Chain-Type Quantity Index for Real GDP: Support Activities for Mining (213) in North Dakota
NDSAMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
169.62
Year-over-Year Change
77.73%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Support Activities for Mining (213) in North Dakota measures the real output of the mining support sector in the state. This data point is important for economists and policymakers analyzing North Dakota's economic growth and industry composition.
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 tracks the inflation-adjusted output of businesses that provide support services for the mining industry in North Dakota. It is a key indicator of activity and productivity in the state's critical energy sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounts methodology.
Historical Context
The mining support industry index provides insight into North Dakota's energy economy and can inform policy decisions around economic development, taxation, and regulation.
Key Facts
- North Dakota is a major oil and gas producing state.
- The mining support industry is a key part of the state's economy.
- This index has shown strong growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of businesses that provide support services for the mining industry in North Dakota.
Q: Why is this trend relevant for users or analysts?
A: The mining support industry index is an important indicator of activity and productivity in North Dakota's critical energy sector, providing insight for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounts methodology.
Q: How is this trend used in economic policy?
A: This index can inform policy decisions around economic development, taxation, and regulation in North Dakota's energy industry.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other national accounts statistics from the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Support Activities for Mining (213) in North Dakota (NDSAMINQGSP), retrieved from FRED.