Real Gross Domestic Product: Military in Arizona
AZGOVFEDMILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,978.40
Year-over-Year Change
-5.24%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) generated by military-related economic activity in the state of Arizona. It provides insight into the importance of the military sector for Arizona'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: Military in Arizona series tracks the inflation-adjusted value of economic output specifically attributable to military spending and operations within the state. This metric helps policymakers and analysts assess the economic footprint of the military in Arizona and its role in supporting local economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures and estimates of military-related economic activity.
Historical Context
This metric is used by government officials, economists, and market analysts to evaluate the economic impact of military presence and policy decisions related to defense spending in Arizona.
Key Facts
- Military spending accounts for over 6% of Arizona's total GDP.
- Arizona hosts several major military bases and commands.
- Defense contracting is a significant driver of economic activity in the state.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) specifically attributable to military-related economic activity within the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic footprint and importance of the military sector for Arizona's economy, which is crucial information for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this metric using state-level GDP figures and estimates of military-related economic activity.
Q: How is this trend used in economic policy?
A: Government officials, economists, and market analysts use this metric to evaluate the economic impact of military presence and policy decisions related to defense spending in Arizona.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period, and may be subject to periodic revisions by the source agency.
Related Trends
Gross Domestic Product: Other Transportation Equipment Manufacturing (3364-3466, 3369) in Arizona
AZOTRANEQMANNGSP
Housing Inventory: Median Days on Market in Arizona
MEDDAYONMARAZ
All Employees: Financial Activities: Finance and Insurance in Arizona
SMS04000005552000001
All Employees: Construction: Construction of Buildings in Arizona
SMU04000002023600001SA
Chain-Type Quantity Index for Real GDP: Transportation and Warehousing (48-49) in Arizona
AZTRANSWAREQQGSP
Estimate of Median Household Income for Arizona
MHIAZ04000A052NCEN
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Military in Arizona (AZGOVFEDMILRGSP), retrieved from FRED.