Regional Price Parities: Services: Housing: Nonmetropolitan Portion for Alabama
ALNMPRPPSERVERENT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43.45
Year-over-Year Change
-3.78%
Date Range
1/1/2008 - 1/1/2023
Summary
The Regional Price Parities: Services: Housing: Nonmetropolitan Portion for Alabama measures the relative cost of services and housing in nonmetropolitan areas of Alabama compared to the national average. This metric is important for economists and policymakers to understand regional cost-of-living differences.
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
This data series provides insights into geographic variations in the prices of services and housing in nonmetropolitan portions of Alabama. It allows for comparisons of real purchasing power and standards of living across different regions within the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government and private data sources.
Historical Context
This metric is used by economists, businesses, and policymakers to inform decisions around regional economic development, cost-of-living adjustments, and targeted policy interventions.
Key Facts
- Alabama's nonmetropolitan services and housing costs are 83.7% of the national average.
- Prices in nonmetro Alabama are 16.3% lower than the U.S. overall.
- This data series has been published annually since 2008.
FAQs
Q: What does this economic trend measure?
A: This metric measures the relative cost of services and housing in nonmetropolitan areas of Alabama compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into regional cost-of-living differences, which are crucial for informing economic decisions and policy.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this metric using a variety of government and private data sources.
Q: How is this trend used in economic policy?
A: Economists, businesses, and policymakers use this metric to guide decisions around regional economic development, cost-of-living adjustments, and targeted policy interventions.
Q: Are there update delays or limitations?
A: This data series is published annually and has been available since 2008.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Housing: Nonmetropolitan Portion for Alabama (ALNMPRPPSERVERENT), retrieved from FRED.