Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in the Great Lakes BEA Region
GLAKFABRMETNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
51,938.40
Year-over-Year Change
40.24%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in the Great Lakes BEA Region measures the economic output of the fabricated metal manufacturing industry in the Great Lakes region. This metric is important for understanding regional manufacturing trends and informing economic policymaking.
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 gross domestic product, or total economic output, of the fabricated metal product manufacturing industry (North American Industry Classification System code 332) within the Bureau of Economic Analysis (BEA) Great Lakes region. Economists and policymakers use this data to analyze the performance and competitiveness of this critical manufacturing sector at the regional level.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts methodology.
Historical Context
This regional GDP metric helps inform policy decisions related to manufacturing, trade, and economic development in the Great Lakes states.
Key Facts
- The Great Lakes region accounts for over 25% of U.S. manufacturing GDP.
- Fabricated metal manufacturing is a $300 billion industry in the U.S.
- The Great Lakes region produces nearly 40% of U.S. fabricated metal output.
FAQs
Q: What does this economic trend measure?
A: This metric measures the gross domestic product, or total economic output, of the fabricated metal product manufacturing industry in the Great Lakes BEA region.
Q: Why is this trend relevant for users or analysts?
A: This regional GDP data is important for understanding the performance and competitiveness of a critical U.S. manufacturing sector and informing economic policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts methodology.
Q: How is this trend used in economic policy?
A: This regional GDP metric helps inform policy decisions related to manufacturing, trade, and economic development in the Great Lakes states.
Q: Are there update delays or limitations?
A: There may be update delays of several months as the BEA compiles this regional economic data.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in the Great Lakes BEA Region (GLAKFABRMETNGSP), retrieved from FRED.