Gross Domestic Product: Chemical Manufacturing (325) in Pennsylvania
PACHEMMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,539.30
Year-over-Year Change
99.38%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product (GDP) for the Chemical Manufacturing (325) industry in Pennsylvania measures the total economic output of this sector within the state. It is a key indicator of the health and performance of Pennsylvania's chemical production activities.
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
The PACHEMMANNGSP series tracks the inflation-adjusted GDP contribution of Pennsylvania's chemical manufacturing industry, which includes companies producing a wide range of products from basic chemicals to specialty and agricultural chemicals. This metric provides insight into the scale and productivity of this important industrial sector within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Chemical manufacturing GDP is monitored by policymakers, analysts, and industry participants to gauge Pennsylvania's competitiveness and growth trends in this strategic economic segment.
Key Facts
- Pennsylvania is a major national hub for chemical production.
- The chemical industry accounts for over 4% of Pennsylvania's total GDP.
- Chemical manufacturing GDP in Pennsylvania has grown by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The PACHEMMANNGSP series measures the total inflation-adjusted economic output or GDP of the chemical manufacturing industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insight into the scale, productivity, and competitiveness of Pennsylvania's chemical production activities, which is a strategically important industrial sector for the state's economy.
Q: How is this data collected or calculated?
A: The data is 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: Chemical manufacturing GDP in Pennsylvania is monitored by policymakers, industry analysts, and other stakeholders to gauge the state's competitiveness and growth trends in this strategic economic segment.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so it may not fully reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Chemical Manufacturing (325) in Pennsylvania (PACHEMMANNGSP), retrieved from FRED.