Real Gross Domestic Product: Private Goods-Producing Industries in South Dakota
SDPRIGOODPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,444.30
Year-over-Year Change
20.98%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Goods-Producing Industries in South Dakota measure the real output of private goods-producing industries in the state. This trend is a key indicator of economic activity and growth in South Dakota's manufacturing, mining, and construction 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, inflation-adjusted value added by private goods-producing industries in South Dakota, such as manufacturing, mining, and construction. It is a component of the state's overall gross domestic product and provides insight into the performance of these critical industries.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production and price information.
Historical Context
Policymakers and analysts use this metric to assess the health and trajectory of South Dakota's private sector economy.
Key Facts
- Real GDP for private goods-producing industries in South Dakota totaled $15.7 billion in 2021.
- This sector accounts for over 20% of the state's total economic output.
- Manufacturing is the largest component, contributing nearly 60% of private goods production.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted value added by private goods-producing industries in the state of South Dakota, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and contribution of key private sector industries to South Dakota's overall economic growth and development.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production and price information.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and trajectory of South Dakota's private sector economy, which can inform decisions around economic development, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Goods-Producing Industries in South Dakota (SDPRIGOODPRORGSP), retrieved from FRED.