Gross Domestic Product: Construction (23) in Virginia
Annual, Not Seasonally Adjusted
VACONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,320.20
Year-over-Year Change
129.60%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' construction vacancy rate measures the percentage of unfilled job openings in the U.S. construction industry. This metric provides insights into labor market tightness and capacity constraints within 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 construction vacancy rate represents the share of open positions relative to total employment in the construction industry. It is a key indicator of labor market conditions and workforce availability for construction projects and infrastructure development.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS).
Historical Context
This vacancy rate is closely monitored by policymakers, construction firms, and economic analysts to assess labor market dynamics and project future construction activity.
Key Facts
- The construction vacancy rate reached a record high of 5.2% in 2022.
- Unfilled construction jobs can delay projects and increase labor costs.
- Skilled labor shortages are a major challenge facing the construction industry.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' construction vacancy rate measures the percentage of unfilled job openings in the U.S. construction industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market tightness and capacity constraints within the construction sector, which is crucial for understanding future construction activity and project timelines.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS).
Q: How is this trend used in economic policy?
A: The construction vacancy rate is closely monitored by policymakers, construction firms, and economic analysts to assess labor market dynamics and project future construction activity.
Q: Are there update delays or limitations?
A: The construction vacancy rate data is published monthly with a slight delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (VACONSTNGSP), retrieved from FRED.