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TABLE CV38.—New construction activity, 1929-73[Value put in place, billions of dollars]Year or month1929193319391940.1941... .1942194319441945 .1946..New series19461947..1948...19491950._1951...1952..1953..195419551956 .195719581959 _.196019611962 ....19631964 ...1965196619671968196919701971 _19721973 6 Totalnewconstruction10.82.98.28.712.014.18.35.35.812.614.320.026.126.733.635.436.839.141.446.547.649.150.255.354.656.360.064.667.473.476 077.586.693.494.2109.2]??.*135.1Private constructionTotal8.31.24.45.16.23.42.02.23.410.412.116.721.420.526.726.226.027.929.734.834.935.134.739.238.839.142.145.247.051.452 052.059.065.466.179.49? fi102.8Residentialbuildings 1Total a3.6.52.73.03.51.7.9.81.34.86.29.913.112.418.115.915.816.618.221.920.219.019.824.323.023.125.227.928.027.925.725.630.633.231.943.354.257.9Newhousingunits3.0.32.32.63.01.4.7.6.73.34.87.810.510.015.613.212.913.414.918.216.114.715.419.217.317.119.421.721.821.719.419.024.025.924.335.14^.747.8Nonresidential buildings and otherconstruction'Total4.7.81.72.12.71.71.11.42.15.65.86.98.28.08.610.310.211.311.512.914.716.114.915.015.816.016.917.319.023.426.326.428.532.234.236.13?. 544.9Commercial1.1.1.3.3.4.2.0.1.21.21.21.01.41.21.41.51.11.82.23.23.63.63.63.94.24.75.15.05.47.89.49.811.613.515.5Industrial0.92.3.4.8.3 2.2.61.71.71.71.41.01.12.12.32.22.02.43.13.62.42.12.92.82.82.93.66.06.86.55.44.76.0Other*2.6.51.21.31.51.2.91.11.32.83.04.25.55.96.16.76.87.37.27.38.09.08.98.98.88.69.09.410.114.716.017.919.121.323.4Public constructionTotal2.51 63.83.65.810.76 33.12.42.22.23.34.76.36.99.310.811.211.711.712.714.115.516.115.917.117.919.420.422.124.025.527.628.028.129.930.232.2Federallyowned0.25.81.23.89.35 62.51.7.9.9.81.21.51.63.04.24.13.42.82.73.03.43.73.63.93.94.03.94.04.03.53.43.33.34.04.44.9Stateandlocallyowned «2.31 i3.12 42 01 3 76.71.41.42.53.54.85.26.36.67.18.38.910.011.112.112.312.213.314.015.416.518.020.022.124.224.724.825.925.827.4See footnotes at end of table.292
TABLE C—38.—New construction activity, 1929—73—Continued[Value put in place, billions of dollars]Private constructionPublic constructionYear or monthTotalnewconstructionTotalResidentialbuildings iTotal 2NewhousingunitsNonresidential buildings and otherconstruction iTotalOther *TotalCommercialsIndustrialFederallyownedStateandlocallyowned 5Seasonally adjusted annual rates1972: JanFeb....Mar....Apr....May....June...JulyAugSept....Oct.....NovDec1973: JanFebMar....Apr....May...June...July...Aug...Sept...Oct*>_._Nov »119.9121.5123.0120.8122.5121.6121.6123.0125.1128.5126.8131.6135.7136.4137.5133.8134.1133.8136.9136.9136.9134.9134.088.691.192.691.792.792.692.493.994.596.297.598.5102.0104.1103.8101.2101.8102.8105.4105.8103.7102.7101.849.852.053.352.952.753.353.854.555.556.457.257.559.461.560.758.057.558.259.459.859.056.354.640.642.844.043.643.443.844.144.745.946.947.848.048.149.449.648.949.249.549.549.348.246.044.038.839.139.438.940.039.338.739.439.039.840.340.942.742.643.143.244.344.645.946.044.746.447.213.213.213.213.414.113.313.213.413.413.713.613.915.014.915.115.516.115.716.115.815.115.615.64.94.74.84.64.74.84.64.74.54.34.64.85.35.25.55.35.35.96.36.76.36.66.820.721.221.420.921.221.120.821.321.021.822.122.322.422.622.522.422.923.023.523.523.324.324.831.330.430.429.029.829.029.229.230.632.329.333.133.732.333.632.632.331.031.531.133.232.232.34.44.44.64.24.54.84.44.14.34.44.44.45.14.95.54.55.34.84.94.64.64.84.826.926.025.724.925.224.324.825.126.427.924.928.728.627.428.128.027.026.126.626.528.627.41 Beginning I960, farm residential buildings included in residential buildings; prior to I960, included in nonresidentialbuildings and other construction.2 Total includes additions and alterations and nonhousekeeping units, not shown separately.3 Office buildings, warehouses, stores, restaurants, garages, etc.* Religious, educational, hospital and institutional, miscellaneous nonresidential, farm, public utilities, and all otherprivate.s Includes Federal grants-in-aid for State and locally owned projects.* Preliminary estimates by Council of Economic Advisers.Source: Department of Commerce, Bureau of the Census, except as noted.293
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ECONOMICTRANSMITTEDTO THE CONGRESSF
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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of the inflation rate of 1973, and
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or permit incentives—including hi
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people of an easy time. Like our pa
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THE PRESIDENT:LETTER OF TRANSMITTAL
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CHAPTER 3. INFLATION CONTROL UNDER
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Page7. Unemployment Rates by Sex an
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Page53. Maximum Percent Change in E
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We have specific problems, too, asi
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This curtailment of supply does, of
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consumption we would not have chose
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outside the food and fuel sectors a
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about $14 billion from deficit to s
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8 percent, at annual rates. Continu
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A third method, which seems to have
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DEVELOPMENT OF LOW-COST ENERGY FOR
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would otherwise have been invested
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TRANSPORTATION REFORMLast year the
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constraints. Restrictions on entry
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In early 1974 the Commerce Departme
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Consumer SpendingConsumer expenditu
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Chart 1Changes in GNP, Real GNP, GN
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During the fourth quarter the downt
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A number of points may be noted abo
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income do not appear to have played
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Chart 2Changes in Real GNPPERCENTUN
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of essentially declining participat
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The unemployment rate for adult mal
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from job losers, the remainder of t
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to maintain a somewhat larger work
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Chart 3Changes in Selected Price Me
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TABLE 12.—Changes in selected pri
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production workers, and it is sensi
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the profits that companies report a
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Two measures of changes in income t
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About $8 billion of the growth in e
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effect of covered wage and employme
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Since these apparent stabilization
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MONETARY POLICY AND FINANCIAL MARKE
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lation requiring ceilings on all CD
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TABLE 19.—Offerings of new securi
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CHAPTER 3Inflation Control Under th
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(A more detailed presentation of th
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ate of advance in grocery store foo
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to the economy but also in the sens
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were imposed, limiting prices to th
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spurring of domestic inflation by e
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was more than twice as high in 1973
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wage increases in many cases, const
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TABLE 26.—Behavior of items in co
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Chart 6Changes in RelatedWholesale
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and natural gas. A complex set of f
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CHAPTER 4Energy and AgricultureFOR
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al gas have contributed to the low
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TABLE 30*—Wholesale prices, all i
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tion sector, which in 1972 accounte
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United States on oil imports, OPEC
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of old oil and prices of imported a
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LONG-TERM PROSPECTSThe price of imp
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important that the higher costs be
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improving the environment. The fund
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pollutants into the atmosphere will
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of research and rapid mechanization
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lion in fiscal 1972. Actually the a
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a minimum income. Unless prices fal
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The Administration supports the exa
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and estimates of some of these effe
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Since families typically pool their
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ability were not perfectly correlat
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Farm wages and farm income received
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TABLE 37.—Average usual weekly ea
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Chart 9Real Incomes for Men in Diff
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ecause they have acquired more expe
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whose owners or white workers have
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Several factors can be mentioned to
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y social pressures, however, which
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TABLE 42.—Relation of wage and sa
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ferences in their mix of occupation
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for public housing may be valued by
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8 to 20 percent for black females.
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sufficiently high to cover the addi
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TABLE 45.—Federal Government tran
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given to the problems of poverty du
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TABLE 47.—Trends in the employmen
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enefit increases greater than the i
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(Table 45). Medicare is chiefly des
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Public assistance is specifically d
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Then, subtracting equation (4) from
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policies, and the tensions among co
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In the fourth quarter the dollar ro
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which include trade, grants and oth
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tarily by foreign central banks, ev
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ply of oil, and by domestic price c
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in the United States. In view of th
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TABLE 52.—U.S. balances on intern
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esult from changes in market value
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TABLE 54.—Major changes in capita
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attempt was made to agree on a code
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The official price of gold was rais
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system, these demand changes were a
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What Pressures Should Be Exerted on
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The composition of reserves among d
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prices of approximately the same or
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tained, they would probably be felt
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Reducing Nontariff BarriersIn order
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Structural problems. Agreements on
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arrangements which are designed to
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capital and the means of putting th
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Canada and four smaller countries u
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currencies have appreciated relativ
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Effective Changes in Other Currenci
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Activities of the Advisory Committe
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Appendix BREPORT TO THE PRESIDENT O
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Report to the President on the Acti
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govern the exploitation of the reso
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Manpower and Social Affairs Committ
Page 247 and 248: Junior Staff EconomistsJames S. Fac
Page 249: Appendix CSTATISTICAL TABLES RELATI
Page 252 and 253: PRODUCTION AND BUSINESS ACTIVITY:Pa
Page 255 and 256: NATIONAL INCOME OR EXPENDITURETABLE
Page 257 and 258: TABLE C-2.—Gross national product
Page 259 and 260: TABLE C-3.—Implicit price deflato
Page 265 and 266: TABLE C—8.—Gross national produ
Page 267 and 268: TABLE C-10.—Gross national produc
Page 269 and 270: TABLE C-12.—Personal consumption
Page 271 and 272: TABLE C-14.—Relation of gross nat
Page 273 and 274: TABLE C—16.—Relation of nationa
Page 275 and 276: TABLE C-18.— Total and per capita
Page 277 and 278: TABLE C-19.—Sources of personal i
Page 279 and 280: TABLE C-21.—Saving by individuals
Page 281 and 282: POPULATION, EMPLOYMENT, WAGES, ANDP
Page 283 and 284: TABLE C-24.—Noninstitutional popu
Page 285 and 286: TABLE C-26.— Selected unemploymen
Page 287 and 288: TABLE C—28.—Unemployment insura
Page 289 and 290: TABLE C-29.—Wage and salary worke
Page 291 and 292: TABLE C-31.—.•Average weekly ea
Page 293 and 294: TABLE C-33.—Changes in output per
Page 295 and 296: TABLE C—35.—Industrial producti
Page 297: TABLE C-37.—Capacity utilization
Page 301 and 302: TABLE C-39.—New housing starts an
Page 303 and 304: TABLE C-41.—Sales and inventories
Page 305 and 306: TABLE C-43.—Manvjacturers* new an
Page 307 and 308: TABLE O45.—Consumer price indexes
Page 309 and 310: TABLE C—47.—Consumer price inde
Page 311 and 312: TABLE C~49.—Wholesale price index
Page 313 and 314: TABLE C-50.—Wholesale price index
Page 315 and 316: 194819491950.,1951195219531954Yearo
Page 317 and 318: TABLE C-53.—Commercial bank loans
Page 319 and 320: TABLE G-54.—Total funds raised in
Page 321 and 322: TABLE C-56.—Federal Reserve Bank
Page 323 and 324: TABLE C-58.—Bond yields and inter
Page 325 and 326: TABLE C-59.—Short- and intermedia
Page 327 and 328: TABLE C-61.—Mortgage debt outstan
Page 329 and 330: TABLE C-63.—Net public and privat
Page 331 and 332: TABLE C-65.—Federal budget receip
Page 333 and 334: TABLE C-66.—Relation of the Feder
Page 335 and 336: TABLE C-68.—Receipts and expendit
Page 337 and 338: TABLE C-10.—State and local gover
Page 339 and 340: TABLE C-72.—Estimated ownership o
Page 341 and 342: CORPORATE PROFITS AND FINANCETABLE
Page 343 and 344: TABLE C-76.—Relation of profits a
Page 345 and 346: TABLE C-77.—Sources and uses of f
Page 347 and 348: TABLE C-79.—State and municipal a
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TABLE C-81.—Business formation an
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Year1929...1933...1939...1940...194
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TABLE C-85.—Indexes of prices rec
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TABLE G-87.—Comparative balance s
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TABLE G-88.— U.S. balance of paym
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TABLE C-90.— U.S. merchandise exp
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TABLE C-92.—International reserve
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TABLE G-94.—International investm
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TABLE C-96.—Consumer price indexe
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