 |
Transportation-Related Final Demand
Total
transportation-related final demand rose by 33 percent between 1993 and 2003
(in 2000 chained dollars1) from $833.8 billion
to $1,112.8 billion (figure 9-2). However, transportation-related final demand
as a share of Gross Domestic Product (GDP) showed little change throughout the
period. This implies that transportation-related final demand grew at about the
same rate as GDP. In 2003, the share of transportation-related final demand in
GDP was 10.7 percent, compared with 11.1 percent in 1993 [1].
Personal consumption of transportation-which includes household purchases
of motor vehicles and parts, gasoline and oil, and transportation services-is
the largest component of transportation-related final demand. It amounted to $911.8
billion in 2003 and accounted for 82 percent of the total
transportation-related final demand (figure 9-3). Government purchases and
private domestic investment commanded equal shares of transportation-related
final demand in 1999. However, during the rest of the 1993 to 2003 period,
government purchases held a greater share. Government purchases reached $199.8
billion in 2003 (an 18 percent share), while private investment totaled $127.3
billion (an 11 percent share).
The
United States
imported more
transportation-related goods and services than it exported between 1993 and
2003. This gap has widened in recent years. In 1993, net exports were 3.9
percent of total transportation-related final demand. By 2003, net exports rose
to 11 percent. Deficits in the trade of automobiles and other vehicles and
parts have been the primary component of the deficit in transportation-related
goods and services.
Transportation-related
final demand is the total value of transportation-related goods and services purchased by consumers and government and by business as
part of their investments.2 Transportation-related final demand is part of GDP, and its share in GDP
provides a direct measure of the importance of transportation in the economy
from the demand side. The goods and services included in transportation-related
final demand are diverse and extensive, ranging from automobiles and parts,
fuel, maintenance, auto insurance, and so on, for user-operated transportation
to various transportation services provided by for-hire transportation
establishments.
Source
1. U.S. Department of Transportation, Research
and Innovative Technology Administration, Bureau of Transportation Statistics,
calculations based on data from U.S. Department of Commerce, Bureau of Economic
Analysis, National Income and Product Account tables, available at
http://www.bea.gov/, as of January 2005.
1 To eliminate the effects of inflation over time,
the Bureau of Transportation Statistics converted current dollars (which are
available in appendix B of this report) to chained 2000 dollars.
2 Also included are the net exports of these goods
and services, because they represent spending by foreigners on transportation
goods and services produced in the
United States
. Imports, however, are
deducted because consumer, business, and government purchases include imported
goods and services. Therefore, deducting imports ensures that total
transportation-related spending reflects spending on domestic transportation
goods and services.
|
|
