Average Price: Electricity per Kilowatt-Hour in Detroit-Warren-Dearborn, MI (CBSA)
APUS23B72610 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.21
Year-over-Year Change
1.49%
Date Range
11/1/1978 - 10/1/2024
Summary
This trend measures the average price of electricity per kilowatt-hour in the Detroit-Warren-Dearborn, MI metropolitan area. It is an important indicator for understanding household and business electricity costs in this major industrial region.
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 Average Price: Electricity per Kilowatt-Hour in Detroit-Warren-Dearborn, MI (CBSA) series tracks the average retail price paid by consumers for electricity in this metropolitan statistical area. This data point is closely monitored by policymakers, utilities, and economists to assess regional energy market dynamics and affordability.
Methodology
The data is collected through surveys of electric utilities serving the Detroit-Warren-Dearborn region.
Historical Context
Electricity prices are a key input for economic models and policy analysis related to consumer spending, industrial competitiveness, and the broader energy landscape.
Key Facts
- Detroit-Warren-Dearborn is a major manufacturing hub in the Midwest.
- Electricity accounts for a significant portion of household and business budgets.
- Prices can fluctuate due to factors like fuel costs, policy, and market conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average retail price of electricity per kilowatt-hour paid by consumers in the Detroit-Warren-Dearborn, MI metropolitan area.
Q: Why is this trend relevant for users or analysts?
A: Electricity prices are a key input for economic models and policy analysis related to consumer spending, industrial competitiveness, and the broader energy landscape in this major Midwest region.
Q: How is this data collected or calculated?
A: The data is collected through surveys of electric utilities serving the Detroit-Warren-Dearborn metropolitan area.
Q: How is this trend used in economic policy?
A: Policymakers, utilities, and economists closely monitor this data to assess regional energy market dynamics and affordability, which informs decisions around energy policy, infrastructure investment, and economic development.
Q: Are there update delays or limitations?
A: There may be some delay in the availability of the most recent data, as it relies on utility survey responses.
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Citation
U.S. Federal Reserve, Average Price: Electricity per Kilowatt-Hour in Detroit-Warren-Dearborn, MI (CBSA) (APUS23B72610), retrieved from FRED.