Gross Domestic Product: Construction (23) in Tennessee
TNCONSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,519.70
Year-over-Year Change
144.07%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Construction (23) in Tennessee trend measures the economic output of the construction industry in the state. This metric is important for analyzing regional economic conditions 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 the construction industry to Tennessee's gross domestic product. It is a key indicator of construction activity and investment, providing insights into the state's economic performance and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
Policymakers and analysts use this trend to assess the health of Tennessee's construction sector and its contribution to the overall state economy.
Key Facts
- Tennessee's construction GDP was $19.1 billion in 2021.
- The construction industry accounts for 4.5% of Tennessee's total GDP.
- Construction GDP in Tennessee has grown by 3.2% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by the construction industry in the state of Tennessee.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the health and growth of Tennessee's construction sector, which is an important component of the state's 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 using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the construction industry's contribution to Tennessee's economy and to inform decisions related to economic development, infrastructure investment, and construction-related policies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 3-month delay in publication.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Construction (23) in Tennessee (TNCONSTNGSP), retrieved from FRED.