Gross Domestic Product: Private Services-Providing Industries in North Carolina
NCPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
584,167.50
Year-over-Year Change
109.97%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in North Carolina measures the economic output of private service-providing sectors in the state. This metric is a key indicator of North Carolina's economic health and competitiveness.
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 economic series tracks the real, inflation-adjusted value added by private service-providing industries in North Carolina, including trade, transportation, utilities, information, financial activities, professional and business services, education, and healthcare. It is a component of the state's overall gross domestic product and provides insights into the drivers of the North Carolina economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of surveys and economic indicators.
Historical Context
Policymakers and analysts monitor this metric to assess the state's economic performance and competitiveness compared to national trends.
Key Facts
- North Carolina's private services-providing industries account for over 60% of the state's GDP.
- This metric has grown by an average of 2.5% annually over the past decade.
- Professional and business services are the largest component of this industry group.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted value added by private service-providing industries in North Carolina, including trade, transportation, utilities, information, financial activities, professional and business services, education, and healthcare.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the drivers of the North Carolina economy and is a key indicator of the state's economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of surveys and economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this metric to assess the state's economic performance and competitiveness compared to national trends.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in North Carolina (NCPRISERVPRONGSP), retrieved from FRED.