Real Gross Domestic Product: Military in Alabama
ALGOVFEDMILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,883.50
Year-over-Year Change
7.31%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Military in Alabama' trend measures the economic output of the military sector in the state of Alabama, adjusted for inflation. This metric is important for policymakers and economists to understand the role of military spending in the state's economy.
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 inflation-adjusted value of gross domestic product (GDP) originating from the military industry in Alabama. It provides insight into the economic contribution and growth of the state's defense-related activities, which is a significant component of the overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP accounts.
Historical Context
This trend is closely monitored by policymakers, military planners, and economic analysts to assess the impact of defense spending and military presence on Alabama's economic performance.
Key Facts
- Alabama's military GDP accounts for over 10% of the state's total economic output.
- The military sector in Alabama has experienced steady growth over the past decade.
- Defense contractors and military installations are major employers in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) originating from the military sector in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the economic impact of the military presence and defense-related activities in Alabama, which is a significant component of the state's overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP accounts.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, military planners, and economic analysts to assess the impact of defense spending and military presence on Alabama's economic performance.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but there may be some delays in the release of the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Military in Alabama (ALGOVFEDMILRGSP), retrieved from FRED.