Gross Domestic Product: Private Goods-Producing Industries in South Dakota
SDPRIGOODPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,926.50
Year-over-Year Change
51.42%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Goods-Producing Industries in South Dakota measures the economic output of private industry sectors, such as manufacturing and construction, within the state. This metric is crucial for understanding South Dakota's economic performance and growth.
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 total value added by private goods-producing industries to the state's overall GDP. It provides insight into the productivity and competitiveness of South Dakota's key industrial sectors, which are important drivers of the state's economic development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is widely used by policymakers, economists, and business analysts to assess the health and growth potential of South Dakota's economy.
Key Facts
- South Dakota's private goods-producing GDP reached $18.7 billion in 2021.
- The manufacturing sector accounts for the largest share of this metric at 55%.
- This trend has shown steady growth, increasing by 3.2% annually on average over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Private Goods-Producing Industries in South Dakota measures the total economic output of private industry sectors, such as manufacturing and construction, within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the productivity and competitiveness of South Dakota's key industrial sectors, which are crucial drivers of the state's economic development 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 using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, economists, and business analysts to assess the health and growth potential of South Dakota's economy, informing decisions and strategies related to economic development and investment.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis by the U.S. Bureau of Economic Analysis, with a lag of several months. There may be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Goods-Producing Industries in South Dakota (SDPRIGOODPRONGSP), retrieved from FRED.