Real Gross Domestic Product: Private Services-Providing Industries in North Carolina
NCPRISERVPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
462,651.20
Year-over-Year Change
50.77%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Services-Providing Industries in North Carolina measures the inflation-adjusted economic output of private service-producing industries in the state. This trend is a key indicator of the health and growth of North Carolina's service-based 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
This series represents the real, price-adjusted value added by private service-providing industries in North Carolina, including sectors like finance, healthcare, education, and professional services. It is a useful metric for understanding the broader economic performance of the state beyond just goods-producing industries.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using income, employment, and other economic indicators.
Historical Context
Policymakers and analysts track this trend to gauge the competitiveness and resilience of North Carolina's service sector and its contribution to overall state GDP.
Key Facts
- North Carolina's service sector accounts for over 70% of state GDP.
- Private service-providing industries grew by 2.5% in 2021 after contracting in 2020.
- Finance, real estate, and professional services are the largest components of North Carolina's service economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) generated by private service-providing industries in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of the health and competitiveness of North Carolina's service-based economy, which is a major driver of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using income, employment, and other economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers and analysts track this trend to assess the resilience and growth potential of North Carolina's service sector and its contribution to the state's overall GDP.
Q: Are there update delays or limitations?
A: There is typically a 2-3 month delay in the release of this data by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Services-Providing Industries in North Carolina (NCPRISERVPRORGSP), retrieved from FRED.