Gross Domestic Product: Construction (23) in South Carolina
SCCONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,976.80
Year-over-Year Change
172.17%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Construction (23) in South Carolina measures the economic output of the construction industry in the state. This data is crucial for understanding the health and growth of South Carolina'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
This series represents the value added by the construction industry to South Carolina's overall gross domestic product. It is a key indicator of construction activity and investment in the state, providing insight into economic trends and the broader business cycle.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Historical Context
Policymakers and analysts use this data to assess the state's economic performance and guide infrastructure investment and development decisions.
Key Facts
- South Carolina's construction GDP was $10.3 billion in 2021.
- The construction industry accounts for approximately 4.3% of the state's total GDP.
- Construction GDP in South Carolina has grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value added by the construction industry to South Carolina's overall gross domestic product, providing insight into construction activity and investment in the state.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding the health and growth of South Carolina's economy, as the construction industry is a significant contributor to the state's GDP and overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the state's economic performance and guide infrastructure investment and development decisions.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in South Carolina (SCCONSTNGSP), retrieved from FRED.