Real Gross Domestic Product: Finance and Insurance (52) in North Carolina
NCFININSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
58,887.20
Year-over-Year Change
11.37%
Date Range
1/1/2005 - 1/1/2025
Summary
This trend measures the real gross domestic product (GDP) for the finance and insurance sector in North Carolina. It provides insight into the economic performance and growth of this crucial industry within the state.
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 Real Gross Domestic Product: Finance and Insurance (52) in North Carolina series tracks the inflation-adjusted value added by the finance and insurance sector to the state's overall economic output. This data is used by economists and policymakers to assess the health and trajectory of North Carolina's financial services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting procedures.
Historical Context
This trend is relevant for analyzing North Carolina's economic competitiveness and the role of the finance and insurance sector in driving the state's growth.
Key Facts
- North Carolina is a major financial center, with Charlotte serving as the nation's second-largest banking hub.
- The finance and insurance sector accounts for over 6% of North Carolina's total GDP.
- This trend has shown steady growth over the past decade, outpacing the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the finance and insurance sector in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and contribution of North Carolina's finance and insurance industry, which is a key driver of the state's overall economic growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national income and product accounting methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and competitiveness of North Carolina's financial services sector, which is crucial for the state's overall economic development and prosperity.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with typical release delays of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance and Insurance (52) in North Carolina (NCFININSRQGSP), retrieved from FRED.