The U.S. Commerce Department's Bureau of Economic Analysis has reported a significant increase in the nation's real gross domestic product (GDP), which rose at an annual rate of 2.8 percent during the third quarter of 2024. This growth is attributed largely to increased consumer spending, which saw a rise of 3.7 percent, the highest since early 2023, driven by rising incomes.

Under the Biden-Harris Administration, the economy has expanded by 12.6 percent, achieving the lowest average unemployment rate seen in any administration over the past five decades and creating 16 million jobs. The economic growth recorded under this administration surpasses that of any other presidential term this century.

The U.S. economy experienced a year-over-year growth rate of 2.7 percent in the third quarter of 2024 compared to the same period in 2023. September's increase in current-dollar personal income was primarily due to higher compensation levels. The uptick in real GDP for this quarter was mainly due to heightened consumer spending.

Moreover, investments in manufacturing have continued to flourish, with construction spending reaching $1,621.4 billion during the first nine months of this year—an increase of 7.3 percent from $1,511.4 billion during the same period last year, according to estimates from the U.S. Census Bureau. Housing and factory construction significantly contribute to GDP through annual manufacturing construction spending.

For further insights, refer to our latest blog post titled "Manufacturing Booms Thanks to Biden-Harris Administration Investments." This entry is part of "By the Numbers," a blog series focusing on how Commerce Department economic indicators affect the American economy.