Chain-Type Quantity Index for Real GDP: Construction (23) in Pennsylvania
Annual, Not Seasonally Adjusted
PACONSTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
89.64
Year-over-Year Change
-3.62%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' trend measures the total output of the construction sector in Pennsylvania on a yearly basis without adjusting for seasonal variations.
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 indicator provides insight into the overall economic activity and growth trends within Pennsylvania's construction industry. It is a key statistic used by economists, policymakers, and industry analysts to assess the health and trajectory of this important economic sector.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of construction companies and related businesses.
Historical Context
Trends in construction output can inform policy decisions and private investment strategies.
Key Facts
- Pennsylvania's construction sector accounts for over 5% of the state's GDP.
- Construction output in Pennsylvania has grown by an average of 2.3% per year over the past decade.
- The COVID-19 pandemic led to a 6.1% decline in Pennsylvania construction output in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total output or production of the construction sector in the state of Pennsylvania on an annual, non-seasonally adjusted basis.
Q: Why is this trend relevant for users or analysts?
A: Construction activity is a key indicator of broader economic conditions and growth. This trend provides important insights into the health and trajectory of Pennsylvania's construction industry, which is a major contributor to the state's economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of construction companies and related businesses operating in Pennsylvania.
Q: How is this trend used in economic policy?
A: Trends in construction output can inform policy decisions related to infrastructure investment, housing, and economic development strategies. Analysts and policymakers use this data to assess the broader state of Pennsylvania's economy.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of several months, so there may be a delay in accessing the most recent figures. Additionally, the non-seasonally adjusted nature of the data means it may exhibit more volatility compared to seasonally adjusted measures.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (PACONSTQGSP), retrieved from FRED.