Table B–8. New private housing units started, authorized, and completed and houses sold, 1970–2014 [Thousands; monthly data at seasonally adjusted annual rates] Year or month Total Type of structure Type of structure New housing units completed 1 unit 2 to 4 units 2 5 units or more Total 1 unit 2 to 4 units 5 units or more New houses sold 1970 1,433.6 812.9 84.9 535.9 1,351.5 646.8 88.1 616.7 1,418.4 485 1971 2,052.2 1,151.0 120.5 780.9 1,924.6 906.1 132.9 885.7 1,706.1 656 1972 2,356.6 1,309.2 141.2 906.2 2,218.9 1,033.1 148.6 1,037.2 2,003.9 718 1973 2,045.3 1,132.0 118.2 795.0 1,819.5 882.1 117.0 820.5 2,100.5 634 1974 1,337.7 888.1 68.0 381.6 1,074.4 643.8 64.4 366.2 1,728.5 519 1975 1,160.4 892.2 64.0 204.3 939.2 675.5 63.8 199.8 1,317.2 549 1976 1,537.5 1,162.4 85.8 289.2 1,296.2 893.6 93.1 309.5 1,377.2 646 1977 1,987.1 1,450.9 121.7 414.4 1,690.0 1,126.1 121.3 442.7 1,657.1 819 1978 2,020.3 1,433.3 125.1 462.0 1,800.5 1,182.6 130.6 487.3 1,867.5 817 1979 1,745.1 1,194.1 122.0 429.0 1,551.8 981.5 125.4 444.8 1,870.8 709 1980 1,292.2 852.2 109.5 330.5 1,190.6 710.4 114.5 365.7 1,501.6 545 1981 1,084.2 705.4 91.2 287.7 985.5 564.3 101.8 319.4 1,265.7 436 1982 1,062.2 662.6 80.1 319.6 1,000.5 546.4 88.3 365.8 1,005.5 412 1983 1,703.0 1,067.6 113.5 522.0 1,605.2 901.5 133.7 570.1 1,390.3 623 1984 1,749.5 1,084.2 121.4 543.9 1,681.8 922.4 142.6 616.8 1,652.2 639 1985 1,741.8 1,072.4 93.5 576.0 1,733.3 956.6 120.1 656.6 1,703.3 688 1986 1,805.4 1,179.4 84.0 542.0 1,769.4 1,077.6 108.4 583.5 1,756.4 750 1987 1,620.5 1,146.4 65.1 408.7 1,534.8 1,024.4 89.3 421.1 1,668.8 671 1988 1,488.1 1,081.3 58.7 348.0 1,455.6 993.8 75.7 386.1 1,529.8 676 1989 1,376.1 1,003.3 55.3 317.6 1,338.4 931.7 66.9 339.8 1,422.8 650 1990 1,192.7 894.8 37.6 260.4 1,110.8 793.9 54.3 262.6 1,308.0 534 1991 1,013.9 840.4 35.6 137.9 948.8 753.5 43.1 152.1 1,090.8 509 1992 1,199.7 1,029.9 30.9 139.0 1,094.9 910.7 45.8 138.4 1,157.5 610 1993 1,287.6 1,125.7 29.4 132.6 1,199.1 986.5 52.4 160.2 1,192.7 666 1994 1,457.0 1,198.4 35.2 223.5 1,371.6 1,068.5 62.2 241.0 1,346.9 670 1995 1,354.1 1,076.2 33.8 244.1 1,332.5 997.3 63.8 271.5 1,312.6 667 1996 1,476.8 1,160.9 45.3 270.8 1,425.6 1,069.5 65.8 290.3 1,412.9 757 1997 1,474.0 1,133.7 44.5 295.8 1,441.1 1,062.4 68.4 310.3 1,400.5 804 1998 1,616.9 1,271.4 42.6 302.9 1,612.3 1,187.6 69.2 355.5 1,474.2 886 1999 1,640.9 1,302.4 31.9 306.6 1,663.5 1,246.7 65.8 351.1 1,604.9 880 2000 1,568.7 1,230.9 38.7 299.1 1,592.3 1,198.1 64.9 329.3 1,573.7 877 2001 1,602.7 1,273.3 36.6 292.8 1,636.7 1,235.6 66.0 335.2 1,570.8 908 2002 1,704.9 1,358.6 38.5 307.9 1,747.7 1,332.6 73.7 341.4 1,648.4 973 2003 1,847.7 1,499.0 33.5 315.2 1,889.2 1,460.9 82.5 345.8 1,678.7 1,086 2004 1,955.8 1,610.5 42.3 303.0 2,070.1 1,613.4 90.4 366.2 1,841.9 1,203 2005 2,068.3 1,715.8 41.1 311.4 2,155.3 1,682.0 84.0 389.3 1,931.4 1,283 2006 1,800.9 1,465.4 42.7 292.8 1,838.9 1,378.2 76.6 384.1 1,979.4 1,051 2007 1,355.0 1,046.0 31.7 277.3 1,398.4 979.9 59.6 359.0 1,502.8 776 2008 905.5 622.0 17.5 266.0 905.4 575.6 34.4 295.4 1,119.7 485 2009 554.0 445.1 11.6 97.3 583.0 441.1 20.7 121.1 794.4 375 2010 586.9 471.2 11.4 104.3 604.6 447.3 22.0 135.3 651.7 323 2011 608.8 430.6 10.9 167.3 624.1 418.5 21.6 184.0 584.9 306 2012 780.6 535.3 11.4 233.9 829.7 518.7 25.9 285.1 649.2 368 2013 p 926.7 618.3 13.8 294.6 976.4 617.5 26.6 332.3 765.1 428 2012: Jan 723 513 194 714 461 22 231 540 338 Feb 713 462 243 739 486 26 227 566 366 Mar 707 483 214 785 477 23 285 588 349 Apr 754 505 240 749 484 23 242 667 352 May 711 515 181 806 499 23 284 613 369 June 757 530 219 785 501 24 260 628 360 July 741 512 217 839 520 29 290 673 369 Aug 749 537 205 827 520 28 279 686 374 Sept 854 591 254 921 559 29 333 651 384 Oct 864 595 252 908 570 26 312 741 365 Nov 842 576 256 933 574 29 330 677 398 Dec 983 620 345 943 584 30 329 672 396 2013: Jan 898 614 273 915 588 26 301 720 458 Feb 969 652 307 952 600 31 321 727 445 Mar 1,005 623 356 890 599 25 266 810 443 Apr 852 593 244 1,005 614 25 366 698 446 May 919 597 311 985 620 27 338 711 429 June 835 605 219 918 625 26 267 759 450 July 891 587 285 954 609 27 318 783 373 Aug 883 620 251 926 627 23 276 765 388 Sept 873 580 283 974 615 28 331 762 403 Oct 899 600 289 1,039 621 27 391 814 452 Nov 1,101 713 379 1,017 641 24 352 826 444 Dec p 1,048 681 344 991 610 26 355 778 427 2014: Jan p 880 573 300 945 599 27 319 814 468 1 Authorized by issuance of local building permits in permit-issuing places: 20,000 places beginning with 2004; 19,000 for 1994–2003; 17,000 for 1984–93; 16,000 for 1978–83; 14,000 for 1972–77; and 13,000 for 1970–71. 2 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. Note: One-unit estimates prior to 1999, for new housing units started and completed and for new houses sold, include an upward adjustment of 3.3 percent to account for structures in permit-issuing areas that did not have permit authorization. Source: Department of Commerce (Bureau of the Census). GDP, Income, Prices, and Selected Indicators | 375
Table B–9. Median money income (in 2012 dollars) and poverty status of families and people, by race, 2003-2012 Families 1 Below poverty level People below poverty level Median money income (in 2012 dollars) of people 15 years old and over with income 2 Race, Hispanic origin, and year Number (millions) Median money income (in 2012 dollars) 2 Number (millions) Total Percent Female householder, no husband present Percent Number (millions) Percent All people Males Number (millions) Yearround full-time workers All people Females Yearround full-time workers TOTAL (all races) 3 2003 76.2 $65,767 7.6 10.0 3.9 28.0 35.9 12.5 $37,367 $51,813 $21,547 $39,516 2004 4 76.9 65,715 7.8 10.2 4.0 28.3 37.0 12.7 37,094 50,649 21,476 39,039 2005 77.4 66,092 7.7 9.9 4.0 28.7 37.0 12.6 36,784 49,619 21,848 39,114 2006 78.5 66,514 7.7 9.8 4.1 28.3 36.5 12.3 36,744 51,198 22,792 39,846 2007 77.9 67,944 7.6 9.8 4.1 28.3 37.3 12.5 36,761 51,188 23,169 40,051 2008 78.9 65,607 8.1 10.3 4.2 28.7 39.8 13.2 35,363 50,952 22,253 39,125 2009 5 78.9 64,323 8.8 11.1 4.4 29.9 43.6 14.3 34,452 52,629 22,434 39,858 2010 6 79.6 63,434 9.4 11.8 4.8 31.7 46.3 15.1 33,915 52,814 21,878 40,480 2011 80.5 62,248 9.5 11.8 4.9 31.2 46.2 15.0 33,675 51,367 21,543 39,493 2012 80.9 62,241 9.5 11.8 4.8 30.9 46.5 15.0 33,904 50,683 21,520 40,019 WHITE, non-Hispanic 7 2003 54.0 74,827 3.3 6.1 1.5 20.4 15.9 8.2 40,363 57,795 22,847 42,493 2004 4 54.3 74,143 3.5 6.5 1.5 20.8 16.9 8.7 40,938 57,110 22,409 42,451 2005 54.3 74,280 3.3 6.1 1.5 21.5 16.2 8.3 41,571 56,595 22,877 42,102 2006 54.7 75,008 3.4 6.2 1.6 22.0 16.0 8.2 41,639 57,446 23,604 42,006 2007 53.9 77,447 3.2 5.9 1.5 20.7 16.0 8.2 41,386 56,992 24,016 42,832 2008 54.5 74,724 3.4 6.2 1.5 20.7 17.0 8.6 39,893 55,822 23,193 42,091 2009 5 54.5 72,087 3.8 7.0 1.7 23.3 18.5 9.4 39,377 56,167 23,485 43,103 2010 6 53.8 72,561 3.9 7.2 1.7 24.1 19.3 9.9 39,127 57,555 22,868 43,526 2011 54.2 71,288 4.0 7.3 1.8 23.4 19.2 9.8 38,945 56,928 22,690 42,237 2012 54.0 71,478 3.8 7.1 1.7 23.4 18.9 9.7 38,751 56,247 22,902 42,171 BLACK 7 2003 8.9 42,907 2.0 22.3 1.5 36.9 8.8 24.4 27,448 41,734 20,700 34,484 2004 4 8.9 42,725 2.0 22.8 1.5 37.6 9.0 24.7 27,581 38,558 21,101 35,428 2005 9.1 41,711 2.0 22.1 1.5 36.1 9.2 24.9 26,643 40,263 20,737 35,711 2006 9.3 43,581 2.0 21.6 1.5 36.6 9.0 24.3 28,543 40,401 21,755 35,230 2007 9.3 44,454 2.0 22.1 1.5 37.3 9.2 24.5 28,595 40,681 21,873 34,984 2008 9.4 42,528 2.1 22.0 1.5 37.2 9.4 24.7 26,931 41,176 21,538 34,324 2009 5 9.4 41,116 2.1 22.7 1.5 36.7 9.9 25.8 25,411 42,136 20,842 34,758 2010 6 9.6 40,643 2.3 24.1 1.7 38.7 10.7 27.4 24,533 39,727 20,689 35,850 2011 9.7 41,341 2.3 24.2 1.7 39.0 10.9 27.6 23,965 41,114 20,168 35,880 2012 9.8 40,517 2.3 23.7 1.6 37.8 10.9 27.2 24,923 39,816 20,021 35,090 ASIAN 7 2003 3.1 78,964 0.3 10.2 0.1 23.8 1.4 11.8 40,313 57,702 22,071 43,176 2004 4 3.1 79,523 0.2 7.4 .0 13.6 1.2 9.8 40,137 56,906 24,946 44,508 2005 3.2 81,103 0.3 9.0 0.1 19.7 1.4 11.1 40,242 58,487 25,453 43,297 2006 3.3 84,968 0.3 7.8 0.1 15.4 1.4 10.3 42,611 59,333 25,283 45,835 2007 3.3 85,416 0.3 7.9 0.1 16.1 1.3 10.2 41,187 56,713 26,970 45,752 2008 3.5 78,465 0.3 9.8 0.1 16.7 1.6 11.8 39,038 55,224 24,644 47,144 2009 5 3.6 80,315 0.3 9.4 0.1 16.9 1.7 12.5 39,961 57,193 26,059 47,772 2010 6 3.9 79,210 0.4 9.3 0.1 21.1 1.9 12.2 37,725 55,293 24,814 44,146 2011 4.2 74,521 0.4 9.7 0.1 19.1 2.0 12.3 37,093 57,459 22,499 42,276 2012 4.1 77,864 0.4 9.4 0.1 19.2 1.9 11.7 40,227 60,253 23,335 46,371 HISPANIC (any race) 7 2003 9.3 42,786 1.9 20.8 0.8 37.0 9.1 22.5 26,283 32,976 17,031 28,791 2004 4 9.5 43,080 2.0 20.5 0.9 38.9 9.1 21.9 26,203 32,696 17,567 29,532 2005 9.9 44,537 1.9 19.7 0.9 38.9 9.4 21.8 25,980 31,716 17,684 29,429 2006 10.2 45,552 1.9 18.9 0.9 36.0 9.2 20.6 26,707 33,676 17,945 29,260 2007 10.4 44,922 2.0 19.7 1.0 38.4 9.9 21.5 27,077 33,724 18,547 30,070 2008 10.5 43,153 2.2 21.3 1.0 39.2 11.0 23.2 25,597 33,292 17,507 29,263 2009 5 10.4 42,530 2.4 22.7 1.1 38.8 12.4 25.3 23,825 33,868 17,352 29,848 2010 6 11.3 41,387 2.7 24.3 1.3 42.6 13.5 26.5 23,610 33,534 17,157 30,641 2011 11.6 40,898 2.7 22.9 1.3 41.2 13.2 25.3 24,227 32,758 17,181 30,731 2012 12.0 40,764 2.8 23.5 1.3 40.7 13.6 25.6 24,592 32,516 16,725 29,508 1 The term “family” refers to a group of two or more persons related by birth, marriage, or adoption and residing together. Every family must include a reference person. 2 Adjusted by consumer price index research series (CPI-U-RS). 3 Data for American Indians and Alaska natives, native Hawaiians and other Pacific Islanders, and those reporting two or more races are included in the total but not shown separately. 4 For 2004, figures are revised to reflect a correction to the weights in the 2005 Annual Social and Economic Supplement. 5 Beginning with data for 2009, the upper income interval used to calculate median incomes was expanded to $250,000 or more. 6 Reflects implementation of Census 2010-based population controls comparable to succeeding years. 7 The Current Population Survey allows respondents to choose more than one race. Data shown are for “white alone, non-Hispanic,” “black alone,” and “Asian alone” race categories. (“Black” is also “black or African American.”) Family race and Hispanic origin are based on the reference person. Note: Poverty thresholds are updated each year to reflect changes in the consumer price index (CPI-U). For details see publication Series P–60 on the Current Population Survey and Annual Social and Economic Supplements. Source: Department of Commerce (Bureau of the Census). 376 | Appendix B
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ECONOMIC REPORT OF THE PRESIDENT To
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C O N T E N T S ECONOMIC REPORT OF
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economic report of the president To
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year-old. In the meantime, I’m go
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the annual report of the council of
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C O N T E N T S CHAPTER 1. PROMOTIN
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APPENDIX 1: COMPONENTS OF THE RECOV
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THE OBAMA ADMINISTRATION’S RECORD
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2.15. Housing Starts, 1960-2013....
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3.1. Forecasted and Actual Real GDP
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C H A P T E R 1 PROMOTING OPPORTUNI
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Opportunity, Growth, and Security i
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crisis—continue to rebound and co
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Figure 1-4 Real GDP Per Working-Age
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Figure 1-6 Change in Poverty Rate F
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Figure 1-7 Domestic Crude Oil Produ
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Figure 1-8 Growth in Real Per Capit
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Figure 1-9 Unemployment Rate by Dur
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e needed to make up for a decades-l
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Annual percent change 2.50 15-year
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Figure 1-14 Share of National Incom
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Along with steps that create jobs,
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corner, with purchases increasing d
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the four quarters of 2013, or enoug
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Percent of GDP 12 10 8 6 4 2 0 -2 -
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Percent 5.0 4.0 3.0 2.0 Figure 2-3
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In the euro area, the unemployment
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Figure 2-6 Cumulative Flows into Mu
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Figure 2-7 Household Deleveraging,
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Box 2-1: The 2013 Comprehensive Rev
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Percent 25 20 15 10 5 0 -5 Figure 2
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Figure 2-11 State and Local Pension
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Percent of GDP 2 1 0 Figure 2-14 Cu
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Box 2-2. Administration Trade Polic
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Upon completion, the TPP and T-TIP
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percent of households report that i
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Figure 2-18 Petroleum Net Imports,
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Figure 2-21 U.S. Per Capita Consump
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Percent 11 Figure 2-22 Unemployment
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Figure 2-25 Predicted vs. Actual Ma
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Box 2-4: Unemployment Duration and
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The Long-Term Outlook The 11-Year F
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Growth in GDP over the Long Term As
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Box 2-5: Immigration Reform and Pot
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Even with this growth, however, the
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families. The other half was for in
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ecause of rapidly declining stock a
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Obama Administration and the 111th
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Figure 3-1 Recovery Act Programs by
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other cases, new measures expanded
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Figure 3-2 Recovery Act and Subsequ
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Box 3-1: Other Administration Polic
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challenges, and how economists have
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Table 3-5 Estimated Output Multipli
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Figure 3-7 Quarterly Effect of the
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Table 3-6 Estimates of the Effects
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International Comparison The 2008 c
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Box 3-2: The U.S. Recovery in Compa
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Table 3-7 Tax Relief and Income Sup
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traditionally been jointly financed
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downturn in the economy. Even thoug
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Figure 3-11 Recovery Act Cumulative
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The Recovery Act also invested in r
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helped individuals who chose to ret
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the period, even though total power
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average—then the resulting increa
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Alternative Minimum Tax relief, bus
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Through the end of a Individual Tax
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y Poterba (1994), states and locali
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Table 3-11 Fiscal Support for the E
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spells. Because the resulting unemp
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literature uses two different appro
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Table 3-12 Summary of Cross-Section
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the CMS projections show real per-c
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will accrue to workers as higher wa
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Box 4-1: Two Measures of Growth in
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Figure 4-1 Growth in Real Per Capit
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in particular may not exactly track
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find that even those seniors who di
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the slowdown in real (that is, infl
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health care costs for an individual
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estimate for the ACA found that its
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Figure 4-4 Medicare 30-Day, All-Con
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agreements among the providers them
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payment for physician services, the
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Box 4-3: The Cost Slowdown and ACA
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2010a; 2011; 2012c; 2013a; 2014), w
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Figure 4-6 Recent CBO Projections o
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Conclusion The evidence is clear th
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facilitated this private-sector tec
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esulting gap between the actual gro
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Table 5-1 Sources of Productivity I
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Table 5-2 Nonfarm Private Business
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of the productivity improvement res
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Figure 5-3 Growth in Productivity a
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improving and college completion ra
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Box 5-2: Does Inequality Affect Pro
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Percent 3.5 Figure 5-5 Composition
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• Just two of the largest U.S. te
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Box 5-3: Just-in-Time Manufacturing
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Figure 5-7 Exclusive and Shared All
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Box 5-4: Spectrum Investment Polici
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To stimulate investment in more adv
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Because current uses of technology
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Box 5-5: Electronic Health Records
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about the array of services and sup
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and, in such cases, provides partie
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Box 5-6: The Leahy-Smith America In
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Box 5-7: Pay-For-Delay Settlements
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C H A P T E R 6 THE WAR ON POVERTY
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Measuring Poverty: Who is Poor in A
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thresholds ever since. These dollar
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of necessary items, including food,
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Table 6-1 Poverty Rates by Selected
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Box 6-3: Women and Poverty While wo
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However, this reflects smaller decl
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Percent 25 Figure 6-1 Trends in the
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Box 6-4: Social Programs Serve All
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of low- and middle-income workers a
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particularly valuable since they es
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Figure 6-4 Official vs Anchored Sup
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deep market poverty driven by the b
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work: in 2010, for example, unemplo
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out of poverty through job training
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e noted that researchers have found
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2012). Among the children of low-ea
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Education appears to be one of the
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Friedman, and Rockoff (2011) find t
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including an additional $25 a week
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Figure 6-11 Recovery Act and Subseq
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Empowering Every Child with a Quali
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modernize America’s high schools
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low-income Americans and their chil
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C H A P T E R 7 EVALUATION AS A TOO
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program evaluation efforts. For exa
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went to preschool would have had if
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y adopting successful interventions
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Box 7-2: Using Behavioral Economics
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Box 7-3: “Rapid Cycle” Evaluati
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Figure 7-1 Outlays for Grants to St
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performance data, fewer than half o
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Investment Act programs. The PROMIS
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Figure 7-2 Inventory of Beds for Ho
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example, included a nondiscretionar
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Other benefits of considering evalu
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with the treatment effect and thus
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unemployment insurance wage and ben
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hard for researchers to access for
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REFERENCES Chapter 1 Almunia, Migue
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____. 2014. “Press Release: Janua
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and the TPP at the Peterson Institu
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Increase Employment Evidence from t
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___. 2010b. “The Economic Impact
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___. 2012. World Economic Outlook A
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Polak Annual Research Conference. W
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Baicker, Katherine and Amitabh Chan
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Daly, Mary, Bart Hobijn, and Brian
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Nominal Wages,” International Jou
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Learning: A Meta-Analysis and Revie
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Chien, Colleen V. 2012. “Reformin
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GAO (Government Accountability Offi
- Page 330 and 331: Jorgenson, Dale. 2001. “Informati
- Page 332 and 333: Integration in Economic Development
- Page 334 and 335: _____. 2007. “Improving the Safet
- Page 336 and 337: Dahl, Gordon B. and Lance Lochner.
- Page 338 and 339: Heckman, James J. and Dimitriy V. M
- Page 340 and 341: Ludwig, Jens and Douglas Miller. 20
- Page 342 and 343: Sharkey, Patrick. 2009. “Neighbor
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- Page 346 and 347: www.nij.gov/topics/corrections/comm
- Page 348: Stock, James H., and Mark Watson. 2
- Page 352 and 353: letter of transmittal Council of Ec
- Page 354: Council Members and Their Dates of
- Page 357 and 358: The Members of the Council Betsey S
- Page 359 and 360: Act has had on reducing health care
- Page 361 and 362: Statistical Office The Statistical
- Page 364: A P P E N D I X B STATISTICAL TABLE
- Page 367 and 368: INTEREST RATES, MONEY STOCK, AND GO
- Page 369 and 370: 2013-to-2014 TABLE NUMBER MATCH 201
- Page 371 and 372: Year or quarter Table B-1. Percent
- Page 373 and 374: Table B-2. Gross domestic product,
- Page 375 and 376: Table B-3. Quantity and price index
- Page 377 and 378: Table B-5. Real exports and imports
- Page 379: Year Total 2 Table B-7. Real farm i
- Page 383 and 384: Year or month Civilian noninstituti
- Page 385 and 386: Year or month All civilian workers
- Page 387 and 388: Table B-14. Employees on nonagricul
- Page 389 and 390: Table B-15. Hours and earnings in p
- Page 391 and 392: Year and month Interest Rates, Mone
- Page 393 and 394: Year and month Table B-18. Money st
- Page 395 and 396: Table B-20. Federal receipts, outla
- Page 397 and 398: Table B-22. Federal receipts, outla
- Page 399 and 400: Table B-24. State and local governm
- Page 401 and 402: End of month Table B-26. Estimated
- Page 403 and 404: B-7. Chain-type price indexes for g
- Page 405 and 406: B-28. National income by type of in
- Page 407 and 408: B-48. Employment cost index, privat
- Page 409 and 410: B-65. Producer price indexes by sta
- Page 411 and 412: B-81. Federal receipts, outlays, su
- Page 413 and 414: B-99. Farm output and productivity
- Page 415: B-111. International reserves Inter
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