Census: Real estate leads service sector growth in 2013

The real estate and rental and leasing sector led the way last year for largest revenue increases among U.S. service sectors, according to the U.S. Census Bureau.

All 11 sectors posted gains, but real estate was up the most at 7 percent. The sector had $497.1 billion in revenue last year compared to $464.6 billion in 2012.

Finance and insurance was the largest service sector with $3.6 trillion in revenue, up 2.3 percent from 2012. Investment advice revenue jumped 13.8 percent within that sector, accounting for $31.8 billion last year, according to the Census.

Service industries account for about 55 percent of the nation’s gross domestic product.

Here are some other sector highlights:

• Utilities: Private-sector utility revenue was $541 billion last year, a 5.6 percent increase from 2012.

• Transportation and warehousing: Revenue was up 4.1 percent to $815.8 billion. Pipeline transportation was up 5.7 percent to $36.5 billion. 

• Information: Industry revenue topped $1.3 trillion, up 3.4 percent. Revenue for Internet publishing and broadcasting and Web search portals was up 10.3 percent to $62.5 billion. 

• Professional, scientific and technical services: Revenue was $1.5 trillion, up 2 percent. 

• Administrative and support and waste management and remediation services: Revenue was $745.2 billion, up 4 percent. 

• Educational services: Revenue was up 3.8 percent to $56.9 billion. 

• Health care and social assistance: Revenue was $2.2 trillion, up 2.7 percent. 

• Arts, entertainment and recreation: Sector revenue was $222.2 billion, up 4.7 0percent. 

• Other services (except public administration): Revenue was up 6 percent to $448.2 billion. 

Source: Central Penn Business Journal