Chain-Type Quantity Index for Real GDP: Construction (23) in Ohio
Annual, Not Seasonally Adjusted
OHCONSTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.11
Year-over-Year Change
20.73%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted series measures the total value of construction put in place in the United States on an annual basis without adjusting for seasonal variations. This metric provides insight into the overall health and growth of the U.S. construction industry.
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 Annual, Not Seasonally Adjusted construction data tracks the dollar value of all construction activity, including residential, commercial, and infrastructure projects, completed over the course of a calendar year. This series is used by economists and policymakers to analyze long-term construction trends and assess the broader performance of the U.S. economy.
Methodology
The data is collected through surveys of construction firms and project owners by the U.S. Census Bureau.
Historical Context
The construction industry is a key driver of economic growth, so this metric is closely monitored by the Federal Reserve and other institutions for insights into investment, employment, and overall economic conditions.
Key Facts
- Construction spending accounts for over 4% of U.S. GDP.
- Annual construction activity reached a record high of $1.3 trillion in 2022.
- The residential sector makes up about 60% of total construction spending.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted series tracks the total dollar value of all construction projects completed in the United States over the course of a calendar year.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and growth of the construction industry, which is a key driver of broader economic performance in the U.S.
Q: How is this data collected or calculated?
A: The data is collected through surveys of construction firms and project owners by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other institutions closely monitor construction activity as an indicator of investment, employment, and overall economic conditions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 2-month lag.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (OHCONSTQGSP), retrieved from FRED.