Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Connecticut
CTTRANGRNDTRANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,237.20
Year-over-Year Change
37.10%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the transit and ground passenger transportation industry in Connecticut. It provides insights into the economic performance and productivity of this key transportation sector.
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 Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Connecticut metric tracks the inflation-adjusted output of businesses engaged in providing passenger transportation and services ancillary to that transportation. This helps economists and policymakers understand the state's transportation infrastructure and its contribution to the overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP by industry statistics.
Historical Context
This trend is used to inform transportation infrastructure planning and investment decisions by state and local governments.
Key Facts
- Connecticut's transit and ground passenger transportation GDP was $2.3 billion in 2021.
- This industry accounts for 0.8% of the state's total economic output.
- The transportation sector has seen steady growth in Connecticut over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the transit and ground passenger transportation industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the productivity and economic performance of Connecticut's transportation infrastructure, which is crucial for supporting business activity and quality of life in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP by industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers and transportation planners use this metric to inform infrastructure investment decisions and evaluate the economic impact of the transit and ground passenger transportation sector in Connecticut.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of approximately one year, so the most recent figures may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Connecticut (CTTRANGRNDTRANRGSP), retrieved from FRED.