Gross Domestic Product: Chemical Manufacturing (325) in Alabama
ALCHEMMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,246.50
Year-over-Year Change
31.34%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Alabama. It provides important insights into the economic performance and production trends of a key industrial sector in the state.
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 chemical manufacturing industry is a vital component of Alabama's economy, contributing significantly to the state's overall GDP. This series tracks the total value of goods and services produced by chemical manufacturers in Alabama, offering a gauge of the industry's productivity, competitiveness, and economic impact.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its state-level GDP estimates.
Historical Context
Policymakers and industry analysts closely monitor this trend to assess the health and growth prospects of Alabama's chemical manufacturing sector.
Key Facts
- Alabama is a major hub for the chemical manufacturing industry.
- The chemical sector accounts for a significant portion of the state's GDP.
- This data series tracks the economic output of chemical plants in Alabama.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic performance and production trends of a key industrial sector in Alabama, which is crucial for policymakers and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this trend to assess the health and growth prospects of Alabama's chemical manufacturing sector, which is crucial for the state's economy.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and potential revisions made by the BEA.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Chemical Manufacturing (325) in Alabama (ALCHEMMANNGSP), retrieved from FRED.