Regional Price Parities: Services: Other: Nonmetropolitan Portion for North Dakota
NDNMPRPPSERVEOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
90.40
Year-over-Year Change
-2.14%
Date Range
1/1/2008 - 1/1/2023
Summary
This economic trend measures the regional price parity for services, excluding housing, in nonmetropolitan areas of North Dakota. It provides insight into the cost of living and purchasing power across different regions.
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 Regional Price Parity for Services: Other: Nonmetropolitan Portion tracks price differences for a range of consumer services in rural areas of North Dakota compared to the national average. This data is used by economists and policymakers to understand geographic variations in the cost of living.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This metric helps inform decisions around economic development, infrastructure investment, and social program implementation.
Key Facts
- North Dakota's nonmetropolitan services price parity was 91.8% of the national average in 2020.
- The services price parity has remained below 100% in North Dakota's nonmetropolitan areas since 2008.
- Nonmetropolitan areas typically have lower service prices than urban centers in the same state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the regional price parity for consumer services, excluding housing, in nonmetropolitan areas of North Dakota compared to the national average.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into geographic variations in the cost of living, which is important for economic development, policy decisions, and understanding purchasing power differences across regions.
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: This metric helps inform decisions around economic development, infrastructure investment, and social program implementation by providing a measure of relative service costs in nonmetropolitan North Dakota.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so the most recent year available may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Regional Price Parities: Services: Other: Nonmetropolitan Portion for North Dakota (NDNMPRPPSERVEOTH), retrieved from FRED.