Real Gross Domestic Product: Construction (23) in Arizona
AZCONSTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,592.80
Year-over-Year Change
109.40%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Construction (23) in Arizona measures the inflation-adjusted value added by the construction industry to the state's overall economic output. This metric is a key indicator of construction activity and investment in the local economy.
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 Real Gross Domestic Product: Construction (23) in Arizona represents the real, inflation-adjusted contribution of the construction sector to the state's total gross domestic product (GDP). It provides insights into the health and trends of Arizona's construction industry, which is an important driver of economic growth and development.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
Policymakers and analysts use this metric to assess the construction industry's role and performance within Arizona's broader economic landscape.
Key Facts
- Arizona's construction GDP accounted for 5.2% of the state's total GDP in 2021.
- The construction sector in Arizona experienced a 2.9% decline in real GDP in 2020 due to the COVID-19 pandemic.
- The construction industry is a major employer in Arizona, accounting for over 180,000 jobs as of 2021.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Construction (23) in Arizona measures the inflation-adjusted value added by the construction industry to the state's overall economic output.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the health and performance of Arizona's construction industry, which is a key driver of economic growth and development in the state.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the construction industry's role and performance within Arizona's broader economic landscape.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be a lag in the most recent quarter's release.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Construction (23) in Arizona (AZCONSTRGSP), retrieved from FRED.