Gross Domestic Product: Construction (23) in Arizona
AZCONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35,866.10
Year-over-Year Change
284.43%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Construction (23) in Arizona measures the economic output of the construction industry in the state. It is an important indicator of overall economic activity and investment.
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 series represents the total value added by the construction sector to Arizona's gross domestic product. It is a key metric used by economists and policymakers to analyze industry performance and guide economic decision-making.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry surveys and other government sources.
Historical Context
This trend is closely watched by real estate developers, construction firms, and government agencies to assess the health of the local economy.
Key Facts
- Arizona construction GDP reached a record high in 2021.
- The construction sector accounts for over 5% of Arizona's total economic output.
- Construction GDP growth has outpaced the overall state economy in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added by the construction industry to Arizona's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: The construction GDP trend is a key indicator of overall economic activity and investment in Arizona, providing important insights for businesses, policymakers, and economists.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry surveys and other government sources.
Q: How is this trend used in economic policy?
A: Policymakers and government agencies closely monitor this trend to assess the health of the local construction industry and make informed decisions about economic development, infrastructure investment, and housing policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in Arizona (AZCONSTNGSP), retrieved from FRED.