Hours Worked for Construction: Utility System Construction (NAICS 2371) in the United States
IPUDN2371L201000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.60
Year-over-Year Change
-49.45%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures the number of hours worked in the utility system construction industry within the United States. It provides valuable insights into the activity and labor input of this crucial infrastructure 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 Hours Worked for Construction: Utility System Construction (NAICS 2371) in the United States series tracks the total number of labor hours contributed to utility system construction projects, such as power lines, pipelines, and water/sewer systems. This metric is a key indicator of industry output and productivity.
Methodology
The data is collected through surveys of construction firms and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and capacity of the utility infrastructure sector.
Key Facts
- Utility system construction is a key part of U.S. infrastructure.
- This trend tracks over 1 million total labor hours per month.
- Construction hours peaked in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of labor hours contributed to utility system construction projects in the United States, such as power lines, pipelines, and water/sewer systems.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the activity and productivity of the utility infrastructure sector, which is crucial for economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected through surveys of construction firms and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and capacity of the utility infrastructure sector, which is vital for supporting economic activity and modernizing critical public works.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month lag, so it provides timely insights into current industry conditions.
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Citation
U.S. Federal Reserve, Hours Worked for Construction: Utility System Construction (NAICS 2371) in the United States (IPUDN2371L201000000), retrieved from FRED.