Gross Domestic Product: Private Goods-Producing Industries in North Carolina
NCPRIGOODPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
158,674.40
Year-over-Year Change
54.59%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Goods-Producing Industries in North Carolina measures the economic output of the state's private goods-producing sector. This data point provides insight into the health and growth of key manufacturing and extraction industries in the state.
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 total value added to North Carolina's GDP by private businesses engaged in the production of physical goods, such as manufacturing, mining, and construction. It is a widely-used indicator of the state's industrial activity and economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government and private surveys.
Historical Context
Policymakers and economists analyze this metric to assess the strength of North Carolina's economy and its key industrial sectors.
Key Facts
- North Carolina's private goods-producing GDP was $203 billion in 2021.
- This sector accounts for over 25% of the state's total economic output.
- Manufacturing is the largest component, contributing nearly 60% of private goods GDP.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total value added to North Carolina's GDP by private businesses engaged in the production of physical goods, such as manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the health and growth of key industrial sectors in North Carolina, which is critical information for policymakers, businesses, and economists analyzing the state's economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government and private surveys.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this metric to assess the strength of North Carolina's economy and its key industrial sectors, which informs decisions around economic development, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately 3 months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Goods-Producing Industries in North Carolina (NCPRIGOODPRONGSP), retrieved from FRED.