes corporate profits from current production, business transfer payments, and net interest payments. However, it also includes proprietors' income, which reflects the income of sole proprietorships and partnerships. For this article the real estate sector, which includes owner-occupied housing, is excluded from the nonfinancial industry data to allow for a better comparison with the nonfinancial corporate returns data, which do not reflect home ownership.

Much of the difference between the total industry rates of return and the corporate rates of return can be attributed to the inclusion of proprietors' income in the industry net operating surplus. However, several statistical differences between the IEAs and the NIPAs also affect the estimates. Notably, all IEA statistics are presented on an establishment basis, whereas the NIPA measure of corporate nonfinancial net operating surplus is presented on a company basis. As a result, the nonfinancial industry measures reflect adjustments that (1) exclude the financial services-producing establishments of primarily nonfinancial corporations and (2) include the nonfinancial services-producing establishments of primarily financial corporations. In addition, the IEA statistics for nonfinancial industries also include a share of the NIPA statistical discrepancy. Despite the differences between the IEA nonfinancial industries aggregate rate of return and the NIPA nonfinancial corporate rate of return, the annual patterns of change of each are similar (chart 2).

[GRAPHIC 2 OMITTED]

The rates of return to nonfinancial industries increased 0.2 percentage point to 13.4 percent in 2012 from 13.2 percent in 2011, the third consecutive year of growth after 4 consecutive years of decline. Similarly, nonfinancial industries' share of net value added increased 0.2 percentage point to 25.6 percent in 2012 from 25.4 percent in 2011 (tables A and B).

Specific industry groups

Along with the total returns for nonfinancial industries, returns were also calculated for eight major sectors: mining, utilities, construction, durable-goods manufacturing, nondurable-goods manufacturing, wholesale trade, retail trade, and "other" nonfinancial industries. This revised disaggregation of industry groups--more detailed than in previous editions of this article--can potentially lead to more interesting analysis and observations of industry performance over the two business cycles covered by these statistics.

With the exception of mining and utilities, all of the sectors had increased rates of return in 2012, compared with 2011. The construction sector had the largest increase, 3.4 percentage points, growing from 54.3 percent in 2011 to 57.7 percent in 2012.5 Returns to manufacturing increased for the third consecutive year, growing from 15.7 percent in 2011 to 16.7 percent in 2012, an increase of 1.0 percentage points.

Highlights include the following (chart 3):

* Downturns in returns to durable-goods manufacturing appear to have been procyclical over the last two business cycles. For example, returns declined for 4 consecutive years--from 12.4 percent in 1997 to 3.8 percent in 2001--leading up to the 2001 recession. During the expansion that followed, returns increased for 5 consecutive years--from 3.8 percent in 2001 to 10.1 percent in 2006--before declining notably in 2008 along with real value added for durable-goods manufacturing and the overall economy. Returns rebounded sharply, doubling from the trough of 5.2 percent in 2009 to 10.4 percent in 2012, which is the highest return since 1997.

* Returns to nondurable-goods manufacturing have remained at elevated levels over the entire period and are less volatile than returns to durable-goods manufacturing. The peak-to-trough fall associated with the most recent full business cycle was 3.2 percentage points, compared with 4.9 percentage points for durable-goods manufacturing.

* Returns to retail trade trended downward for a full decade, from 1998 through 2008. Returns rebounded 2.3 percentage points to 8.6 percent in 2012 from a trough of 6.2 percent in 2008, reflecting relatively large increases in net operating surplus in 2009, 2010, and 2012.

* Returns to wholesale trade remained at elevated levels through the recent business cycle, primarily reflecting growth in net operating surplus growth each year from 2003 to 2012, with the exception of 2009.

[GRAPHIC 3 OMITTED]

Users may find these industry statistics for net operating surplus, produced assets, and rates of return helpful for comparative studies. For example, from 2008 to 2012, the retail trade sector had rates of return notably less than the overall rates for all nonfinancial industries, primarily reflecting a drop in retail's share of nonfinancial industries net operating surplus, while retail's share of produced assets held steady. Conversely, returns to the manufacturing industry group consistently exceeded the nonfinancial industries aggregate over the same period, reflecting falling shares of manufacturing's produced assets while shares of net operating surplus remained fairly stable.

Q ratios

Tobin's Q, or simply "Q," is the ratio of financial-market valuation of corporate assets to the current-cost value of the assets. A Q ratio above 1 indicates that financial markets value corporate assets above their replacement cost; as a Q ratio rises above 1, companies may be more inclined to make direct investments in plant and equipment. A value of Q below 1 indicates that the financial markets value corporate assets below the replacement cost; as Q falls below 1, companies may be more inclined to buy other companies for their capacity rather than make direct investments.

The two Q-type ratios for domestic nonfinancial corporations presented here are defined as follows:

* Q1 is calculated as the market value of outstanding equity divided by the net stock of produced assets.

* Q2 adds the book value of outstanding corporate bonds to the numerator used in Q1. The inclusion of bonds makes Q2 a more complete measure of invested capital, but including them at historical cost is clearly inconsistent with the underlying rationale for Q, which is to provide a comparison of market valuation with replacement cost.

[GRAPHIC 4 OMITTED]

Both Q ratios reached record highs in 1999 since BEA began reporting this series (chart 4 and table C). By 2008, both reached record lows for the decade, when the two measures fell below 1, partly reflecting the recession-related stock market declines. Both Q ratios have recovered from the lows in 2008.

(1.) Industry sector statistics, including value added and gross output, are now available through the fourth quarter of 2013; however, industry-level quarterly statistics on gross operating surplus are not available, therefore rates of return are only available through the year 2012. For details, see Erich H. Strassner and David B. Wasshausen, "New Quarterly Gross Domestic Product by Industry Statistics," Survey of Current Business 94 (May 2014).

(2.) See Stephanie H. McCulla, Alyssa E. Holdren, and Shelly Smith, "Improved Estimates of the National Income and Product Accounts: Results of the 2013 Comprehensive Revision," Survey 93 (September 2013): 14-45 and Donald D. Kim, Erich H. Strassner, and David B. Wasshausen, "Industry Economic Accounts: Results of the Comprehensive Revision," Survey 94 (February 2014).

(3.) Produced assets refer to the net stock of capital plus inventories valued at current (replacement) cost.

(4.) Corporate profits and net interest are based on tabulations of "company" data rather than "establishment" data. As a result, net operating surplus of nonfinancial corporations includes the income earned by the corporation's financial services-producing establishments, and it excludes income earned by the nonfinancial establishments of financial corporations.

(5.) Measuring rates of return for the construction sector presents unique challenges. For example, the classification of produced assets is based on the owning industry rather than on the using industry. It's highly likely that the construction sector leases a significant amount of capital, which is not reflected in the construction sector's produced assets and which would result in overstating the sector's rates of return. For similar reasons, measuring productivity in this sector is also challenging. For more information see Susan Fleck, Steven Rosenthal, Matthew Russell, Erich H. Strassner, Lisa Usher, A Prototype BEA/BLS Industry-Level Production Account for the United States (Chicago: University of Chicago Press, 2013).

Table A. Rates of Return for Domestic Nonfinancial Corporations
and Nonfinancial Industries, 1997-2013
[Percent]

                                     1997      1998      1999

  Nonfinancial
    corporations after tax            7.8       7.2       6.8
  Nonfinancial
    corporations before tax           9.9       9.1       8.8
  Total nonfinancial industries      13.9      13.1      13.1
Mining, utilities, construction       9.9       8.7      10.0
  Mining                              1.5      -1.7      -0.8
  Utilities                           6.0       4.9       5.9
  Construction                       71.3      72.7      71.0
Manufacturing                        14.5      13.2      12.9
  Durable-goods manufacturing        12.4      10.2       8.8
  Nondurable-goods manufacturing     17.1      17.1      18.4
Wholesale trade                      17.8      17.8      17.0
Retail trade                         12.5      13.7      12.5
Other industries (1)                 14.9      14.0      14.0

                                     2000      2001      2002

  Nonfinancial
    corporations after tax            6.1       5.7       6.3
  Nonfinancial
    corporations before tax           8.0       6.9       7.3
  Total nonfinancial industries      12.2      11.4      11.7
Mining, utilities, construction      11.1      11.1       9.2
  Mining                              3.1       3.5       1.1
  Utilities                           5.1       5.1       3.7
  Construction                       71.6      71.4      70.4
Manufacturing                        12.2      10.0      10.7
  Durable-goods manufacturing         8.3       3.8       5.5
  Nondurable-goods manufacturing     17.3      18.1      17.5
Wholesale trade                      17.1      15.4      15.2
Retail trade                         11.4      11.1      11.1
Other industries (1)                 12.0      11.7      12.9

                                     2003      2004      2005

  Nonfinancial
    corporations after tax            6.7       7.2       7.3
  Nonfinancial
    corporations before tax           8.0       9.0       9.6
  Total nonfinancial industries      12.8      13.8      13.8
Mining, utilities, construction      10.9      12.4      12.8
  Mining                              3.7       4.8       6.6
  Utilities                           4.0       4.3       3.4
  Construction                       78.5      89.6      94.2
Manufacturing                        12.5      14.0      14.9
  Durable-goods manufacturing         7.7       8.6       9.8
  Nondurable-goods manufacturing     18.7      20.7      21.0
Wholesale trade                      16.9      19.1      19.8
Retail trade                         11.3      10.3      10.1
Other industries (1)                 13.4      14.3      13.6

                                     2006      2007      2008

  Nonfinancial
    corporations after tax            7.6       6.9       6.6
  Nonfinancial
    corporations before tax          10.0       9.1       8.2
  Total nonfinancial industries      13.5      12.8      12.4
Mining, utilities, construction      12.4      11.7      10.8
  Mining                              6.3       7.0      10.3
  Utilities                           4.3       3.7       3.1
  Construction                       87.1      78.6      55.8
Manufacturing                        15.9      15.3      13.0
  Durable-goods manufacturing        10.1       9.7       7.5
  Nondurable-goods manufacturing     22.7      21.8      19.5
Wholesale trade                      19.8      20.2      20.5
Retail trade                          9.3       7.4       6.2
Other industries (1)                 13.0      12.3      13.1

                                     2009      2010      2011

  Nonfinancial
    corporations after tax            6.3       7.9       8.3
  Nonfinancial
    corporations before tax           7.5       9.4       9.8
  Total nonfinancial industries      11.5      12.9      13.2
Mining, utilities, construction       8.5       9.6      10.3
  Mining                              5.3       7.8      10.3
  Utilities                           3.6       4.1       4.0
  Construction                       53.4      53.9      54.3
Manufacturing                        12.7      15.0      15.7
  Durable-goods manufacturing         5.2       9.2       9.6
  Nondurable-goods manufacturing     21.3      21.3      22.2
Wholesale trade                      19.8      22.4      20.9
Retail trade                          7.8       8.7       8.3
Other industries (1)                 12.0      13.1      13.2

                                     2012      2013

  Nonfinancial
    corporations after tax            8.4       8.4
  Nonfinancial
    corporations before tax          10.0      10.0
  Total nonfinancial industries      13.4       ...
Mining, utilities, construction      10.0       ...
  Mining                              9.6       ...
  Utilities                           3.5       ...
  Construction                       57.7       ...
Manufacturing                        16.7       ...
  Durable-goods manufacturing        10.4       ...
  Nondurable-goods manufacturing     23.4       ...
Wholesale trade                      21.2       ...
Retail trade                          8.6       ...
Other industries (1)                 13.4       ...

(1.) Consists of agriculture, forestry, fishing and hunting;
transportation and warehousing; information; rental and
leasing services and lessors of intangible assets;
professional, scientific, and technical services;
administrative and waste management services; educational
services; health care and social assistance; arts,
entertainment, and recreation; accommodation and food
services; and other services, except government.

Note. Industrywide rates of return for 2013 will be
available with the fall 2014 update of the industry economic
accounts

Table B. Shares of Net Value Added for Domestic Nonfinancial
Corporations and Nonfinancial Industries, 1997-2013
[Percent]

                                    1997   1998    1999    2000   2001

  Nonfinancial corporations
    after tax                       14.9   13.7    12.9    11.6   11.6
  Nonfinancial corporations
    before tax                      18.9   17.4    16.8    15.2   14.0
  Total nonfinancial industries     23.8   22.4    22.2    20.6   20.0
Mining, utilities, construction     30.7   27.4    29.2    30.6   31.1
  Mining                            13.8  -24.6   -10.3    25.9   29.0
  Utilities                         43.8   38.9    42.3    38.5   40.3
  Construction                      28.3   28.9    28.8    28.8   28.7
Manufacturing                       29.0   26.9    26.6    25.3   22.9
  Durable-goods manufacturing       23.4   20.0    17.7    16.6    9.0
  Nondurable-goods manufacturing    37.0   36.9    38.9    37.7   39.7
Wholesale trade                     21.0   20.7    20.1    20.1   18.7
Retail trade                        19.0   20.1    19.0    17.7   17.7
Other industries (1)                21.8   20.3    20.1    17.4   17.5

                                    2002   2003   2004   2005   2006

  Nonfinancial corporations
    after tax                       13.1   13.9   14.8   15.1   16.0
  Nonfinancial corporations
    before tax                      15.2   16.6   18.3   19.9   21.1
  Total nonfinancial industries     20.9   22.4   23.8   24.2   24.3
Mining, utilities, construction     28.2   32.4   35.8   38.0   38.0
  Mining                            13.5   34.0   40.6   49.9   49.5
  Utilities                         31.1   33.5   36.0   31.8   36.3
  Construction                      29.2   31.8   34.9   36.7   35.4
Manufacturing                       25.0   28.3   30.7   32.6   34.4
  Durable-goods manufacturing       13.1   17.5   18.9   21.4   22.0
  Nondurable-goods manufacturing    39.6   41.5   44.9   46.3   49.4
Wholesale trade                     18.4   19.9   22.0   23.2   23.8
Retail trade                        17.9   18.4   17.5   17.8   17.1
Other industries (1)                19.1   19.7   20.5   20.0   19.4

                                    2007   2008   2009   2010   2011

  Nonfinancial corporations
    after tax                       15.1   15.3   15.6   18.3   19.1
  Nonfinancial corporations
    before tax                      19.9   19.0   18.6   21.9   22.5
  Total nonfinancial industries     23.7   23.8   23.4   25.2   25.4
Mining, utilities, construction     37.3   36.4   34.0   37.1   39.1
  Mining                            52.1   58.4   46.0   52.4   57.3
  Utilities                         33.2   30.7   33.8   36.6   36.8
  Construction                      34.0   28.1   30.2   30.6   29.8
Manufacturing                       34.4   32.3   34.0   37.3   38.6
  Durable-goods manufacturing       21.8   18.6   15.1   23.5   24.1
  Nondurable-goods manufacturing    49.5   48.1   51.6   51.6   53.5
Wholesale trade                     24.8   25.9   26.4   28.3   27.2
Retail trade                        14.5   13.2   16.5   17.4   16.6
Other industries (1)                18.6   19.9   19.1   20.2   20.1

                                    2012   2013

  Nonfinancial corporations
    after tax                       19.0   19.3
  Nonfinancial corporations
    before tax                      22.7   23.0
  Total nonfinancial industries     25.6   ...
Mining, utilities, construction     38.5   ...
  Mining                            55.3   ...
  Utilities                         34.7   ...
  Construction                      30.8   ...
Manufacturing                       40.0   ...
  Durable-goods manufacturing       25.4   ...
  Nondurable-goods manufacturing    55.2   ...
Wholesale trade                     27.5   ...
Retail trade                        17.2   ...
Other industries (1)                20.0   ...

(1.) Consists of agriculture, forestry, fishing and hunting;
transportation and warehousing; information; rental and
leasing services and lessors of intangible assets;
professional, scientific, and technical services;
administrative and waste management services; educational
services; health care and social assistance; arts,
entertainment, and recreation; accommodation and food
services; and other services, except government.

NOTE. Industrywide rates of return for 2013 will be
available with the fall 2014 update of the industry economic
accounts

Table C. Q-type Ratios, 1960-2013

                Q11       Q22

1960           0.75      0.91
1961           0.86      1.01
1962           0.80      0.96
1963           0.85      1.01
1964           0.95      1.11
1965           1.02      1.18
1966           0.82      0.98
1967           0.97      1.14
1968           1.06      1.22
1969           0.80      0.97
1970           0.73      0.90
1971           0.79      0.96
1972           0.91      1.08
1973           0.64      0.81
1974           0.37      0.52
1975           0.44      0.58
1976           0.49      0.64
1977           0.39      0.53
1978           0.36      0.50
1979           0.38      0.50
1980           0.43      0.55
1981           0.35      0.46
1982           0.36      0.47
1983           0.41      0.52
1984           0.37      0.49
1985           0.43      0.57
1986           0.49      0.64
1987           0.48      0.64
1988           0.50      0.68
1989           0.58      0.76
1990           0.52      0.70
1991           0.68      0.87
1992           0.73      0.92
1993           0.78      0.99
1994           0.73      0.95
1995           0.92      1.14
1996           0.93      1.15
1997           1.13      1.36
1998           1.36      1.60
1999           1.70      1.96
2000           1.37      1.64
2001           1.14      1.43
2002           0.84      1.13
2003           1.07      1.37
2004           1.13      1.42
2005           1.09      1.36
2006           1.15      1.42
2007           1.16      1.44
2008           0.70      0.98
2009           0.87      1.18
2010           1.00      1.34
2011           0.97      1.32
2012           1.04      1.41
2013           1.32      1.71

(1.) Q1 is the market value of outstanding equity
divided by the net stock of produced assets valued
at current cost.

(2.) Q2 is the market value of outstanding equity
plus book value of outstanding corporate bonds
divided by the net stock of produced assets valued
at current cost.

Table 1. Net Operating Surplus of Domestic Nonfinancial
Corporations and Nonfinancial Industries, 1997-2013
[Billions of dollars, before tax]

                            1997         1998         1999

  Nonfinancial
    corporations           758.6        738.7        751.9
  Total nonfinancial
    industries           1,298.9      1,288.8      1,357.6
Mining, utilities,
    construction           156.6        142.9        168.8
  Mining                     7.6         -9.4         -4.3
  Utilities                 57.0         47.5         58.5
  Construction              92.0        104.8        114.7
Manufacturing              338.5        323.2        331.5
  Durable-goods
    manufacturing          161.9        141.1        127.6
  Nondurable-goods
    manufacturing          176.6        182.1        203.9
Wholesale trade            103.7        109.2        109.7
Retail trade               105.8        121.2        119.0
Other industries (1)       594.3        592.2        628.5

                            2000         2001         2002

  Nonfinancial
    corporations           723.9        656.3        719.3
  Total nonfinancial
    industries           1,338.7      1,316.9      1,409.4
Mining, utilities,
    construction           196.7        211.6        187.1
  Mining                    17.3         22.1          8.0
  Utilities                 52.8         56.1         41.7
  Construction             126.6        133.4        137.4
Manufacturing              326.8        275.2        299.2
  Durable-goods
    manufacturing          126.5         59.5         86.3
  Nondurable-goods
    manufacturing          200.4        215.8        212.8
Wholesale trade            116.7        107.1        105.6
Retail trade               116.0        118.8        123.9
Other industries (1)       582.4        604.1        693.7

                            2003         2004         2005

  Nonfinancial
    corporations           815.0        964.1      1,118.7
  Total nonfinancial
    industries           1,590.0      1,822.6      1,977.6
Mining, utilities,
    construction           234.7        293.0        348.9
  Mining                    28.0         41.9         72.2
  Utilities                 47.1         55.4         47.6
  Construction             159.6        195.6        229.1
Manufacturing              354.3        409.8        459.3
  Durable-goods
    manufacturing          121.0        138.6        166.1
  Nondurable-goods
    manufacturing          233.4        271.2        293.3
Wholesale trade            119.6        144.3        164.5
Retail trade               133.8        131.1        139.9
Other industries (1)       747.6        844.4        865.0

                            2006         2007         2008

  Nonfinancial
    corporations         1,269.3      1,225.8      1,173.5
  Total nonfinancial
    industries           2,108.6      2,138.1      2,186.7
Mining, utilities,
    construction           383.7        393.4        389.1
  Mining                    84.5        104.5        162.4
  Utilities                 63.6         58.4         53.8
  Construction             235.6        230.5        172.9
Manufacturing              516.0        527.4        473.2
  Durable-goods
    manufacturing          179.4        181.3        145.5
  Nondurable-goods
    manufacturing          336.6        346.1        327.7
Wholesale trade            181.2        199.7        212.4
Retail trade               138.7        117.0        103.3
Other industries (1)       889.0        900.6      1,008.7

                            2009         2010         2011

  Nonfinancial
    corporations         1,075.1      1,347.5      1,462.1
  Total nonfinancial
    industries           2,042.8      2,298.9      2,439.8
Mining, utilities,
    construction           307.2        343.8        392.6
  Mining                    81.1        115.0        163.3
  Utilities                 63.4         74.9         76.8
  Construction             162.7        153.9        152.5
Manufacturing              465.9        552.8        602.8
  Durable-goods
    manufacturing          100.3        177.0        191.8
  Nondurable-goods
    manufacturing          365.7        375.8        410.9
Wholesale trade            202.5        230.2        231.2
Retail trade               126.8        139.0        136.0
Other industries (1)       940.4      1,033.1      1,077.2

                            2012         2013

  Nonfinancial
    corporations         1,556.5      1,626.7
  Total nonfinancial
    industries           2,589.5          ...
Mining, utilities,
    construction           401.3          ...
  Mining                   163.6          ...
  Utilities                 69.9          ...
  Construction             167.8          ...
Manufacturing              663.3          ...
  Durable-goods
    manufacturing          214.1          ...
  Nondurable-goods
    manufacturing          449.2          ...
Wholesale trade            248.0          ...
Retail trade               146.4          ...
Other industries (1)     1,130.5          ...

(1.) Consists of agriculture, forestry, fishing and hunting;
transportation and warehousing; information; rental and
leasing services and lessors of intangible assets;
professional, scientific, and technical services;
administrative and waste management services; educational
services; health care and social assistance; arts,
entertainment, and recreation; accommodation and food
services; and other services, except government.

Note. Industrywide rates of return for 2013 will be
available with the fall 2014 update of the industry economic
accounts

Table 2. Produced Assets of Domestic Nonfinancial
Corporations and Nonfinancial Industries, 1997-2013
[Billions of dollars, average of yearend values]

                                 1997         1998         1999

  Nonfinancial
    corporations              7,688.7      8,079.1      8,512.7
  Total nonfinancial
    industries                9,583.6     10,037.6     10,631.2
Mining, utilities,
    construction              1,625.3      1,670.6      1,714.5
  Mining                        529.7        545.8        539.5
  Utilities                     959.6        972.5      1,004.6
  Construction                  136.0        152.4        170.4
Manufacturing                 2,392.2      2,500.2      2,622.3
  Durable-goods
    manufacturing             1,342.6      1,416.7      1,485.1
  Nondurable-goods
    manufacturing             1,049.6      1,083.5      1,137.2
Wholesale trade                 600.0        626.4        664.3
Retail trade                    859.9        914.8        983.1
Other industries (1)          4,106.2      4,325.6      4,647.0

                                 2000         2001         2002

  Nonfinancial
    corporations              9,055.7      9,516.4      9,828.8
  Total nonfinancial
    industries               11,369.8     11,800.0     12,213.5
Mining, utilities,
    construction              1,831.7      1,970.8      2,096.5
  Mining                        585.6        663.4        736.5
  Utilities                   1,062.8      1,117.2      1,160.1
  Construction                  183.3        190.2        199.9
Manufacturing                 2,743.4      2,773.2      2,808.6
  Durable-goods
    manufacturing             1,558.6      1,577.6      1,578.2
  Nondurable-goods
    manufacturing             1,184.8      1,195.6      1,230.4
Wholesale trade                 704.2        686.8        698.7
Retail trade                  1,056.1      1,086.4      1,150.9
Other industries (1)          5,034.4      5,282.8      5,458.8

                                 2003         2004         2005

  Nonfinancial
    corporations             10,148.0     10,739.4     11,671.0
  Total nonfinancial
    industries               12,670.4     13,742.6     15,009.5
Mining, utilities,
    construction              2,207.3      2,516.8      2,931.2
  Mining                        790.9        945.6      1,242.3
  Utilities                   1,209.8      1,341.1      1,432.3
  Construction                  206.6        230.1        256.5
Manufacturing                 2,850.4      2,994.8      3,172.5
  Durable-goods
    manufacturing             1,581.7      1,647.3      1,732.0
  Nondurable-goods
    manufacturing             1,268.7      1,347.5      1,440.5
Wholesale trade                 720.9        788.7        875.4
Retail trade                  1,211.9      1,339.6      1,437.9
Other industries (1)          5,679.9      6,102.7      6,592.5

                                 2006         2007         2008

  Nonfinancial
    corporations             12,654.8     13,515.2     14,246.0
  Total nonfinancial
    industries               16,217.2     17,186.4     18,057.2
Mining, utilities,
    construction              3,257.2      3,479.4      3,740.4
  Mining                      1,443.5      1,529.8      1,620.9
  Utilities                   1,529.4      1,647.6      1,801.9
  Construction                  284.3        302.0        317.6
Manufacturing                 3,337.3      3,559.0      3,694.9
  Durable-goods
    manufacturing             1,817.4      1,902.4      1,983.1
  Nondurable-goods
    manufacturing             1,519.9      1,656.6      1,711.7
Wholesale trade                 955.3      1,022.3      1,052.8
Retail trade                  1,545.4      1,629.3      1,680.9
Other industries (1)          7,122.0      7,496.4      7,888.2

                                 2009         2010         2011

  Nonfinancial
    corporations             14,335.9     14,340.4     14,950.4
  Total nonfinancial
    industries               17,455.3     18,087.4     18,953.8
Mining, utilities,
    construction              3,488.5      3,678.9      3,926.1
  Mining                      1,434.1      1,521.2      1,663.7
  Utilities                   1,762.6      1,878.7      1,979.3
  Construction                  291.9        278.9        283.2
Manufacturing                 3,637.7      3,750.7      3,920.9
  Durable-goods
    manufacturing             1,910.0      1,948.1      2,028.6
  Nondurable-goods
    manufacturing             1,727.8      1,802.4      1,892.3
Wholesale trade                 994.1      1,064.1      1,142.9
Retail trade                  1,586.4      1,618.7      1,676.3
Other industries (1)          7,748.6      7,975.0      8,287.6

                                 2012         2013

  Nonfinancial
    corporations             15,519.0     16,221.1
  Total nonfinancial
    industries               19,590.6          ...
Mining, utilities,
    construction              4,084.9          ...
  Mining                      1,751.9          ...
  Utilities                   2,034.7          ...
  Construction                  298.3          ...
Manufacturing                 4,026.0          ...
  Durable-goods
    manufacturing             2,085.4          ...
  Nondurable-goods
    manufacturing             1,940.6          ...
Wholesale trade               1,196.3          ...
Retail trade                  1,733.4          ...
Other industries (1)          8,550.0          ...

(1.) Consists of agriculture, forestry, fishing and hunting;
transportation and warehousing; information; rental and
leasing services and lessors of intangible assets;
professional, scientific, and technical services;
administrative and waste management services; educational
services; health care and social assistance; arts,
entertainment, and recreation; accommodation and food
services; and other services, except government.

Note. Industrywide rates of return for 2013 will be
available with the fall 2014 update of the industry economic
accounts