Gross Domestic Product: Wood Product Manufacturing (321) in Alabama
ALWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,074.40
Year-over-Year Change
208.49%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Wood Product Manufacturing (321) in Alabama metric measures the economic output of the wood manufacturing industry in the state. It is an important indicator for policymakers and analysts tracking Alabama's industrial production and economic conditions.
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 metric represents the total inflation-adjusted value added by the wood product manufacturing industry, which includes establishments that manufacture wood products such as lumber, plywood, and other wood materials. It provides insight into the performance and contribution of this key manufacturing sector to Alabama's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in this metric are closely monitored by economic policymakers and market analysts to assess the health and competitiveness of Alabama's manufacturing base.
Key Facts
- Alabama is a leading producer of wood and wood products in the U.S.
- The wood manufacturing industry accounts for over 20,000 jobs in the state.
- Wood product exports from Alabama total over $1 billion annually.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total inflation-adjusted economic output or value added by the wood product manufacturing industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: Trends in this metric provide important insights into the performance and competitiveness of a key manufacturing sector in Alabama's economy, which is closely tracked by policymakers and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and growth of Alabama's manufacturing base and to inform decisions around economic development, trade, and industrial policies.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the release of the latest data on this metric.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Wood Product Manufacturing (321) in Alabama (ALWPMANNGSP), retrieved from FRED.