Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in North Carolina
NCADMINWASTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30,331.00
Year-over-Year Change
122.44%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the administrative and support and waste management and remediation services (NAICS 56) industry in North Carolina. It provides insight into the economic output and productivity of this key service sector.
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 NCADMINWASTNGSP series tracks the value added to North Carolina's GDP by businesses in the administrative and waste management services industry. This metric is used by economists and policymakers to analyze the relative performance and contribution of this service sector to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting principles.
Historical Context
Trends in this industry's GDP are relevant for understanding the broader service economy and can inform policy decisions and market outlooks.
Key Facts
- North Carolina's administrative and waste services GDP was $25.6 billion in 2021.
- This industry accounted for 4.2% of the state's total GDP in 2021.
- The sector grew by 3.2% in real terms between 2020 and 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the administrative and support and waste management and remediation services industry in North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and economic importance of a key service sector in North Carolina, which is useful for understanding the state's overall economic activity and growth.
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 GDP accounting principles.
Q: How is this trend used in economic policy?
A: Trends in this industry's GDP are relevant for understanding the broader service economy and can inform policy decisions and market outlooks.
Q: Are there update delays or limitations?
A: The data is published with a lag of several quarters, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support and Waste Management and Remediation Services (56) in North Carolina (NCADMINWASTNGSP), retrieved from FRED.