Real Gross Domestic Product: Construction (23) in North Carolina
This dataset tracks real gross domestic product: construction (23) in north carolina over time.
Latest Value
27228.40
Year-over-Year Change
66.40%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic indicator measures the real gross domestic product (GDP) of the construction sector in North Carolina. It provides insights into the health and performance of the state's construction industry, which is a vital component of the overall 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 North Carolina series tracks the inflation-adjusted output of the construction industry in the state. It is a key metric for analyzing the construction sector's contribution to the state's economic growth and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic decision-makers to gauge the strength of North Carolina's construction sector and its impact on the broader state economy.
Key Facts
- North Carolina's construction sector accounts for over 5% of the state's total GDP.
- The construction industry employs more than 250,000 workers in North Carolina.
- Real GDP in the state's construction sector has grown by an average of 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the construction industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: The construction sector is a key driver of economic activity, and this metric provides valuable insights into the performance and health of this important industry within North Carolina.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and economic decision-makers closely monitor this trend to gauge the strength of North Carolina's construction sector and its impact on the broader state economy.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with a lag of several months. Users should be aware of this delay when interpreting the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Construction (23) in North Carolina (NCCONSTRGSP), retrieved from FRED.