Real Gross Domestic Product: Construction (23) in Nebraska
Annual, Not Seasonally Adjusted
NECONSTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,733.30
Year-over-Year Change
42.67%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted construction gross state product (NECONSTRGSP) measures the total economic output of the U.S. construction industry. This key economic indicator provides insight into the health and growth of the construction 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 NECONSTRGSP series represents the total production value of the construction industry at the national level. It is used by economists and policymakers to analyze trends in construction activity and investment, which are important drivers of overall economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
This metric is closely monitored by the Federal Reserve and other government agencies to inform economic policy decisions.
Key Facts
- The construction industry accounts for about 4% of total U.S. GDP.
- Construction spending has a multiplier effect, impacting many other economic sectors.
- NECONSTRGSP reached a record high of $1.3 trillion in 2022.
FAQs
Q: What does this economic trend measure?
A: The NECONSTRGSP series measures the total economic output or production value of the U.S. construction industry on an annual, not seasonally adjusted basis.
Q: Why is this trend relevant for users or analysts?
A: Construction activity is a key driver of economic growth, so the NECONSTRGSP metric provides important insights into the health and momentum of the construction 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 national income and product accounts.
Q: How is this trend used in economic policy?
A: The NECONSTRGSP metric is closely monitored by the Federal Reserve and other government agencies to inform economic policy decisions, particularly around interest rates, infrastructure investment, and regulations.
Q: Are there update delays or limitations?
A: The NECONSTRGSP data is published annually with a lag of several months, so there may be delays in accessing the latest information.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (NECONSTRGSP), retrieved from FRED.