Gross Domestic Product: All Industry Total in Colorado
CONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
553,322.50
Year-over-Year Change
101.40%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: All Industry Total in Colorado (CONGSP) measures the total economic output of all industries in the state of Colorado. This metric is a key indicator of the overall health and growth of the Colorado 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
The CONGSP series represents the total value added by all industries located in Colorado, including the private sector and government. Economists and policymakers use this data to analyze the state's economic performance, inform policy decisions, and make projections about future growth.
Methodology
The Bureau of Economic Analysis (BEA) calculates CONGSP using data from various sources, including business surveys and administrative records.
Historical Context
CONGSP is an important metric for understanding the economic conditions in Colorado and can inform decisions by businesses, investors, and government officials.
Key Facts
- Colorado's GDP reached $411 billion in 2021.
- The state's economy grew by 3.6% in 2021 after contracting in 2020.
- The largest contributors to Colorado's GDP are the professional and business services, and trade, transportation, and utilities sectors.
FAQs
Q: What does this economic trend measure?
A: The CONGSP series measures the total economic output of all industries located in the state of Colorado, including the private sector and government.
Q: Why is this trend relevant for users or analysts?
A: CONGSP is a key indicator of the overall health and growth of the Colorado economy, which is important for businesses, investors, and policymakers to understand.
Q: How is this data collected or calculated?
A: The Bureau of Economic Analysis (BEA) calculates CONGSP using data from various sources, including business surveys and administrative records.
Q: How is this trend used in economic policy?
A: CONGSP can inform decisions by government officials and policymakers regarding economic development, fiscal policy, and other measures aimed at supporting the Colorado economy.
Q: Are there update delays or limitations?
A: CONGSP data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
Related Trends
All Employees: State Government in Colorado
SMU08000009092000001A
Educational Services Earnings in Colorado
COEEDU
Regional Price Parities: Services: Housing for Colorado
CORPPSERVERENT
Continued Claims (Insured Unemployment) in Colorado
COCCLAIMS
Per Capita Personal Consumption Expenditures: Services: Housing and Utilities for Colorado
COPCEPCHOUSUTL
All Employees: Transportation and Utilities: Transportation, Warehousing, and Utilities in Colorado
SMS08000004300000001
Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Colorado (CONGSP), retrieved from FRED.