Gross Domestic Product: Private Industries in Colorado
COPINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
489,867.60
Year-over-Year Change
104.10%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for Private Industries in Colorado measures the total economic output of the state's private sector. It is a key indicator of Colorado's economic health and performance.
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
This series tracks the inflation-adjusted value added by Colorado's private industries, excluding government activity. It provides insights into the state's economic structure, productivity, and growth patterns across sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
Policymakers and businesses use this metric to gauge Colorado's economic conditions and make informed decisions.
Key Facts
- Colorado's private industries account for over 80% of the state's GDP.
- The tech and professional services sectors are major drivers of Colorado's private GDP.
- Private GDP growth in Colorado has outpaced the national average in recent years.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for Private Industries in Colorado measures the total economic output of the state's private sector, excluding government activity.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and structure of Colorado's private economy, which is crucial for understanding the state's overall economic health and 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 national income and product accounts.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this metric to gauge Colorado's economic conditions and make informed decisions about investment, workforce, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a typical lag of 2-3 months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Industries in Colorado (COPINGSP), retrieved from FRED.