Gross Domestic Product: Private Goods-Producing Industries in South Carolina
SCPRIGOODPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
68,699.90
Year-over-Year Change
83.54%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Private Goods-Producing Industries in South Carolina' tracks the economic output of private industries involved in the production of physical goods within the state of South Carolina. This metric provides insight into the health and performance of South Carolina's manufacturing and industrial sectors.
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 real dollar value added to South Carolina's gross domestic product (GDP) by private firms in goods-producing industries such as manufacturing, mining, and construction. It is a key indicator of the state's industrial production capacity and economic competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of private businesses.
Historical Context
Economists and policymakers monitor this trend to assess the strength of South Carolina's industrial base and make informed decisions about economic development initiatives.
Key Facts
- South Carolina's GDP from private goods-producing industries was $51.2 billion in 2021.
- This industry sector accounts for over 20% of the state's total economic output.
- Manufacturing is the largest component, contributing nearly two-thirds of private goods production.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real dollar value added to South Carolina's GDP by private firms in goods-producing industries such as manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the health and performance of South Carolina's industrial base, which is a key driver of the state's overall economic competitiveness and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys of private businesses operating in South Carolina.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to assess the strength of South Carolina's industrial sector and make informed decisions about economic development initiatives and policies.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
Related Trends
All Employees: Leisure and Hospitality: Amusement, Gambling, and Recreation Industries in South Carolina
SMU45000007071300001
Chain-Type Quantity Index for Real GDP: Administrative and Support and Waste Management and Remediation Services (56) in South Carolina
SCADMINWASTQGSP
Total Deposits in All Banks in South Carolina
X08TDABSC
Durable Manufacturing Earnings in South Carolina
SCEDUR
Personal Consumption Expenditures: Nondurable Goods: Clothing and Footwear for South Carolina
SCPCECLTH
Average Hourly Earnings of All Employees: Private Service Providing in South Carolina
SMU45000000800000003A
Citation
U.S. Federal Reserve, Gross Domestic Product: Private Goods-Producing Industries in South Carolina (SCPRIGOODPRONGSP), retrieved from FRED.