Gross Domestic Product: Construction (23) in West Virginia
WVCONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,573.10
Year-over-Year Change
29.36%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the construction industry in West Virginia. It provides insight into the state's economic activity and growth 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 Gross Domestic Product: Construction (23) in West Virginia metric tracks the value-added output of the construction industry as a component of the state's overall GDP. This data series is used by economists and policymakers to analyze the strength and trajectory of West Virginia's construction-related economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Historical Context
This metric is relevant for understanding the construction industry's role in West Virginia's economy and can inform policy decisions and market analyses.
Key Facts
- West Virginia's construction GDP was $4.3 billion in 2020.
- The construction sector accounts for approximately 6% of West Virginia's total GDP.
- GDP from construction has grown by 2.5% annually in West Virginia over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the construction industry in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the strength and trajectory of West Virginia's construction-related economic activity, which is valuable for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: This metric can inform policy decisions related to the construction industry and its role in West Virginia's overall economic growth and development.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reported period. There may also be revisions to previously reported figures.
Related Trends
Real Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in West Virginia
WVFRBCIRGSP
Value of Exports to Estonia from West Virginia
WVESTA052SCEN
Housing Inventory: Median Home Size in Square Feet in West Virginia
MEDSQUFEEWV
Value of Exports to Mexico from West Virginia
WVMEXA052SCEN
State Government Tax Collections, Hunting and Fishing Licenses in West Virginia
WVHUNTLICTAX
Poverty Universe, Age 5-17 related for West Virginia
PUA5T17RWV54000A647NCEN
Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in West Virginia (WVCONSTNGSP), retrieved from FRED.