Chain-Type Quantity Index for Real GDP: Construction (23) in Washington
This dataset tracks chain-type quantity index for real gdp: construction (23) in washington over time.
Latest Value
103.97
Year-over-Year Change
57.59%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Construction (23) in Washington measures the volume of construction activity in the state's gross domestic product. This trend is a key indicator of economic growth and construction sector performance.
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 index tracks changes in the real output of the construction industry in Washington, adjusted for inflation. It is a useful gauge of the construction sector's contribution to the state's overall economic activity and can inform policy decisions and investment strategies.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Policymakers and analysts monitor this trend to understand the health of Washington's construction industry and its broader economic implications.
Key Facts
- The index has a base year of 2012.
- Construction accounts for approximately 4% of Washington's GDP.
- The index reached a peak in 2021 due to strong construction activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the volume of construction activity in Washington's gross domestic product, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of the health and performance of the construction sector in Washington, which has broader implications for the state's overall economic growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to understand the state of Washington's construction industry and inform policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Construction (23) in Washington (WACONSTQGSP), retrieved from FRED.