Real Gross Domestic Product: Construction (23) in Pennsylvania
Quarterly, Seasonally Adjusted Annual Rate
PACONSTRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,446.40
Year-over-Year Change
-6.38%
Date Range
1/1/2005 - 1/1/2025
Summary
The Quarterly, Seasonally Adjusted Annual Rate (PACONSTRQGSP) measures the seasonally adjusted, annualized pace of private construction spending in the United States. This economic indicator provides insight into the strength and direction of the construction industry, a key driver of economic growth.
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 PACONSTRQGSP series tracks the total dollar value of construction put in place during the quarter, including both residential and non-residential construction projects. It is widely used by economists, policymakers, and market analysts to assess the health and momentum of the construction sector.
Methodology
The data is collected and calculated by the U.S. Census Bureau through surveys of construction firms and contractors.
Historical Context
The PACONSTRQGSP trend serves as an important barometer for the broader economy, as construction activity is closely tied to factors like employment, consumer confidence, and overall business investment.
Key Facts
- The PACONSTRQGSP reached a record high of $1.47 trillion in 2022.
- Private construction accounts for over 75% of total construction spending in the U.S.
- Residential construction makes up about 60% of the PACONSTRQGSP series.
FAQs
Q: What does this economic trend measure?
A: The PACONSTRQGSP series measures the seasonally adjusted, annualized pace of private construction spending in the United States, including both residential and non-residential projects.
Q: Why is this trend relevant for users or analysts?
A: The PACONSTRQGSP trend is a key indicator of economic activity and momentum, as construction is a major driver of GDP growth, employment, and business investment.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Census Bureau through surveys of construction firms and contractors.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor the PACONSTRQGSP trend to assess the health of the construction industry and its broader implications for the overall economy.
Q: Are there update delays or limitations?
A: The PACONSTRQGSP data is released monthly with a lag of approximately two months, and may be subject to revisions as additional information becomes available.
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Citation
U.S. Federal Reserve, Quarterly, Seasonally Adjusted Annual Rate (PACONSTRQGSP), retrieved from FRED.