Chain-Type Quantity Index for Real GDP: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in North Dakota
NDFININSREALQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.95
Year-over-Year Change
-2.53%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in North Dakota tracks the inflation-adjusted output of this key economic sector 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 index measures the real volume of economic activity in North Dakota's finance, insurance, real estate, rental, and leasing industries, which comprise a significant portion of the state's GDP. It is used to analyze trends in this crucial service sector and its contribution to overall economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using chain-type quantity indexes to adjust for inflation.
Historical Context
Policymakers and analysts monitor this index to gauge the health and trajectory of North Dakota's service-oriented economy.
Key Facts
- North Dakota's finance, insurance, real estate, rental, and leasing industries account for over 20% of state GDP.
- This index has grown by an average of 3.2% annually over the past decade.
- The sector was resilient during the COVID-19 pandemic, with only a brief decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This index tracks the real, inflation-adjusted output of North Dakota's finance, insurance, real estate, rental, and leasing industries, which make up a significant portion of the state's GDP.
Q: Why is this trend relevant for users or analysts?
A: This index provides important insights into the health and performance of a crucial service sector in North Dakota's economy, which is crucial for understanding the state's overall economic growth and development.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using chain-type quantity indexes to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this index to gauge the trajectory of North Dakota's service-oriented economy and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically released with a 1-2 month delay, and may be subject to revision as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in North Dakota (NDFININSREALQGSP), retrieved from FRED.