Chain-Type Quantity Index for Real GDP: Construction (23) in Illinois
This dataset tracks chain-type quantity index for real gdp: construction (23) in illinois over time.
Latest Value
88.97
Year-over-Year Change
10.99%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Construction (23) in Illinois measures the inflation-adjusted output of the construction industry in the state. This metric is a key indicator of economic activity and investment in the region.
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 index tracks the quantity of construction goods and services produced in Illinois, adjusted for price changes over time. It is a valuable tool for analyzing the performance and outlook of the state's construction sector, which is an important driver of overall economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income accounting principles.
Historical Context
Policymakers and businesses closely monitor this index to gauge the health of Illinois' construction industry and make informed decisions about investment, hiring, and other economic factors.
Key Facts
- The index has a base year of 2012.
- Construction accounts for approximately 5% of Illinois' total GDP.
- The index reached a record high in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Construction (23) in Illinois measures the inflation-adjusted output of the construction industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of economic activity and investment in the construction sector, which is an important driver of overall economic growth in Illinois.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and businesses closely monitor this index to gauge the health of Illinois' construction industry and make informed decisions about investment, hiring, and other economic factors.
Q: Are there update delays or limitations?
A: The data is released quarterly, and there may be a delay of several weeks before the latest figures are available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Construction (23) in Illinois (ILCONSTQGSP), retrieved from FRED.