2023 Total Factor Productivity for Major Industries — 2024-12-04

Total factor productivity (TFP) increased in 12 out of 21 major industries in 2023, the U.S. Bureau of Labor Statistics reported today, led by the mining and retail trade industries. The TFP increases in 2023 were driven by output growth outpacing the growth in combined inputs of capital, labor, and the intermediate inputs of energy, materials, and services. Output increased in 16 of 21 major industries in 2023. Among the top 4 TFP growth industries, output grew while combined inputs declined. Within these four industries (mining; retail trade; agriculture, forestry, fishing, and hunting; and utilities) intermediate inputs drove the combined inputs decline. (See table 1.) --------------------------------------------------------------------------------------------------------------------- Methodology Change Regarding Taxes and Subsidies in TFP Related Measures Data in this release reflect an improved treatment of taxes and subsidies in TFP related measures.