Real Gross Domestic Product: Private Goods-Producing Industries in North Carolina
NCPRIGOODPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
122,375.70
Year-over-Year Change
10.97%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of private goods-producing industries in North Carolina. It provides valuable insights into the state's industrial production and economic performance.
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
The Real Gross Domestic Product: Private Goods-Producing Industries in North Carolina series tracks the real output of private industries engaged in the production of physical goods, such as manufacturing, mining, and construction, within the state of North Carolina. This metric is widely used by economists and policymakers to assess the health and growth of the state's industrial sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
This trend is closely monitored by state and federal policymakers to inform economic policies and investment decisions.
Key Facts
- North Carolina's private goods-producing industries account for approximately 20% of the state's total GDP.
- The real GDP of these industries has grown by an average of 2.5% annually over the past decade.
- Manufacturing is the largest component, contributing over 60% to the private goods-producing GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of private goods-producing industries in the state of North Carolina, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and growth of North Carolina's industrial sector, which is a critical driver of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Q: How is this trend used in economic policy?
A: State and federal policymakers closely monitor this trend to inform economic policies, investment decisions, and initiatives aimed at supporting the growth of North Carolina's industrial base.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and there may be occasional revisions to previous estimates.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Goods-Producing Industries in North Carolina (NCPRIGOODPRORGSP), retrieved from FRED.