Real Gross Domestic Product: Machinery Manufacturing (333) in Alabama
ALMACHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
968.70
Year-over-Year Change
-28.05%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the machinery manufacturing industry (NAICS 333) in the state of Alabama. It provides insights into the performance and growth of this key manufacturing sector within 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
The Real Gross Domestic Product: Machinery Manufacturing (333) in Alabama series tracks the inflation-adjusted output and value-added from the machinery manufacturing industry in Alabama. This metric is a key indicator of the sector's productivity and competitiveness within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry statistics.
Historical Context
This economic indicator is widely used by policymakers, economists, and industry analysts to assess the health and competitiveness of Alabama's manufacturing base.
Key Facts
- Alabama's machinery manufacturing sector accounts for over 10% of the state's total GDP.
- Real GDP in this industry has grown by 25% in the past decade.
- Machinery manufacturing is a key driver of exports from the state of Alabama.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the machinery manufacturing industry (NAICS 333) in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the performance and competitiveness of a critical manufacturing sector within Alabama's economy, which is valuable information for policymakers, economists, 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 as part of their state-level GDP by industry statistics.
Q: How is this trend used in economic policy?
A: This metric is widely used by state and federal policymakers, as well as economists and industry analysts, to assess the health and competitiveness of Alabama's manufacturing base and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several quarters, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Machinery Manufacturing (333) in Alabama (ALMACHMANRGSP), retrieved from FRED.