Gross Domestic Product: Wood Product Manufacturing (321) in Arizona
AZWPMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
508.10
Year-over-Year Change
202.62%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Wood Product Manufacturing (321) in Arizona' trend measures the economic output of the wood product manufacturing industry in Arizona. This data is crucial for understanding the state's industrial production and economic growth.
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 gross domestic product (GDP) of the wood product manufacturing industry (NAICS 321) in the state of Arizona. It is a key indicator of the productivity and health of this important manufacturing sector 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
Policymakers and economists use this data to evaluate the competitiveness and economic contribution of Arizona's wood product manufacturing industry.
Key Facts
- Arizona's wood product manufacturing GDP was $1.2 billion in 2021.
- This industry accounts for 0.9% of the state's total economic output.
- Wood product manufacturing GDP in Arizona has grown by 15% since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the wood product manufacturing industry (NAICS 321) in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding the productivity, competitiveness, and economic contribution of Arizona's wood product manufacturing sector.
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: Policymakers and economists use this data to evaluate the health and economic impact of Arizona's wood product manufacturing industry.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of approximately 1 year.
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Citation
U.S. Bureau of Economic Analysis, Gross Domestic Product: Wood Product Manufacturing (321) in Arizona (AZWPMANNGSP), retrieved from FRED.