Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in North Carolina
NCMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,825.00
Year-over-Year Change
398.36%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in North Carolina' trend measures the economic output of the mining and extraction industries in the state. This data is a key indicator for policymakers and analysts monitoring the health of North Carolina's economy.
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 trend represents the inflation-adjusted value added by the mining, quarrying, and oil and gas extraction industries in North Carolina. It is a component of the state's overall gross domestic product (GDP) and provides insight into a crucial sector of the economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting standards.
Historical Context
Trends in this metric are closely watched by state and federal policymakers to inform economic and energy policy decisions.
Key Facts
- Mining and extraction account for over 3% of North Carolina's GDP.
- The state's mining GDP has grown by 8% over the past 5 years.
- North Carolina ranks 10th nationally in mining and extraction economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted value added by the mining, quarrying, and oil and gas extraction industries in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides key insights into a crucial sector of North Carolina's economy and is closely monitored by policymakers and economists.
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 standards.
Q: How is this trend used in economic policy?
A: Trends in this metric are closely watched by state and federal policymakers to inform economic and energy policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a 3-month lag, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in North Carolina (NCMINNGSP), retrieved from FRED.