Chain-Type Quantity Index for Real GDP: Construction (23) in West Virginia
WVCONSTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
87.23
Year-over-Year Change
-29.42%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Construction (23) in West Virginia measures the volume of construction activity in the state's gross domestic product. This metric is important for economists and policymakers to assess the health of the local construction industry and overall 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 Chain-Type Quantity Index for Real GDP: Construction (23) in West Virginia is a subcomponent of the state's real GDP that tracks the inflation-adjusted volume of construction output. It provides a detailed view of a key sector's contribution to economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to account for changes in relative prices over time.
Historical Context
This construction activity index is used by analysts to monitor trends in West Virginia's construction industry and its broader economic implications.
Key Facts
- West Virginia's construction industry accounts for about 5% of the state's GDP.
- The construction index uses 2012 as the base year for inflation adjustment.
- The index tracks both residential and nonresidential construction activity.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Construction (23) in West Virginia measures the inflation-adjusted volume of construction output in the state's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This construction activity index is important for monitoring the health of West Virginia's construction industry and understanding its contribution to 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-weighted approach to account for changes in relative prices over time.
Q: How is this trend used in economic policy?
A: This construction activity index is used by analysts, economists, and policymakers to assess trends in West Virginia's construction industry and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis and may have a delay of several months before the latest figures are published.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Construction (23) in West Virginia (WVCONSTQGSP), retrieved from FRED.