Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Pennsylvania
PATRANGRNDTRANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,005.90
Year-over-Year Change
78.72%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the transit and ground passenger transportation industry in Pennsylvania. It provides insights into the performance and growth of this key transportation sector within the state's economy.
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: Transit and Ground Passenger Transportation (485) in Pennsylvania metric tracks the inflation-adjusted output of businesses engaged in providing passenger transportation by road, including bus services, commuter rail, and sightseeing transportation. This data is used by economists and policymakers to assess the health and productivity of Pennsylvania's transportation infrastructure and its contribution to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is relevant for understanding Pennsylvania's transportation investments, infrastructure planning, and the performance of related industries.
Key Facts
- Pennsylvania's transit and ground passenger transportation industry accounts for over $10 billion in real GDP.
- This sector has grown by 20% in the past decade, outpacing overall state economic growth.
- The transportation industry is a major employer in Pennsylvania, providing over 50,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the transit and ground passenger transportation industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and productivity of Pennsylvania's crucial transportation infrastructure, which is a key 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 using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and transportation analysts to evaluate Pennsylvania's infrastructure investments, plan for future transportation needs, and assess the economic impact of the state's transit and passenger transportation industry.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately three months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Pennsylvania (PATRANGRNDTRANRGSP), retrieved from FRED.