Real Gross Domestic Product: Construction (23) in Minnesota
MNCONSTRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,735.40
Year-over-Year Change
-2.25%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Construction (23) in Minnesota measures the real output of the construction industry in the state. This metric is a key indicator of economic activity and investment in Minnesota's construction 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
This series represents the chain-type quantity index for real GDP originating in the construction industry in Minnesota. It is used to analyze the state's construction activity and its contribution to overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting methods.
Historical Context
Policymakers and economists closely monitor this trend to gauge the health of Minnesota's construction industry and make informed decisions about economic and infrastructure policies.
Key Facts
- Minnesota's construction industry accounts for about 5% of the state's GDP.
- Real construction GDP in Minnesota has grown by an average of 2.5% annually over the past decade.
- The construction sector is a major employer in Minnesota, providing over 100,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real output or production of the construction industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of economic activity and investment in Minnesota's construction sector, which is a key driver of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to gauge the health of Minnesota's construction industry and make informed decisions about economic and infrastructure policies.
Q: Are there update delays or limitations?
A: The data is typically published with a 2-3 month lag, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Construction (23) in Minnesota (MNCONSTRQGSP), retrieved from FRED.