Gross Domestic Product: Construction (23) in Arkansas
ARCONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,343.50
Year-over-Year Change
93.83%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the construction component of Gross Domestic Product (GDP) specifically for the state of Arkansas. It provides insight into the health and growth of Arkansas's construction industry, an important driver of the state's economy.
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
Gross Domestic Product (GDP) is a comprehensive measure of the total value of goods and services produced within a geographic area. The construction component reflects the economic activity generated by building projects, infrastructure, and related services. Tracking this state-level data can help policymakers and businesses understand regional economic conditions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
Construction GDP is a key indicator used by economists, investors, and policymakers to assess the vitality of state and local economies.
Key Facts
- Arkansas construction GDP in 2022 was $7.2 billion.
- Construction accounts for 4.1% of Arkansas's total GDP.
- The construction industry employs over 60,000 workers in Arkansas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the construction component of Gross Domestic Product (GDP) specifically for the state of Arkansas. It provides insight into the construction industry's contribution to the state's overall economic activity.
Q: Why is this trend relevant for users or analysts?
A: The construction industry is a key driver of economic growth, and tracking state-level construction GDP can help policymakers, businesses, and investors understand regional economic conditions and make informed decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Construction GDP is a important indicator used by economists, policymakers, and investors to assess the vitality of state and local economies and inform decisions about economic development, infrastructure investment, and other policy initiatives.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis with a lag of approximately 3 months. While comprehensive, the data may not capture all construction activity in the state.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in Arkansas (ARCONSTNGSP), retrieved from FRED.