Chain-Type Quantity Index for Real GDP: Construction (23) in Connecticut
CTCONSTQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.27
Year-over-Year Change
-14.20%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Construction (23) in Connecticut measures the volume of construction activity in the state, which is a key component of overall economic output.
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 index tracks changes in the real, inflation-adjusted value of the construction sector's contribution to Connecticut's GDP. It provides insight into the health and trends of the state's construction industry, which has broad implications for employment, investment, and the broader economy.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
Policymakers and analysts use this data to assess the state of Connecticut's economy and inform decisions around economic and infrastructure development.
Key Facts
- The index uses 2012 as the base year.
- Construction accounts for approximately 4% of Connecticut's GDP.
- The index reached a high of 118.16 in 2019 before declining due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This index measures the volume of construction activity in Connecticut, which is a key component of the state's overall economic output.
Q: Why is this trend relevant for users or analysts?
A: The construction sector is a vital part of Connecticut's economy, and this index provides insight into its health and trends, which have broad implications for employment, investment, and the broader state economy.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the state of Connecticut's economy and inform decisions around economic and infrastructure development.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Construction (23) in Connecticut (CTCONSTQGSP), retrieved from FRED.