Real Gross Domestic Product: Manufacturing (31-33) in Alabama
ALMANRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43,040.10
Year-over-Year Change
11.70%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Manufacturing (31-33) in Alabama measures the inflation-adjusted economic output of the manufacturing sector in the state of Alabama. This metric is important for assessing the health and competitiveness of Alabama's manufacturing industry.
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 real, or inflation-adjusted, value added by the manufacturing sector in Alabama's economy. It is a key indicator of the productivity and performance of Alabama's manufacturing base, which is a crucial component of the state's overall economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of source data on production, sales, and employment.
Historical Context
Policymakers and business leaders use this metric to gauge the strength of Alabama's manufacturing sector and its contribution to the state's economic growth.
Key Facts
- Alabama's manufacturing sector accounts for over 17% of the state's GDP.
- Manufacturing productivity in Alabama has grown by over 25% since 2010.
- The state ranks 5th nationally in total manufacturing employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the manufacturing sector in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: The manufacturing sector is a critical driver of Alabama's economy, so this metric provides valuable insight into the state's overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of source data on production, sales, and employment.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders in Alabama use this metric to gauge the strength of the state's manufacturing sector and its contribution to economic growth, informing policy decisions.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis with a short lag, providing timely information on the manufacturing sector's performance.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Manufacturing (31-33) in Alabama (ALMANRQGSP), retrieved from FRED.