Gross Domestic Product: Construction (23) in Massachusetts
MACONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30,934.60
Year-over-Year Change
125.38%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the value of construction activity in the Massachusetts economy, a key component of Gross Domestic Product (GDP). It provides insight into the strength of the state's construction sector and overall economic conditions.
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 Gross Domestic Product: Construction (23) in Massachusetts series tracks the inflation-adjusted value of construction output in the state, including residential, commercial, and infrastructure projects. This metric is used by economists and policymakers to analyze the health and trajectory of the Massachusetts construction industry and broader economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry surveys and other statistical sources.
Historical Context
Changes in this construction activity trend can inform decisions by businesses, investors, and government officials on topics like housing, commercial real estate, and infrastructure investment.
Key Facts
- Construction is approximately 4% of Massachusetts GDP.
- The trend has grown by over 30% since the 2008-2009 recession.
- Housing starts and commercial projects are key drivers of the construction GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted value of construction activity, a component of Gross Domestic Product (GDP), in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: Changes in Massachusetts construction activity provide insights into the strength of the state's economy and can inform decision-making by businesses, investors, and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry surveys and other statistical sources.
Q: How is this trend used in economic policy?
A: This construction GDP trend is used by economists and officials to analyze the health of the Massachusetts economy and inform decisions about housing, commercial real estate, and infrastructure investment.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the Bureau of Economic Analysis, with a typical 2-3 month lag from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in Massachusetts (MACONSTNGSP), retrieved from FRED.