Real Gross Domestic Product: Private Goods-Producing Industries in Colorado
COPRIGOODPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
62,952.60
Year-over-Year Change
50.70%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Goods-Producing Industries in Colorado measures the real economic output of private goods-producing industries in the state. This metric is a key indicator of Colorado's economic health and industrial productivity.
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 real, inflation-adjusted GDP generated by private goods-producing industries in Colorado, including manufacturing, mining, and construction. It provides insight into the state's economic structure and the performance of its core industrial sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Economists and policymakers closely monitor this metric to assess Colorado's economic conditions and make informed decisions about economic development strategies.
Key Facts
- Colorado's private goods-producing industries account for over 20% of the state's total GDP.
- The real GDP of these industries has grown by an average of 3% annually over the past decade.
- Manufacturing is the largest component, contributing nearly 60% to the private goods-producing GDP.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Private Goods-Producing Industries in Colorado measures the real, inflation-adjusted economic output of private goods-producing industries in the state, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides key insights into Colorado's economic structure and the performance of its core industrial sectors, which is crucial for understanding the state's overall economic health and guiding policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely monitor this metric to assess Colorado's economic conditions and make informed decisions about economic development strategies, such as targeted support for key industries or infrastructure investments.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to periodic revisions as more complete information becomes available.
Related Trends
All Employees: Leisure and Hospitality: Full-Service Restaurants in Colorado
SMU08000007072251101
All Employees: Education and Health Services: Hospitals in Colorado
SMU08000006562200001
Real Gross Domestic Product: Machinery Manufacturing (333) in Colorado
COMACHMANRGSP
Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Colorado
COPRFRMSPRTMSMQGSP
Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Colorado
COOTHSERVERQGSP
Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Colorado
SMU08000003100000008
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Goods-Producing Industries in Colorado (COPRIGOODPRORGSP), retrieved from FRED.