Real Gross Domestic Product: Wood Product Manufacturing (321) in Pennsylvania
PAWPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,557.60
Year-over-Year Change
1.41%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Wood Product Manufacturing (321) in Pennsylvania measures the inflation-adjusted economic output of the wood product manufacturing industry in the state. It is a key indicator of the health and productivity of this important manufacturing sector.
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 series tracks the real (inflation-adjusted) value added by the wood product manufacturing industry in Pennsylvania's economy. It is a subcomponent of the state's overall real GDP and provides insights into the performance and competitiveness of this specific manufacturing segment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level production and price indices.
Historical Context
Policymakers and industry analysts use this metric to assess the competitive position and growth trends of Pennsylvania's wood product manufacturing sector.
Key Facts
- Pennsylvania is a major producer of wood products in the U.S.
- The wood product manufacturing industry accounts for over 20,000 jobs in the state.
- Real GDP in this sector has grown by 15% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted economic output of the wood product manufacturing industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and competitiveness of a key manufacturing sector in the Pennsylvania economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level production and price indices.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the growth and competitive position of Pennsylvania's wood product manufacturing sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Wood Product Manufacturing (321) in Pennsylvania (PAWPMANRGSP), retrieved from FRED.