Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Colorado
COPCEPCVEH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,443.00
Year-over-Year Change
104.95%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures per capita personal consumption expenditures on durable goods, specifically motor vehicles and parts, for the state of Colorado. It provides insights into consumer spending patterns and the health of the auto industry in 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 Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Colorado series tracks the average amount spent by Colorado residents on durable goods, including cars, trucks, and automotive parts. This metric is used by economists and policymakers to assess consumer demand and the strength of the local economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on consumer spending surveys and other economic indicators.
Historical Context
This trend is closely monitored by auto manufacturers, dealers, and policymakers to understand consumer behavior and inform economic decision-making.
Key Facts
- Colorado's per capita spending on motor vehicles and parts was $3,921 in 2021.
- This trend has shown steady growth over the past decade, indicating a healthy consumer demand for durable goods.
- The automotive industry is a major contributor to Colorado's economy, accounting for over 20,000 jobs statewide.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average amount spent by Colorado residents on durable goods, specifically motor vehicles and parts, per person.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer spending patterns and the strength of the automotive industry in Colorado, which is important for economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on consumer spending surveys and other economic indicators.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by auto manufacturers, dealers, and policymakers to understand consumer behavior and inform economic decision-making in the state.
Q: Are there update delays or limitations?
A: The data is typically updated quarterly, with a lag of several months. There may be limitations in capturing all consumer spending on motor vehicles and parts.
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Citation
U.S. Federal Reserve, Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Motor Vehicles and Parts for Colorado (COPCEPCVEH), retrieved from FRED.