Real Gross Domestic Product: Construction (23) in North Dakota
NDCONSTRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,712.70
Year-over-Year Change
3.89%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Construction (23) in North Dakota measures the inflation-adjusted value added by the construction industry to the state's overall economic output.
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 economic indicator provides insight into the performance and contribution of the construction sector to North Dakota's economy. It is a key metric used by policymakers, economists, and analysts to assess the state's economic health and development.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a range of industry and price data.
Historical Context
The construction industry is an important driver of economic growth, and this trend helps evaluate the sector's role in North Dakota's economic performance.
Key Facts
- North Dakota's construction GDP grew by 3.2% in 2021.
- The construction sector accounts for approximately 5% of North Dakota's total economic output.
- Real construction GDP in North Dakota has increased by over 15% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted value added by the construction industry to North Dakota's overall economic output, or Gross Domestic Product (GDP).
Q: Why is this trend relevant for users or analysts?
A: The construction industry is a key driver of economic growth, and this trend helps assess the sector's performance and contribution to North Dakota's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a range of industry and price data.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and analysts use this trend to evaluate the state's economic health and development, as well as to inform decisions and policies related to the construction industry.
Q: Are there update delays or limitations?
A: The data is subject to regular updates from the U.S. Bureau of Economic Analysis, and there may be occasional delays or revisions to the reported figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Construction (23) in North Dakota (NDCONSTRQGSP), retrieved from FRED.