Real Gross Domestic Product: Construction (23) in North Carolina
NCCONSTRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,695.30
Year-over-Year Change
5.48%
Date Range
1/1/2005 - 1/1/2025
Summary
This series measures the real gross domestic product (GDP) for the construction industry in North Carolina. It provides valuable insights into the health and activity of the state's construction sector, which is a key driver of economic growth.
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 represents the inflation-adjusted value of goods and services produced by the construction industry in the state. It is a widely-used indicator of construction activity and an important metric for policymakers, businesses, and economists analyzing North Carolina's economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This trend is closely monitored by industry stakeholders, government officials, and economic analysts to assess the state's construction sector and its broader implications for the North Carolina economy.
Key Facts
- Construction is a major industry in North Carolina, accounting for over 5% of the state's GDP.
- The real construction GDP in North Carolina has grown by an average of 3% annually over the past decade.
- The construction industry employs over 250,000 people in North Carolina, making it a significant source of jobs and economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the construction industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: The construction industry is a key driver of economic growth in North Carolina, and this trend provides valuable insights into the health and activity of this important sector.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, businesses, and economists to assess the state's construction sector and its broader implications for the North Carolina economy.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a short delay due to the time required for data collection and analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Construction (23) in North Carolina (NCCONSTRQGSP), retrieved from FRED.