Gross Domestic Product: Private Industries in North Carolina
NCPINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
742,842.00
Year-over-Year Change
95.04%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Industries in North Carolina measures the total economic output of private industries within the state. This statistic is a key indicator of North Carolina's economic health and growth.
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 tracks the real gross domestic product (GDP) contributed by private industries in the state of North Carolina. It is a valuable measure of the state's economic performance and productivity, excluding public sector activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Economists and policymakers use this metric to assess North Carolina's economic conditions and competitiveness.
Key Facts
- North Carolina's private industries account for over 80% of the state's total GDP.
- The real GDP of North Carolina's private sector has grown by over 50% since 2005.
- Manufacturing is the largest contributor to North Carolina's private industry GDP.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Private Industries in North Carolina measures the total economic output of private businesses and industries within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the health and performance of North Carolina's private sector, which is a key driver of the state's overall economic growth and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to assess North Carolina's economic conditions and formulate policies to support private sector growth and productivity.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Industries in North Carolina (NCPINGSP), retrieved from FRED.