Gross Domestic Product: Private Goods-Producing Industries in Massachusetts
MAPRIGOODPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95,053.50
Year-over-Year Change
56.75%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Goods-Producing Industries in Massachusetts series measures the economic output of private industries engaged in goods production in the state of Massachusetts.
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 economic indicator provides insight into the performance and contribution of key private industries like manufacturing, construction, and mining to Massachusetts' overall economic activity. It is used by policymakers, analysts, and businesses to assess the state's economic conditions and guide decision-making.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This metric is relevant for understanding the strength of Massachusetts' private sector and guiding related policy and investment decisions.
Key Facts
- Massachusetts is a leading state for private goods production.
- The private goods sector accounts for over 20% of Massachusetts' GDP.
- This metric has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This series measures the economic output of private industries engaged in goods production, such as manufacturing, construction, and mining, within the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the performance and contribution of Massachusetts' key private sector industries, which is important for understanding the state's overall economic conditions and guiding related policy and investment decisions.
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 and economic modeling.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers, economists, and businesses to assess the strength of Massachusetts' private sector and inform decisions related to economic development, investment, and regulatory policies.
Q: Are there update delays or limitations?
A: There may be some delays in the availability of the most recent data, as it is collected and processed by the government. Users should consult the source for the latest information and any potential limitations.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Goods-Producing Industries in Massachusetts (MAPRIGOODPRONGSP), retrieved from FRED.