2024 Total Factor Productivity for Major Industries — 2025-12-19

Total factor productivity (TFP) increased in 13 out of 21 major industries in 2024, the U.S. Bureau of Labor Statistics reported today, led by the retail trade and the agriculture, forestry, fishing, and hunting industries. Most of the industries that saw TFP growth were the result of increases to output outpacing increases to combined inputs of capital, labor, and the intermediate inputs of energy, materials, and services. Output increased in 15 of 21 major industries in 2024. Of these 15 industries, all but one industry (agriculture, forestry, fishing, and hunting) had increased combined inputs in 2024. The largest increases in output (12.4 percent) and combined inputs (11.0 percent) occurred in the educational services industry. Within educational services, intermediate inputs drove the combined input growth. (See table 1.) Over the current 2019-24 business cycle, 12 of 21 industries experienced TFP growth. Output growth was widespread, increasing in 17 of 21 industries over the period.