Gross Domestic Product: Construction (23) in Alabama
ALCONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,609.60
Year-over-Year Change
126.31%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the gross domestic product (GDP) from the construction industry in Alabama. It provides valuable insights into the economic activity and performance of the construction sector in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Gross Domestic Product: Construction (23) in Alabama series tracks the total economic output generated by the construction industry within the state. It is a key indicator of the health and growth of the construction sector, which is an important driver of economic activity and employment.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys and estimates of construction activity.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the state of the Alabama economy and make informed decisions.
Key Facts
- Alabama's construction GDP accounts for approximately 5% of the state's total economic output.
- The construction industry employs over 100,000 workers in Alabama.
- Construction GDP in Alabama has grown by an average of 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) generated by the construction industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: The construction industry is a key driver of economic activity and employment in Alabama, so this trend provides valuable insights into the health and performance of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys and estimates of construction activity in Alabama.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts closely monitor this trend to assess the state of the Alabama economy and make informed decisions on economic policies and investments.
Q: Are there update delays or limitations?
A: The data is typically released with a 2-3 month delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in Alabama (ALCONSTNGSP), retrieved from FRED.