Real Gross Domestic Product: Manufacturing (31-33) in North Carolina
NCMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
87,595.60
Year-over-Year Change
-2.53%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Manufacturing (31-33) in North Carolina tracks the economic output of the state's manufacturing sector, a key indicator of industrial activity and economic health.
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 measures the real (inflation-adjusted) gross domestic product of the manufacturing industry in North Carolina, covering subsectors like durable and nondurable goods production. It provides valuable insights into the state's industrial performance and overall economic conditions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts monitor this trend to gauge the strength of North Carolina's manufacturing base and its contribution to the state's economic growth.
Key Facts
- North Carolina is a major manufacturing hub, contributing over 19% to the state's GDP.
- The manufacturing sector employs more than 460,000 workers in North Carolina.
- The state's manufacturing output has grown by 25% since the early 2000s.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the manufacturing industry in the state of North Carolina, covering a wide range of durable and nondurable goods production.
Q: Why is this trend relevant for users or analysts?
A: The Real Gross Domestic Product: Manufacturing (31-33) in North Carolina provides valuable insights into the performance and contribution of the state's manufacturing sector, which is a critical driver of economic growth and employment.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to gauge the strength of North Carolina's manufacturing base and its contribution to the state's overall economic growth, informing decisions on industrial policy, workforce development, and economic strategy.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately two months, so there may be a delay in observing the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Manufacturing (31-33) in North Carolina (NCMANRGSP), retrieved from FRED.