Real Gross Domestic Product: Construction (23) in Virginia
Annual, Not Seasonally Adjusted
VACONSTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,213.90
Year-over-Year Change
25.10%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted series measures the value of construction spending on nonresidential projects in the United States. This metric is a key indicator of economic activity and investment in 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 Annual, Not Seasonally Adjusted construction spending metric tracks the total dollar value of nonresidential construction projects completed over a 12-month period. It provides insight into broader trends in business investment, infrastructure development, and the health of the construction industry.
Methodology
The data is collected by the U.S. Census Bureau through surveys of construction firms and project owners.
Historical Context
Policymakers and analysts use this metric to assess the state of the economy and make informed decisions about fiscal, monetary, and regulatory policies.
Key Facts
- Annual construction spending reached a record high of $1.49 trillion in 2022.
- The construction sector accounts for approximately 4% of U.S. GDP.
- Private nonresidential construction makes up the largest share of overall construction spending.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted series measures the total value of nonresidential construction projects completed in the United States over a 12-month period.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the health and investment activity of the construction industry, which is a key driver of economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of construction firms and project owners.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the state of the economy and make informed decisions about fiscal, monetary, and regulatory policies that impact the construction sector.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical lag of 1-2 months. There may be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (VACONSTRGSP), retrieved from FRED.